Real GDP in Bahrain increased by 3.3% and 3.4% at constant and current prices respectively for the first quarter of 2024.
National accounts estimates issued by the Information and eGovernment Authority (IGA) showed that GDP reached US$9.58 billion at constant prices between January and March.
The oil sector grew by 3.4% during the same period while the non-oil sector increased by 3.4%.
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The biggest contributor to the non-oil sector was financial and insurance activities which contributed to real GDP at 16.7% with a growth of 7.4%.
The results were also notable for the transition to a new accounting standard – the International Standard Industrial Classification of All Economic Activities, revision four.
According to the IGA, this move was designed “to keep pace with the global trend” of implementing the updated version of the standard.
“There is no doubt that this transition will make a qualitative leap at the local level in terms of supporting the exchange and flow of data between different local institutions and authorities, and will… create an understandable common language to raise the accuracy and flow of statistical data between entities,” stated the IGA.