Bahrain’s economy, the smallest among the Arabian Gulf nations, expanded by 3.6 per cent in the first nine months of 2017, faster than 3.2 per cent recorded for 2016 as a whole as the non-oil economy continues to push the growth momentum.
"Bahrain's economy continues to deliver at the upper end of growth expectations thanks to a combination of robust structural and countercyclical drivers," Jarmo Kotilaine, chief economic advisor of the Bahrain Economic Development Board (EDB) said in a statement on Monday. "We expect this positive dynamic to continue into 2018 as the regional environment becomes more supportive of growth and as the diversified economy continues to expand, supported by an unprecedented investment pipeline."
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The pace of growth for the non-oil sector of the economy reached 4.8 per cent in the first nine months . For 2017 as a whole it is expected to exceed the 4 per cent growth recorded in 2016, according to the statement which cited figures from the latest quarterly economic report of EDB.
The non-oil growth in Bahrain is almost entirely driven by the private sector at a time of fiscal austerity. The economic momentum is broad-based, with strong performances across hotels and restaurants, social and personal services, transportation and communications, and financial services all expanding more than 6 per cent year-on-year during the first three quarters of 2017, it said.