Bahrain's economy on track

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Manama - Bahrain is forging ahead with new economic strategies, which are already proving successful, the Crown Prince said yesterday.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Economic Development Board (EDB) Chairman yesterday chaired an EDB board meeting at Bahrain Bay.

He highlighted achievements across all sectors, and stressed the importance of implementing economic strategies to further advance sustainable development, in line with the kingdom’s comprehensive development, led by His Majesty King Hamad.

The Crown Prince emphasised that Bahraini citizens remain an integral part of Team Bahrain’s efforts, and highlighted the kingdom’s commitment to provide quality opportunities for citizens in tandem with the growth of the national economy.

He noted that the kingdom’s economic competitiveness is centred around wide-ranging sustainable diversification efforts designed to enhance its business environment and create further investment opportunities.

EDB chief executive Khalid Humaidan presented the latest economic indicators and developments regarding the performance of the economy.

According to data issued by the International Monetary Fund: Real GDP increased by two per cent last year; non-oil growth increased by 2.2pc due to improved performance in sectors such as financial services and manufacturing; and growth in the oil and gas sector increased by 1pc.

He highlighted the EDB’s success in attracting foreign direct investment and creating quality opportunities in the local market.

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