Bahrain’s GDP shrinks 6.9% due to pandemic

SourceZawya
SectorEconomy
CountryBahrain

MANAMA: The coronavirus pandemic has significantly decreased the contribution of various economic sectors to the GDP of Bahrain last year, shows an assessment by the Bahrain Chamber for Commerce and Industry (BCCI).In a report released yesterday on the economic repercussions of the Covid-19 crisis, Bahrain’s main business body said Covid-19-related restrictions continued to disrupt economic activity well into the third quarter last year, when partial resumption began in many sectors after nearly six-month-long closures.The proportion of the transportation and communications sector contribution to the national GDP saw the highest decline of 41.43pc during the quarter when compared with the same period in 2019.For the third quarter in a row, the restaurants and hotels sector saw negative growth in its contribution to the GDP, reporting a decline of 36.61pc in Q3 after slumping 61.33pc in Q2 and 35.99pc in Q1 last year.Due to full or partial lockdown, the volume of trade between Bahrain and other Gulf states has decreased to a large extent.Bahrain’s trade with the largest economy in the region, Saudi Arabia, saw a slight decline of 2.1pc in the first nine months of last year, whereas trade with Kuwait decreased by 15.4pc and with the UAE by 21pc,...read more...