Bahrain Records Improvement in Economic Sector Indicators

Bahrain Records Improvement in Economic Sector Indicators

Bahrain’s Ministry of Finance and National Economy has announced continued improvement in the financial and economic indicators of various economic sectors during Q1 2022, exceeding the pre-pandemic 2019 benchmarks.

This improvement comes in line with the Kingdom’s launching of its economic recovery plan, which includes initiatives and strategies targeting several promising sectors to serve citizens.

In the tourism and hospitality sector, the average occupancy rate in four and five-stars hotels was 55%, while the number of mall visitors increased by 26.9% compared with the same quarter in 2021.

Another sign of the turnaround is the 35.4% increase in new commercial licenses in 2022 and so did the value of sales using Bahrain ATM cards, which increased by 4.2%.

Remarkable growth was achieved in February in the financial services sector as Fawri+ transactions grew by 55.1% and Fawri transactions increased by 22.1%.

In terms of international trade, the total value of exports amounted to 64.7%, and the total fuel sales increased by 12.2%.

Similarly, total non-bank deposits grew by 12.7% and the Bahrain Bourse index witnessed a 33.3% increase.

In the real estate sector, transactions registered with the Survey and Land Registration Bureau increased by 19.6%, while the number of building permits increased by 15.8%.