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Tue 9 Mar 2010 05:24 PM

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Bahrain's fin sector posts 1.5% growth in 2009

14,137 people were employed in Bahrain at 2009-end versus 13,922 at 2008-end.

Bahrain's fin sector posts 1.5% growth in 2009
EMPLOYMENT DATA: The banking sector underwent a slight decrease in employment.(Getty Images)

Employment in Bahrain's financial services industry grew by 1.5% during 2009, the Central Bank of Bahrain (CBB) said in a press release on Tuesday.A total of 14,137 people were employed in the Kingdom at the end of 2009 compared with 13,922 at the end of 2008, the CBB added.

"The main driver of job growth was the non-bank financial sector (comprising insurance firms, money brokers, money changers, investment advisory, capital market broking companies and the Bahrain Stock Exchange) which added 851 new jobs, an increase of 19.6%, taking the number to 5,191 employees.Job growth in the insurance sector hit 10.6% to 1,524 jobs from 1,378 in 2008," the central bank said in its release.

"The banking sector underwent a slight decrease in employment. Total employment in the banking sector reached 8,946 at end-2009 compared with 9,582 at end-2008."

According to the annual survey conducted by the CBB, the Bahraini workforce employed by the financial services sector reached 9,313 in 2009, a slight increase of 30 jobs over the 2008 figure of 9,283 jobs.

"These figures are a testimony that despite the global financial crisis, the Bahraini financial services sector was able to continue to create additional jobs during the last year. This reflects the successful implementation of the CBB's policy in ensuring a well-diversified financial sector and in bolstering non-bank financial services in a way that provides for balanced development of this sector and limits the impact of the changing economic cycle," a CBB spokesperson said.    

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