Bahrain’s GDP growth rate down by 1.1% in Q1 2020 – Saudi Gazette

Bahrain’s GDP growth rate down by 1.1% in Q1 2020 – Saudi Gazette

Saudi Gazette report

MANAMA “” The Gross Domestic Product in Bahrain contracted 1.1 percent in Q1 on an annual basis, Bahrain News Agency reported on Monday citing a quarterly economic report from the country's Ministry of Finance and National Economy.The report covers Bahrain's economic data across various sectors, as well as an assessment of global and regional economic developments."The global impact of COVID-19 affected Bahrain's overall economic performance in Q1, causing a decline in real GDP growth (at constant prices) at a rate of 1.1 percent YoY, while the rate of decline reached 4.9 percent at current prices.The finance ministry report showed that the economic performance witnessed growth at the beginning of the year before being hit in March by the coronavirus pandemic, affecting the overall performance of the economy in the first quarter, according to the BNA report. The oil sector recorded growth at an annual rate of 1.8 percent at constant prices, driven by an increase in oil and gas production by 0.5 percent and 12.5 percent, respectively, although growth declined in current prices by 11.5 percent. On the other hand, the non-oil sector GDP registered a decrease of 1.7 percent at constant prices and 4 percent at current