Bahrain’s Ministry of Finance and National Economy has today reported positive signs of a return to growth across non-oil sectors, as the Kingdom continues to take measures which balance health policy objectives whilst minimising the economic impact of the global COVID-19 pandemic.
The Ministry confirmed total exports increased by 2% between May and June, and by 12% between June and July, as business activity increases across the Kingdom. This was also evident by the monthly number of new commercial registrations (CR) created, with the number of company CRs up 59% in June and up a further 7% in July, while the number of individuals CRs increased by 109% in June and 4% in July.
Additionally, the number of building permits issued has more than doubled, increasing by 124% in June –almost 3% higher than their rate in beginning of this year, with the Survey and Land Registration Bureau also recording an almost 55% increase in number of transactions month on month in June and a further 19% increase in July.
Consumer activity is also on the rise with total sales on food increasing on a monthly basis by 9% in June and 15% in July, similarly, sales of non-essential goods increased by 12% and 28% in the two months, respectively. An increase in movement across the Kingdom was also reflected in the increase in gasoline sales by 15% in June and 13% in July.
The Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al Khalifa, said:
“It is clear business and consumer activity is returning in Bahrain, as the Kingdom continues to carefully balance its twin objectives of safeguarding the health and safety of all citizens and residents, as well as the long-term health of the economy.
These indicators are reassuring evidence that the balanced measures carefully introduced within the unprecedented BHD 4.3 billion economic stimulus package in March are key to maintaining business and consumer confidence within Bahrain.”