Bahrain economy set to grow 3.1%

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain’s economy is expected to grow 3.1% this year and next, recovering from last year’s downturn, according to a Bloomberg report. Gross domestic product contracted 2.1% during the first quarter, according to the Ministry of Finance and National Economy. Non-oil sector output shrunk 3% in the first quarter compared with a year ago.

Oil economy grew 2%. The non-oil economy is set to see 3.8% growth this year and 3.7% in 2022, while oil economy growth is set to remain at 0% both years. Preliminary projections show GDP contracted 5.1% last year. The International Monetary Fund expects Bahrain’s economy to grow 3.3% this year.