Economy growing

MANAMA: Bahrain’s economic growth picked up again in the third quarter of this year after shrinking in April-June and officials expect the kingdom to recover further from the impact of unrest. Gross domestic product (GDP), adjusted for inflation, grew 0.7 per cent quarter-on-quarter in July-September, Central Informatics Organisation chief Mohammed Al Amer said. That compares to a 1.3pc drop in the second quarter, the first quarterly decline since a 6.6pc slump in the first three months of last year. On an annual basis, real GDP – despite ongoing political problems – expanded 3.1pc in the third quarter, a slowdown from a 4.3pc growth in the previous three months. Mr Al Amer said the annual GDP rise was mainly due to non-oil economic activities, which grew 5.9pc in constant prices in the third quarter, although construction and real estate still expanded at lower single-digit rates. Output in the hydrocarbon sector, which accounts for almost a third of the $29 billion economy, fell 7.1pc year-on-year due to a roughly 10pc decline in crude production from the Abu Safa field.

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