Manama: Bahrain's economy is on target to meet expectations of 4 per cent year-on-year growth for 2010, according to the Bahrain Economic Quarterly.
The quarterly reports, first published in December 2009, have been developed by the Bahrain Economic Development Board (EDB) to provide regular assessments and key information on the Bahrain economy, in the context of the regional and global outlook. GDP growth in Bahrain was 4.3 per cent through the first nine months of 2010.
There was particularly strong growth in hotels and restaurants (up 15 per cent year-on-year in the third quarter of 2010), manufacturing (up 8 per cent) and financial services (up 6 per cent).
Progress
Bahrain's economic progress has also been supported by two recent independent reports, following visits by the International Monetary Fund and rating agency Standard & Poor's.
The IMF noted that: "The near-term outlook is favourable. Buoyed by the rebound in oil prices, the continuing recovery in the global economy, and fiscal stimulus, growth is expected to accelerate from the 3 per cent recorded in 2009 to 4 per cent in 2010 and further to 5 per cent in 2011."
Standard & Poor's also recently reaffirmed its ‘A' rating for Bahrain's sovereign debt, with a stable outlook.
