Bahrain economy achieves real growth rate of 6.95% during Q2/2022 Compared to Q2/2021

Bahrain economy achieves real growth rate of 6.95% during Q2/2022 Compared to Q2/2021

According to a report issued by the Information and eGovernment Authority (iGA) on the estimates of National Accounts for the second quarter (Q2) of 2022, the Gross Domestic Product (GDP) of the Kingdom of Bahrain grew by 6.95% in real prices and 22.87% at nominal prices, compared to the second quarter of 2021. This economic growth is mainly attributed to higher growth in the non-oil sector, which reached 9.05% in real prices and 17.83% at nominal prices. During the same period, the oil sector declined by an average of 2.20% at real prices due to lower production. However, it increased significantly by 51.66% at nominal prices compared to the same quarter of 2021, due to the positive price effect. The report revealed that Hotels and Restaurants led in growth with 18.13% and 25.55% in real and nominal prices respectively, reflecting a significant recovery in the tourism sector, where the recovery rate reached 82% compared to the pre-pandemic period (specifically with the second quarter of 2019) based on the latest Ministry of Tourism statistics. Transportation and Telecommunications grew by 15.12% at real prices and 5.94% at nominal prices, Manufacturing recorded an increase of 7.63% and 49.78% at real and nominal prices