Bahrain's financial services sector grows 4% in Q1

Gulf state's statistics unit also says insurance industry saw 15% growth on Q1 2009.
Bahrain's financial services sector grows 4% in Q1
GROWTH SECTORS: Bahrains financial and insurance sectors saw strong growth in Q1, according to the countrys statistics unit.
By Joanne Bladd
Thu 05 Aug 2010 06:42 AM

Bahrain’s financial services industry grew four percent in the first quarter of 2010, representing six percent year-on-year growth, the Gulf state’s statistics unit has said.

The quarterly report from the Central Informatics Organisation (CIO) also said the kingdom’s insurance industry grew five percent in the first quarter; a 15 percent year-on-year growth.

The financial services sector has contributed nearly 23 percent of the total increase in GDP in the last six years, according to the Bahrain Economic Development Board. Roughly one quarter of GDP by volume.

Karam Ahmed, chief operating officer, EDB, said the industry was a key element in Bahrain’s economic diversification.

“It is crucially important to our economy. More than a major sector in its own right, it is also the motor that drives so many other industries,” he said.

“A great financial centre draws investment to provide companies with the ability to grow their output, profits and jobs.”

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