Mubasher: Bahrain’s non-oil sector grew 3.7% in 2016, pushing overall economic growth to 3% for the same year, despite regional and global headwinds, according to the latest figures published in the Economic Development Board’s (EDB) Bahrain Economic Quarterly.
This growth marks an acceleration over the 2.9% pace recorded in 2015, a statement said on Sunday.
The growth in the non-oil sector was attributable to the growth in the finance sector at 5.2%, construction at 5.7%, and social and personal services at 9.1%. Additionally, the volume of active projects in the infrastructure sector doubled to $3.2 billion in February 2017 from $1.6 billion in the first quarter of 2016, according to the GCC Development Fund.
It is expected that the massive investments in infrastructure projects will help non-oil growth remain above 3% in 2017.
“We continue to see resilience in the non-oil sector and this resilience helps to underpin the economic stability for businesses and investors in the Kingdom. We know that it is vital not just to maintain economic stability but also to continue to pursue the structural, legal and regulatory reforms that will make it easier for companies to access those opportunities,” chief economic advisor to the EDB Jarmo Kotilaine commented in a statement.
