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Arab News
3 hours ago
- Arab News
Bahrain's economy grows 2.7% in Q1 2025 as non-oil sector, FDI show strength
RIYADH: Bahrain's real gross domestic product grew by 2.7 percent year on year in the first quarter of 2025, supported by a 2.2 percent increase in non-oil activities, according to official data. The Ministry of Finance and National Economy revealed in its 'Bahrain Economic Quarterly Report' for the first quarter of 2025, steady economic expansion driven by robust non-oil sector performance and rising foreign investment. Preliminary data from the Information and eGovernment Authority also showed a 5.3 percent rise in the oil sector. In nominal terms, GDP expanded by 3 percent, with non-oil and oil sectors growing by 2.8 percent and 4.6 percent, respectively. The non-oil division remained the dominant force, contributing 84.8 percent to real GDP. Bahrain's economic growth aligns with that of its Gulf Cooperation Council neighbors. In the first quarter, Saudi Arabia's economy grew by 3.4 percent year on year, driven by strong non-oil sector performance. This trend reflects the World Bank's June projections, which forecast GCC-wide growth to reach 3.2 percent in 2025 and accelerate to 4.5 percent in 2026, following a modest 1.8 percent expansion in 2024. 'The Kingdom of Bahrain has continued to make notable progress across several international economic and development benchmarks, reflecting the Kingdom's commitment to economic diversification, global standards, and enhancing its business environment through the adoption and implementation of a number of ambitious strategies and initiatives,' the ministry said in a press release. The fastest-growing sector was accommodation and food services, which surged by 10.3 percent year-on-year, followed by financial and insurance activities, the largest GDP contributor, which grew by 7.5 percent. Other key sectors also saw positive growth, including construction at 5.4 percent, education at 2.5 percent, and professional and technical services at 2.2 percent. Meanwhile, wholesale and retail trade and real estate grew by 2 percent each, while manufacturing experienced a slight decline of 0.4 percent. Foreign direct investment stock also increased, rising by 3.5 percent year-on-year to reach 17.1 billion Bahraini Dirhams ($45.3 billion), signaling continued international confidence in Bahrain's economy. On the consumer price index, the report added: 'The headline CPI remained relatively stable, recording a YoY increase of only 0.1 percent during the first quarter of 2025. The relative price stability reflects the Government of Bahrain's proactive efforts to mitigate global supply chain disruptions.' On the central bank's level, the Central Bank of Bahrain recorded a 19.2 percent y-o-y growth in the monetary base, reaching 6.1 billion dirhams, up from 5.1 billion dirhams in the same quarter in 2024. 'This increase coincided with lower interest rates, which encouraged borrowing and investment, thereby supporting economic activity,' the report said.
Al Arabiya
5 hours ago
- Al Arabiya
South Africa will offer US revised trade deal
South Africa will offer the US a revised trade deal in an effort to lower the 30 percent tariff imposed last week on its exports to the US, trade minister Parks Tau said on Tuesday. 'Cabinet has approved that South Africa submits a revised offer as a basis for negotiations with the US,' Tau told a press conference. 'The new offer substantively responds to the issues the US has raised in the 2025 National Trade Estimates Report.' The government of South Africa, Africa's biggest economy, has tried for months to negotiate a trade deal with Washington but failed to reach agreement before US President Donald Trump's deadline. Its exports to the US were hit with the highest tariff rate in sub-Saharan Africa. Read more:
Arab News
18 hours ago
- Arab News
Jeddah governor receives Ghana's consul general
JEDDAH: Jeddah Gov. Prince Saud bin Abdullah bin Jalawi received Ghana's Consul General Abdul Rahaman Adam at his office on Monday. The officials held discussions on topics of common interest. The Saudi leadership aims to boost ties with African countries at all levels. Last month, Saudi Deputy Minister of Foreign Affairs Waleed Elkhereiji reaffirmed the Kingdom's commitment to strengthening cooperation and partnership with African countries, promoting trade and integration and enhancing consultation and coordination on shared issues. The minister described Africa as a continent of opportunities with natural resources, a young population and renewable potential. 'Africa hosts the largest number of Saudi diplomatic and consular missions, and the Kingdom intends to increase its embassies in Africa to more than 40 in the coming years,' he said.
