Non-oil growth of 5% helps make Bahrain GCC’s fastest growing economy in 2017
ASTANA. KAZINFORM - Bahrain's real GDP grew by 3.9 percent in 2017, with the non-oil economy expanding by 5 percent, making it the fastest growing country among the Gulf Cooperation Council Member States, revealed data published in the latest Bahrain Economic Quarterly (BEQ), WAM reports.
According to the quarterly report produced by the Bahrain Economic Development Board (EDB), the pace of growth in the Kingdom ‘accelerated markedly' in 2017 compared to 3.2% in 2016. This strong performance in the face of sluggish regional growth was driven by broad-based success across the highly-diversified non-oil private sector, led by tourism, a strong pipeline of infrastructure projects, and a record year for foreign direct investment (FDI).
Earlier this month, the IMF's World Economic Outlook forecast that Bahrain's economy would continue to be the fastest growing economy in the GCC in 2018, suggesting momentum is expecting to be maintained into the current year.
Regionally, the BEQ predicts a significantly brighter outlook for the GCC in 2018, with a pronounced pick-up expected as economic diversification and fiscal consolidation efforts transition to their next phase and create a broad revenue base across the non-oil economy. The region's future outlook will be at the heart of the upcoming investor forum, Gateway Gulf, which will bring together investors and business leaders from around the world in Bahrain on 8-10 May to unlock growth opportunities across the GCC.