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Thu 8 Jul 2010 01:32 PM

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Bahrain economic chief eyes 4% GDP growth in 2010

Economic Development Board boss says real GDP growth seen rising to 7.2% in 2015.

Bahrain economic chief eyes 4% GDP growth in 2010

Bahrain said on Thursday that it expected to see a four percent growth in its real gross domestic product this year.

Economic chiefs also said it saw real GDP growth rising to 7.2 percent in 2015. The figures were quoted in the kingdom’s Economic Development Board's (EDB) first annual economic which said Bahrain enjoyed real GDP growth of 70 percent over the past decade.  

The report also noted that exports increased 116 percent, while Bahraini employment rose by 39 percent and Bahraini wages increased 54 percent over the past decade.  

From 2005 to 2008, Bahrain also achieved the highest amount of foreign economic investment as a proportion of nominal GDP among the six nations of the Gulf Cooperation Council (GCC) at around 35 percent, the report added.  

Sheikh Mohammed bin Essa Al Khalifa, chief executive of the EDB, said: “In Bahrain, our economic growth has been consistently strong, with a real average growth rate of over six percent during the last decade.

“In today’s world, our ongoing reform programme – driven by Vision 2030 – is helping us to deliver sustainable prosperity by making the private sector the engine of growth and creating the optimum business environment for international companies looking to access the trillion dollar market of the Gulf.”

Although Bahrain’s growth slowed during 2008 and 2009 as a result of the global economic downturn, the ECD said the country "avoided the worst of the recession apparent in Europe and North America".

“We have completed a successful ten years and a challenging new decade has begun. But in Bahrain we are well placed to return to increased rates of sustainable growth, with Vision 2030 the blueprint for the development of our country’s economy, government and wider society over the coming decades.”

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