Bahrain’s economy improved in the second quarter of the year on the back of a strong non-oil sector.

The country’s real gross domestic product (GDP) grew by 1.3% in the quarter compared to a year ago despite a 6.7% decline in the oil industry.

The increase has been supported by the 2.8% non-oil growth, according to the Ministry of Finance and National Economy, which has released the Bahrain Economic Quarterly Report for Q2 2024.

Non-oil growth has been driven by strong emerging sectors, with transportation and storage posting a 12.9% year-on-year (YoY) growth rate, information and communications rising by 11.2% and accommodation and food services growing by 10.6%, supported by rising tourism demand.

Mature sectors in the non-oil economy also posted robust growth, with financial and insurance up by 2.1% YoY and manufacturing posting a 1.7% increase compared to the second quarter of 2023.

(Writing by Cleofe Maceda; editing by Seban Scaria)
seban.scaria@lseg.com