Bahrain's economy is recovering from a sudden slowdown in the first half of 2011. The economy slowly recovered, growing 1.1 percent year-on-year in the second quarter of the year and 2.4 percent year-on-year in the third quarter, according to Standard Chartered Bank forecast.
"Owing to the oil-driven economy, we expect real GDP growth to accelerate to 3.5 percent in 2012 from 1.9 percent in 2011. Growth in 2012 will be driven by strong oil production and a highly favorable base effect. Bahrain's growth story is driven by hydrocarbons. The nonoil economy was still witnessing contraction in the third quarter of 2011," Standard Chartered report added.
The report, which covers all GCC states, is based on the insights of Gerard Lyons, chief economist and group head of global research and Marios Maratheftis, head of research, Europe, Middle East, Africa and Americas, Standard Chartered.
No comments:
Post a Comment