DUBAI: Bahrain’s economic growth picked up again in the third quarter of 2012 after shrinking in April-June and its statistics office expects the small oil producer to recover further from the impact of social unrest, state news agency BNA said.
Gross domestic product, adjusted for inflation, grew 0.7 percent quarter-on-quarter in July-September, BNA quoted Mohammed Al-Amer, Central Informatics Organization’s head, as saying.
That compares to a 1.3 percent drop in the second quarter, which was the first quarterly decline since a 6.6 percent slump in the first three months of 2011.
On an annual basis, Bahrain’s real GDP — despite ongoing political turmoil weighing on the regional financial hub — expanded 3.1 percent in the third quarter, a slowdown from a 4.3 percent growth in the previous three months.
Al-Amer said that the annual GDP rise was mainly due to non-oil economic activities, which grew 5.9 percent in constant prices in the third quarter, although construction and real estate still expanded at lower single digit rates.
Output in the hydrocarbon sector, which accounts for almost a third of Bahrain’s $ 29 billion economy, fell 7.1 percent year-on-year due to a roughly 10 percent decline in crude production from the Abu Safa field, he said.
Analysts polled by Reuters in September forecast Bahrain’s real GDP growth to accelerate to 2.8 percent in 2012 from 1.9 percent in 2011.
Bahrain economy recovers in third quarter
Bahrain economy recovers in third quarter
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
