This was revealed when the Cabinet reviewed a memorandum from the Ministerial Committee on Economic and Financial Affairs and Balanced Budget, as well as Bahrain’s Quarterly Economic Report for the third quarter of 2023.
Bahrain’s economy is on track with an annual GDP expansion of 2. 5 percent in real terms.
This was revealed when the Cabinet reviewed a memorandum from the Ministerial Committee on Economic and Financial Affairs and Balanced Budget, as well as Bahrain’s Quarterly Economic Report for the third quarter of 2023.
His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, presided over the weekly assembly at Gudaibiya Palace.
The report highlighted that the annual GDP growth was driven by a 4.5pc increase in the non-oil sector, which accounted for around 83.6pc of real GDP. From January to October of this year, the average consumer price index (inflation) remained steady at 0.2pc.
As the new year approaches, the Cabinet expressed that 2024 will be a year of progress and prosperity for Bahrain and its people.
The Cabinet expressed its hopes for peace, security and prosperity throughout the world.
HRH the Crown Prince and Prime Minister directed the continuation of development and innovation to enhance the quality and efficiency of government services for the people of Bahrain. He urged all government service centres to strive for excellence in delivering exceptional services that meet the present and future aspirations of Bahraini citizens.
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