Virus’ economic impact | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN – News of Bahrain- DT News

Virus’ economic impact | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN – News of Bahrain- DT News

TDT | Manama

The real growth of Bahrain's oil sector had contributed to mitigating the repercussions of the coronavirus (COVID-19) crisis during the first quarter of this year, according to the Kingdom's quarterly economic report.

The report was reviewed yesterday during the regular weekly Cabinet session, chaired by His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa and attended by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.

The report, presented by the Minister of Finance and National Economy, reflected the local economy's performance and the main economic indicators of vital sectors, in the midst of the spread of the coronavirus since the beginning of this year.

It stated that the oil sector grew by 1.8 per cent at constant prices, while the non-oil sector, where the repercussions of the pandemic were more evident, recorded a decline in annual growth of 1.7 per cent at constant prices. Bahrain's economy recorded a year-on-year real gross domestic product (GDP) decline rate of 1.7 per cent in Q1, the report added.

The performance of the nonoil sectors varied during Q1 of this year, with the manufacturing sector achieving positive real growth of 4.8 per cent,