Category: News

The rate of growth of Bahrain’s non-oil economy reached 4.8 percent in the first nine months of 2017, outperforming previous expectations, according to the Bahrain Economic Development Board’s (EDB) Bahrain Economic Quarterly.

According to figures included in the report, 2017’s non-oil growth is expected to exceed the 4 percent recorded in 2016.

The overall economies growth reached a pace of 3.6 percent for the first three quarters of the year, compared to 3.2 percent during 2016 as a whole. The report notes that the rate of growth makes Bahrain’s economy the fastest growing in the GCC.

“Bahrain’s economy continues to deliver at the upper end of growth expectations thanks to a combination of robust structural and countercyclical drivers,” said Dr Jarmo Kotilaine, Chief Economic Advisor of the Bahrain EDB. “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.”

According to Kotilaine, Bahrain has increasingly undertaken efforts to take advantage of emerging growth drivers, such as fintech – most notably through the Bahrain fintech Bay – and ICT infrastructure.

“As growth becomes increasingly underpinned by improvements in productivity, Bahrain’s investment in infrastructure, regulatory reform and development of human capital will play a vital role in ensuring long-term, sustainable prosperity and expansion,” he added.

Notably, Bahrain’s non-oil growth is almost entirely driven by the private sector, which has resulted in broad-based, strong performances in sectors including hospitality, F&B, social, personal and financial services and communications, all of which recorded over 6 percent year-on-year real growth during the first nine months of 2017.

Additionally, the report notes that non-oil growth has been boosted by a number of large-scale infrastructure investments, despite subdued oil prices and low government spending growth.

Bahrain’s overall investment pipeline is estimated to have increased by nearly 20 percent in 2017, led by $32 billion worth of ‘priority’ projects such as an airport modernisation project and expansion of the Alba aluminum smelter.

Throughout 2017, the valued of tendered projects as part of the GCC Development Fund rose from $3.9 billion to over $4.1 billion, with the cumulative amount of funds disbursed rising from $751 million in Q4 2016 to $1.4 billion in the same quarter of 2017.

Source:
http://www.arabianbusiness.com/politics-economics/389786-bahrains-economy-now-fastest-growing-in-the-gulf-region

Doha: The total value of Qatar’s non-oil exports for the first quarter of 2018 reached QR5.64 billion compared to the first quarter of 2017 which amounted to QR4.9 billion, registering an increase of 15.1%, according to the monthly report of Qatar Chamber on the foreign trade of the private sector. The total value of non-oil exports for last March reached QR1.4 billion compared to QR1.8 billion in March 2017, recording a decrease of 22%, the report shows.

Qatar Chamber’s monthly report on foreign trade of the private sector showed that despite the decline in exports during March 2018, the non-oil exports performance index during the first three months of this year showed a qualitative growth in volume compared to the same period of the year 2017, thanks to the country’s product quality and global demand.

The report which was prepared by the Chambers Research & Studies Department and Member Affairs Department, pointed out about 2876 certificates of origin were issued in March 2018, including 2592 general model certificates, 114 GCC standard certificates (industrial), 154 unified Arab certificates, and 19 certificates for preferences.

Commenting on the report, QCs director general Saleh bin Hamad Al Sharqi said that despite the slight decrease in the value of Marchs non-oil exports compared to the last month, new markets have entered to the fray with advanced position such as Netherland and Australia. He noted that the escalating surge in Qatar exports in the first quarter of 2018 assured that the country is not affected by the siege.

According to the report, Qatar exported goods and services to about 57 countries, including 11 Arab and GCC countries, 10 European countries including Turkey, 16 Asian countries (excluding Arab countries), 15 African countries (excluding Arab countries), 3 countries of North America, and one of South America and Australia.

In comparison with March 2018, we see a decrease in the number of countries that received non-oil exports in March by 5 countries. On the cluster and group level, there is a decline in the number of Arab countries including GCC countries which received Qatari exports, From 12 countries in February to 11 in March. The number of Asian countries excluding the Arab countries declined from 17 countries in February to 16 in March, as well as African countries except Arab countries from 17 countries in February to 15 in March. 13 countries in February to 10 in March, while the number of North American countries rose from two in February to three in March, one from South America and Australia.

According to the report, Oman was still Qatar’s top non-oil exports destination in March 2018 accounting for QR485.8 million or 35.8 percent of the total exports. It was followed by Netherland with almost QR209.1 million or 15.4 percent and Turkey with QR87.7 m or 6.5 percent. India came in fourth place with almost QR78.8m or 5.8 percent followed Bangladesh by with QR76.3m or 5.6 percent. Hong Kong was in the sixth place followed by Germany, Indonesia, China and Australia.

“It is clear that 85.2 percent of the total value of exports were received by the first ten countries above mentioned,” the QC report said.

GCC countries (Oman and Kuwait) as an economic bloc were top destinations of Qatari exports amounting to 37.1% of the total exports with QR 502.4 million. Most of them were received by Oman.

Asian countries excluding Arab countries come in the second place. They imported goods worth QR440 m, which represents 32.4 percent of the total non-oil exports. European countries including Turkey come in the third place amounting to 20.4 percent of the total value with QR276.3m.In the fourth place, Arab countries excluding GCC received QR76.1m or 5.6 percent of the total value. Australia came in the fifth place receiving QR30.8m followed by African countries which received QR23.2 m followed by North America and South America.

Source:https://thepeninsulaqatar.com/article/18/04/2018/Qatar-non-oil-exports-grow-15.1-in-Q1