Monday, May 29, 2017

Infrastructure investment helps spur Bahrain economy

The implementation of unprecedented levels of infrastructure investment in Bahrain helped boost the growth of the kingdom's non-oil sector, an Economic Development Board (EDB) report said.

 In particular, the GCC Development Fund has seen the volume of active projects double from $1.6 billion in Q1 2016 to $3.2 billion in February 2017, the EDB’s Economic Quarterly report said.

Bahrain's non-oil sector's growth of 3.7 per cent helped to fuel overall economic growth of the kingdom, which expanded by 3 per cent in 2016, according to the report.

The non-oil growth (up from 3.6 per cent in 2015) was driven by a number of sectors, with particularly strong performances in finance (one of the largest non-oil sectors, which grew 5.2 per cent during the year), construction (which grew 5.7 per cent) and social and personal services (which grew 9.1 per cent).
Bahrain has a priority programme of $32 billion of infrastructure projects which are expected to continue to act as counter-cyclical growth drivers. These projects include the $2.5-billion Alba Potline 6, an associated $800-million power station deal, the $1.1-billion airport expansion project and a new $355-million Banagas gas plant.
The impact of this investment underpins the expectation that non-oil growth will remain above 3 per cnet in 2017, despite ongoing regionwide fiscal consolidation, the report added.   - TradeArabia News Service

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