The report also revealed that Q2 2014 GDP growth reached 3.2 per cent in comparison to the first quarter of 2014, with the total GDP growth of the year 2014 expected to reach about 3.7 per cent.

In addition, the report highlighted the important contribution of the oil and non-oil sectors to overall economic growth. The non-oil sector grew by 4.7 per cent year-on-year during Q2 2014, while the oil sector registered 9.3 per cent growth. When compared to the previous quarter, the non-oil sector registered a rise of 3.0 per cent and the oil sector registered a rise of 4.1 per cent.

Dr. Jarmo Kotilaine, Chief Economist at the EDB said, “The quarterly report underlines the significant contribution of a number of key sectors to overall GDP growth. It also highlights the major role played by big projects in boosting sentiment and fostering the economic capabilities in Bahrain. Together, these factors play an important role in diversifying the national economy.”

The report also revealed that the hotels and restaurants as well as the transport and communications sectors were among the key drivers of growth within the non-oil economy for Q2 2014, where growth exceeded 10 per cent in each of these sectors, continuing the strong Q1 momentum. Social and personal services experienced growth of around eight per cent year-on-year. Strong performance was also registered in the transport and communications sector, which grew by almost six per cent.