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Daily Tribune

Bahrain Records Strong Growth

TDT | Manama Bahrain's economy showed solid momentum in the final quarter of 2024, according to the Bahrain Chamber of Commerce and Industry's report titled 'Overview of the Local Economy – Q4 2024'. The report recorded a 3.4 percent year-on-year increase in real GDP, driven by 4.6 percent growth in the non-oil sector. Leading this expansion were information and communication activities with a 12.4 percent surge, followed by transportation and storage at 11 percent, and manufacturing at 7 percent. Financial and insurance activities contributed the largest share to GDP at 17.3 percent. Trade trends Trade with GCC countries fell slightly by 2 percent compared to the same quarter a year earlier. However, trade with Qatar jumped significantly by 255 percent, reaching USD 116 million in Q4 2024. Saudi Arabia remained Bahrain's top export destination, while China led imports. Top export commodities included aluminum alloys, iron ores, and unwrought aluminum. On the import side, the leading items were aluminum oxide, smartphones, and aircraft engine parts. Spending and finance Point-of-sale transactions increased 14 percent to BHD 1.26 billion, with supermarket and department store spending growing by 26 percent and 29 percent respectively. Jewelry sales rose by 26 percent, while ATM withdrawals declined by 10 percent. Fawri+ transfers rose 12 percent, accompanied by a 10 percent increase in Fawri and 8 percent in Fawateer transactions, indicating stronger consumer confidence and broader adoption of digital payments. Business costs and inflation Interest rates on business loans saw a marked drop, particularly in the construction and real estate sector, where rates fell from 10.2 percent to 6.64 percent. Manufacturing and trade sectors also benefited from reduced borrowing costs. Inflation remained modest. The Consumer Price Index rose by just 0.5 percent year-on-year in December 2024. The largest price increases were seen in restaurants, communication services, and miscellaneous goods, while household furnishings declined. Global standing Manama ranked first globally in the financial category of the 'Global 150 Cities Index 2024'. Bahrain was also placed in the 'Role-Modeling' category in the Global Cybersecurity Index and ranked first in the Arab world in the Fraser Institute's Economic Freedom of the World Index. The chamber stated that the findings reflect the resilience of Bahrain's private sector and the country's improving economic fundamentals.