Bahrain's gross domestic product (GDP) is forecast to grow by 2.9 percent this year, according to the country's Economic Development Board (EDB).
EDB chief economist Dr Jarmo Kotilaine said that the forecast rate will see Bahrain maintain the same rate of economic growth which was achieved last year.
The Bahrain News Agency quoted Kotilaine as saying that the non-oil sector growth reached 3.9 percent last year.
He said the continued downward pressures on oil prices, along with steps toward fiscal re-engineering, is likely to curb growth in the near-to medium-term.
But he added that this negative impact is likely to be countered by the large pipeline of infrastructure projects planned in Bahrain.
During 2015 as a whole, the growth contribution of the non-oil private sector was 2.8 percent while government services contributed 0.3 percent and the oil sector saw negative growth of 0.2 percent.
Growth in the fourth quarter of 2015 was led by private education and healthcare which grew by 6.9 percent during the year as a whole.
The construction sector expanded by 6.4 percent while the hotel and restaurants sector expanded by 7.3 percent. Transportation and communications grew by 5.9 percent and manufacturing expanded by 4.1 percent, EDB said.
More than 80 percent of Bahrain’s real GDP was generated by an increasingly diverse non-oil sector in 2015 while the oil and gas sector accounted for 19.7 percent, it added.
The GCC region accounted for about 28 percent of Bahrain’s total non-oil trade and 50 percent of the total value of non-oil exports.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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