Professional Documents
Culture Documents
Bahrain Economic Quarterly: Second Quarter 2012
Bahrain Economic Quarterly: Second Quarter 2012
Bahrain Economic Quarterly: Second Quarter 2012
Table of Contents
The Economic Outlook ................................................................................................................. 3
The Global Outlook............................................................................................................................... 3
The Regional Outlook ........................................................................................................................... 6
Bahrains Economy ............................................................................................................................... 7
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
United States
IMF
Euro Area
OECD
IIF
Japan
China
Bloomberg Consensus
Mature Economies
Mature economies are still reeling from the
effects of the global economic crisis, which
was triggered by the financial crisis of 2008
The US has begun to show weak signs of
recovery, with minimal positive growth in
all quarters over the past year, with the
exception of the fourth quarter of 2011 when
it grew 4% over the previous quarter. Japan
experienced much more volatile quarterly
growth, peaking at 8% in the third quarter of
2011 and then dropping to 0.1% in the next
quarter. Growth picked up in 2012 to 5% in
the first quarter, and dropped again to 2% in
1.6
1.4
1.2
1.0
0.8
Mature Economies
Quarterly GDP (YoY)
percentage growth
10%
0.6
0.4
0.2
8%
0.0
6%
4%
Source: ECB
2%
0%
-2%
Q3 2011
Q4 2011
United States
Q1 2012
Q2 2012
Euro Area
Japan
8%
6%
4%
2%
Emerging Economies
0%
Q3 2011
Q4 2011
Q1 2012
Q2 2012
-2%
Latin America
Emerging Europe
Asia/Pacific
100
90
80
70
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Jan-10
Apr-10
60
and partly
syndications.
externally
funded
loan
% change
YOY
30
25
20
15
10
5
0
-5
-10
Bahrain
Oman
Saudi Arabia
Kuwait
Qatar
United Arab Emirates
Bahrains Economy
The EDB expects Bahrains GDP to grow
by at least 2.4% in 2012,2 driven above all
by increased manufacturing and government
spending. The first two quarters of the year
have generally been characterized by
favorable trends. Real GDP grew by 4.2% in
the second quarter relative to the same
quarter last year after businesses began to
recover from the events of 2011. Relative to
the first quarter of the year, GDP fell by
around 1%, which makes it the first negative
quarter on quarter growth since last year.
However, the drop was almost entirely due
to falling volumes from the Abu Safa field
while the non-oil sector continued to
rebound, indeed by a remarkable 8.1% YoY.
BD
million
2,600
4%
2,550
2%
2,500
2,450
0%
2011 2011 2011 2011 2012 2012
Q1
Q2
Q3
Q4
Q1
Q2
-2%
2,400
-4%
2,350
-6%
2,300
growth
GDP
-8%
Source: CIO
40.0%
20.0%
0.0%
1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd
Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr
-20.0%
-40.0%
2010
2011
2012
Mining
Manufacturing
Construction
Wholesale & Retail Trade
Hotels & Restaurants
Transport & Communications
Financial Services
Source: CIO
1200
1000
800
600
400
200
0
-200 Jan Mar May Jul Sep Nov Jan Mar May Jul
-400
2011
2012
YoY growth in credit to the Government
YoY growth in credit to the Private Sector
Source: Central Bank of Bahrain
Unemployment Rate
Percentage
Inflation rate
Consumer Price Index
2009-2012
6%
5
5%
4.5
4%
3.5
3%
2%
2.5
1%
2
6/2012
3/2012
9/2011
12/2011
6/2011
3/2011
9/2010
6/2010
3/2010
12/2010
-2%
12/2009
-1%
9/2009
0%
1.5
-3%
10
CPI Weights
Percentage
1.3% 1.0%
2.0%
5.1%
16%
5.4%
5.6%
7.1%
Education
Communication
7.0%
Restaurants
Electricity gas &
other fuels
Transport services
Source: Central Informatics Organization
11
Special Articles
This edition of Bahrain Economic Quarterly
contains two special articles that provide an
analysis of the microfinance industry in
Bahrain and the positioning of the Kingdom
within the global rankings.
The Microfinance article provides an
examination of the microfinance market in
Bahrain, identifying key players and
evaluating different aspects of the industry.
The history and landscape of the
microfinance industry dates back to 1998
and a brief outline traces its evolvement to
the present day. An overview of all the
microfinance providers services and the
composition of their loans is given. Finally
the article looks at possible improvements in
the sector, and outlines several challenges
which it faces.
The Global Rankings article assesses
Bahrains standing in international indices
and reviews the Kingdoms performance in
various component indices. This piece
provides an update about the Kingdoms
progress and identifies areas for further
improvement. The analysis lists the most
recent global rankings of Bahrain according
to 16 leading international indices.
Evaluation of the reports demonstrates that
Bahrain has attained impressive results in a
number of indices. Although some of this
standing has been eroded lately, Bahrains
position remains highly competitive on a
global scale.
12
What is Microfinance?
The idea behind modern day microfinance is
often attributed to Dr. Muhammed Yunus,
winner of the Nobel Peace Prize and a
Bangladeshi university professor who
decided to create a bank which would
extend financing to the poor. Its central
objective was to reduce the exploitation of
the poor by lenders and, by doing so, allow
them to invest and create self-employment
opportunities. This institution, known as
Grameen Bank, remains a model for many
microfinance institutions worldwide, which
are seeking to replicate its success.4
Benefits of Microfinance
Recent estimates by the Social Insurance
Organization indicated that close to 88% of
businesses in Bahrain are micro-enterprises.
Micro-enterprises are defined as businesses
that hire up to 10 employees, and have a
capital investment of up to BD 20,000 for
the manufacturing sector, and annual
13
Apr-10
Feb-10
Mar-10
Jan-10
Dec-09
Oct-09
Nov-09
Sep-09
Jul-09
Aug-09
Jun-09
75,904
80,000
70,000
60,000
50,000 39,356
40,000
30,000
20,000
10,000
-
15
Microfinance Banks
Table (1): Comparison of MFIs
Ebdaa
200 5,000
4-15%
annually *
1,885,000
Family
500 7,000
12%**
NA
-519,576
Number of loans
since inception
2,624
861
Total value
loans (BD)
3,571,249
1,309,999
68%
64%
Range (BD)
Interest
rate
(p.a.)
Paid up capital
(BD)
of
% of loans given
to women
Shareholding
Private
public
and
5,000,000
Private
public
and
Ebdaa Bank
Ebdaa bank is a closed joint stock company
which is 60% privately owned. It was
formed in 2009 and aims to improve the
social and economic conditions of Bahrainis
through microfinance. Unlike family bank it
16
40%
Age
30%
18 - 27
14.90%
20%
28 - 35
26.14%
10%
36 - 45
26.52%
0%
46 - 64
32.43%
Norther
n
36%
Family Bank
Central
35%
Souther
Capital n
8% 4%
17
Family Bank
Composition of loans by sector
Manufac
turing
4%
Fishing
5%
Gift &
Stationar Agricultu
re
y
3%
Services
3%
Salon
services
3%
Other
Services
6%
Food
related
11%
Muharra
q, 26%
Trade
65%
Central,
33%
18
Norther
n, 32%
Sourther
n, 1%
Capital,
8%
Population by Governorate
Bahrain 2009
Muharra
q
15%
Northern
23%
Central
27%
Capital
27%
Southern
8%
Clients-specific issues
A recent market research survey conducted
by Planet Finance for the Ministry of
Human Rights and Social Development
looked at approximately 500 microfinance
entrepreneurs, some clients and some nonclients. These entrepreneurs specialize in a
variety of activities ranging from traders, to
street vendors, to services and handicrafts.
The survey results indicated that men tended
to be more involved in services and
commerce, whereas women tended towards
less profitable activities, like handicrafts and
street vending.
CMWS
15,273
17,341
3,789,800
3,239,050
Manufacturing
23%
20%
Trade
62%
66%
Services
15%
14%
19
Competition
Among some MFIs main concerns were
increasing competition in the market. The
rise in the number of industry players in
Bahrains small market has squeezed profit
margins, and increased MFI dependence on
government and donor sponsors. As a result
industry players have little to no profits. In
order for the micro-finance industry to be
sustainable going forward, it is essential to
reduce such dependencies.
20
Cultural challenges
Group financing is not very popular in
Bahrain despite MFI attempts to offer it to
their clients. This is mainly due to the
different cultural differences between
Bahrain and countries where the model took
shape. Bahrainis are more inclined to take
independent loans and to repay them on
their own. Though there is a strong sense of
community,
independence
regarding
financial matters is a value Bahrainis seem
to hold high.
Some MFIs also found the need to introduce
Islamic financing to their products. This is
due to the strong cultural and religious
values which tend to govern their client
base.
In addition, Bahrains culture of welfaredependence may also pose a challenge. It
will take education and training to instil an
entrepreneurial mind-set, and move people
away from depending on social assistance.
Although microfinance in Bahrain has
developed remarkably since its initiation in
1998, in order for it to be most effective
certain reforms must be made. These
reforms will ensure that the sector is
sustainable and helps Bahrainis have higher
incomes and become self-sufficient and
independent.
21
111/135
145/163
160
140
120
100
80
60
40
20
0
Introduction
7/144
12/179
24/60
27/142
30/132
32/155
37/142
42/185
40/139
42/187
46/183
51/127
Bahrain's Worldwide
Rank
22
Latest
rank
12
Previous
rank
10
Change
in rank
-2
10
+2
42
39
-3
35
37
+2
24
23
-1
27
30
+3
46
48
+2
51
45
-6
40
41
+1
48
32
-16
30
111
145
22
110
-
-8
-1
the average number of years of education received in a lifetime by people aged 25 years and older
10
the total number of years of schooling a child of schoolentrance age can expect to receive if prevailing patterns of
age-specific enrolment rates stay the same throughout the
child's life
23
Economy
2011 rank
1
2
3
4
5
6
Total
UAE
Qatar
Bahrain
KSA
Kuwait
Oman
187 economies
30
37
42
56
63
89
Table (3): Bahrains HDI trends based on consistent time series data, new component indicators and
new methodology
Life expectancy
at birth
Expected years
of schooling
Mean
years of
schooling
GNI
per
capita
(2005 PPP$)
HDI value
1980
69.6
10.0
4.1
31,987
0.651
1985
71.3
13.1
5.2
21,224
0.700
1990
72.3
13.5
6.0
19,302
0.721
1995
73.0
13.6
7.2
21,302
0.750
2000
73.7
13.4
8.3
22,715
0.773
2005
74.3
13.4
9.0
27,102
0.795
2010
74.9
13.4
9.4
27,874
0.805
2011
75.1
13.4
9.4
28,169
0.806
24
Bahrain
Qatar
United
Arab
Emirates
Arab States
Very high HDI
HDI
value
HDI
rank
Life
expectancy
at birth
Expected
years of
schooling
Mean years
of schooling
GNI per
capita
(PPP US$)
0.806
0.831
0.846
42
37
30
75.1
78.4
76.5
13.4
12.0
13.3
9.4
7.3
9.3
28,169
107,721
59,993
0.641
0.889
70.5
80.0
10.2
15.9
5.9
11.3
8,554
33,352
Economic Freedom
Bahrain has consistently been the regional
top performer in terms of economic
freedom. This position is evident in the
Kingdoms performance in two prominent
economic freedom indices discussed below.
25
Hong Kong
Singapore
Australia
New Zealand
Switzerland
Canada
Chile
Mauritius
Ireland
United States
Denmark
Bahrain
Luxembourg
United Kingdom
The Netherlands
100
90
80
70
60
50
40
30
20
10
0
Overall
Business
freedom
Trade
freedom
Fiscal freedom
Government
spending
Monetary
freedom
Investment
freedom
Financial
freedom
Property
rights
Freedom from
corruption
Labour
freedom
2012
score
75.2
2011
score
77.7
Change
-2.5
76.5
77.4
-0.9
82.8
82.8
99.9
72.2
99.8
80.2
0.1
-8
70.4
74
-3.6
75.0
75
80.0
80
55.0
60
-5
49.0
51
-2
91.1
97
-5.9
Economy
2012
rank
1
2
3
4
5
6
Total
Bahrain
12
Qatar
25
UAE
35
Oman
47
Kuwait
71
KSA
74
179 economies
2011
rank
10
27
47
34
61
54
change
-2
+2
+12
-13
-10
-20
26
and
freedom to
regulations.
trade
internationally
1
2
3
4
Economy
2010
score
2010
rank
2009
rank
2010
score
2009
score
Change in
score
Size
of
Government
Legal System &
Property Rights
Access to Sound
Money
Freedom
to
Trade
Internationally
Regulation
6.88
6.56
+0.32
7.0
6.76
+0.24
9.18
+0.18
7.90
7.93
-0.03
8.73
8.74
-0.01
9.0
10
-1
8.87
8.74
+0.13
Labour Market
Regulations
8.33
7.48
+0.85
Business
Regulations
Total score
10
Credit Market
Regulation
Areas
Change
in rank
Bahrain
7.94
10
+3
UAE
7.83
11
17
+6
Qatar
7.7
17
Kuwait
7.66
19
15
-4
Oman
7.64
20
38
+18
KSA
Total
7.06
10
65
144
141
Doing Business
In 2011, Bahrain ranked 42nd out of 185
economies in the 2013 Doing Business
Report published by The World Bank and
International Finance Corporation. The
Doing Business report measures ten areas of
business regulations and their enforcement
across 185 economies. Singapore tops the
overall ranking, Hong Kong SAR, New
Zealand, United States of America and
Denmark round out the top five.
Bahrain in details
The Kingdom has improved in the areas of
size of government, legal system and
property rights and access to sound
money. Positive progress took place also
in two sub-areas of regulations, namely
business and labour Regulations. On
the other hand, Bahrains rank has showed
slight deterioration in freedom to trade
internationally and dropped in one of the
27
100
200
Country
2013
2012*
Change in
rank
rank
rank
KSA
22
23
+1
UAE
26
29
+3
Qatar
40
40
No Change
Bahrain
42
39
-3
Oman
47
49
+2
Kuwait
82
77
-5
Total
185
183
Source: 2013 Doing Business Report*All Doing Business
2012 rankings have been recalculated
Table (10): Bahrains rank in the pillars of the 2012 Doing Business Index
Rankings
DB 2013 rank DB 2011 rank
Change in rank
Starting a business
88
84
-4
-1
Getting electricity
48
49
+1
Registering property
29
29
No change
Getting credit
129
127
-2
Protecting investors
82
79
-3
Paying taxes
-1
54
53
-1
Enforcing contracts
113
113
No change
10
Resoling insolvency
27
27
No change
28
Global Competitiveness
Bahrain occupied the 35th position in the
Global Competitiveness Report 2012-2013
published by the World Economic Forum.
The Global Competitiveness Index (GCI),
which is based on 12 key indicators,
provides a comprehensive picture of the
competitiveness landscape in countries
around the world at all stages of
development. The 12 pillars include
institutions, infrastructure, macroeconomic
stability, health and primary education,
higher education and training, goods market
efficiency, labour market efficiency,
financial
market
sophistication,
technological readiness, market size,
business sophistication, and innovation.
GCC
rank
Country
2012
rank
2011
rank
1
2
3
4
5
6
Qatar
KSA
UAE
Oman
Bahrain
Kuwait
Total
11
18
24
32
35
37
144
14
17
27
32
37
34
142
Change
2011 2012
+3
-1
+3
- +2
-3
Financial Development
Bahrain ranked 24th out of 60 economies in
the 2011 Financial Development Report
published by the World Economic Forum,
dropping one place compared to last year.
The Financial Development Index analyses
aspects of financial systems, including the
institutional environment, the business
environment, financial stability, banks,
capital markets, and overall capital
availability and access. Bahrains average
score is 3.9 (out of a possible 7). Honk
Kong- SAR tops the overall ranking,
followed by the United States, United
Kingdom, Singapore and Australia.
ICT Readiness
Bahrain continues to feature prominently in
the top 30 economies and is leading the
Arab world in The Global Information
Technology Report 2012, produced by the
World Economic Forum in cooperation with
INSEAD. The Kingdom has also improved
its position within the top 30 global
economies, climbing three places, and is
now ranked 27th out of 133 economies
worldwide.
Economy
2011 rank
KSA
23
Bahrain
24
UAE
25
Kuwait
28
Oman
Qatar
60 economies
2010
rank
change
26
23
21
28
57
+3
-1
-4
-
30
2011
rank
30
Change
Bahrain
2012
rank
27
+3
Qatar
28
25
-3
10
9
8
7
6
7.2
6.8
Qatar
5.1
4.8
UAE
UAE
30
24
-6
KSA
34
33
-1
Bahrain
Oman
40
41
+1
Oman
Kuwait
62
75
+13
Kuwait
Total
economies
142
138
4.6
4.4
Saudi Arabia
Corruption Perception
31
Economy
2011 Score
2011 rank
2010 rank
change
Qatar
7.2
22
19
-3
2
3
UAE
Bahrain
6.8
5.1
28
46
28
48
+2
Oman
4.8
50
41
-9
Kuwait
4.6
56
54
-2
KSA
4.4
57
50
-7
Total economies
10
183
178
2004
2008
EDI
0.953
0.966
0.982
0.993
0.865
0.908
0.964
0.973
0.989
Gender
Index
Education
Specific
EFA
32
0.966
0.993
0.908
0.973
0.989
100
90
80
EDI
Primary
Adjusted
NER1
Adult
Gender Survival
Literacy Specific
Rate to
Rate
EFA Index Grade 5
70
62
61
60
50
40
40
42
30
30
20
10
0
UAE
Bahrain Qatar
KSA
Oman Kuwait
Within the index, there are three subcategories. Bahrain ranked 20th in Travel
and Tourism (T&T) business environment
and infrastructure, 62nd in T&T regulatory
framework and 78th in T&T human, cultural,
and natural resources.
33
Table
(16):
Travel
Competitiveness Index
&
Tourism
Economy
2012
rank
2011
rank
Change
UAE
17
24
+7
Qatar
33
55
+22
KSA
37
40
+3
Bahrain
48
32
-16
GCC
2011
rank
1
Economy
2011
rank
2009
rank
Change
UAE
30
33
+3
Bahrain
40
41
+1
Qatar
42
37
-5
Oman
61
68
+7
Oman
62
60
-2
Kuwait
70
36
-34
Total
155
155
KSA
62
71
+9
Kuwait
95
95
Total
economies
139
133
34
Table (18): Bahrains rank in the pillars of the 2012 Logistics Performance Index
2012 Score
2012 Rank
2011 Score
2011 Rank
Overall LPI
3.05
48
3.37
32
-16
Customs
2.67
60
3.05
37
-23
Infrastructure
3.08
43
3.36
30
-13
International shipments
2.83
72
3.05
54
-18
Logistics competence
2.94
53
3.36
30
-23
3.42
34
3.63
26
-8
Timeliness
3.42
60
3.85
39
-21
155
155
Total economies
Change in rank
Trade
Bahrain occupies the 5th position in the
MENA region and 30th worldwide in the
Global Enabling Trade report published by
the World Economic Forum.
The Enabling Trade Index (ETI) measures
the extent to which economies have
developed institutions, policies and services
facilitating the free flow of goods over
borders and to destinations. The index
breaks the enablers into four areas: market
access, border administration, transport and
communications infrastructure, and business
environment.
Singapore and Hong Kong SAR continue to
occupy the top two positions in the Enabling
Trade Index ranking, followed by Denmark,
Sweden and New Zealand.
Economy
2012
Rank
2010
Rank
Change
UAE
19
16
-3
Oman
25
29
+4
KSA
27
40
+13
Bahrain
30
22
-8
Qatar
32
34
+2
Kuwait
66
65
-1
Total
economies
132
125
36
Oman
KSA
Kuwait
UAE
Bahrain
Qatar
2005
1,538
12,097
234
10,900
1,049
2,500
2006
1,597
17,140
121
12,806
2,915
3,500
2007
3,332
22,821
112
14,187
1,756
4,700
2008
2,952
38,151
-6
13,724
1,794
3,779
2009
1,508
32,100
1,114
4,003
257
8,125
2010
1,142
28,105
319
5,500
156
4,670
2011
788
16,400
399
7,679
781
-87
Economy
Inward FDI:2011 as a
share of nominal GDP
Oman
18%
KSA
28%
Kuwait
1%
UAE
20%
Bahrain
34%
Qatar
16%
34%
28%
30%
25%
20%
15%
20%
18%
16%
10%
5%
0%
1%
Oman
KSA
Kuwait
UAE
Bahrain Qatar
0.6392
0.64
0.632
0.6298 0.6264
0.62
0.5986
0.6
0.5731
0.58
0.56
0.54
UAE
Oman
Saudi
Arabia
GCC
2011
Rank
1
2
3
4
5
6
2011
rank
2010
rank
change
Economy
UAE
Kuwait
Bahrain
Qatar
Oman
KSA
Total
107
109
111
115
125
131
135
103
105
110
111
127
131
135
-4
-4
-1
-4
+2
No change
Economic participation
and opportunity
Educational
attainment
Health &
survival
Political empowerment
UAE
122
111
81
Kuwait
106
60
111
130
Bahrain
118
47
111
112
Qatar
107
36
127
133
Oman
127
96
62
129
KSA
Total
133
91
55
133
135 economies
Governance
The World Bank Worldwide Governance
Indicators (Kaufmann, 2011) capture six
key dimensions of governance: voice &
accountability, political stability and lack of
violence,
government
effectiveness,
regulatory quality, rule of law, and control
of corruption. They measure the quality of
governance in 215 economies.
2011
Percentile
Rank11
2010
Percentile
Rank
21.3
Voice
and 14.1
Accountability
26.4
31.6
Political
Stability/Absence
of Violence
71.1
69.9
Government
Effectiveness
75.8
75.6
Regulatory
Quality
62.4
64.5
Rule of Law
63.6
Control
of 64.9
Corruption
100
Total
Source: 2012 Worldwide Governance Indicators
11
39
Change
-7.2
-5.2
+1.2
+0.2
-2.1
+1.3
Environmental Performance
Conclusion
12
40
Enhancing
the
university-industry
collaboration in R&D and further
improve the education system
Reducing Bahrains high public
spending (to avoid the risk of sovereign
debt crisis)
Reducing the time is takes to register a
property
Further empowering Bahraini females
and support their integration in the
labour market and help women in
achieving political positions
Increasing availability of credit for
consumers and businesses
Reducing the number of procedures an
investor has to go through
41
Chart Set
42
Chart Set
Key Economic Indicators
Annual Bahrain GDP Growth Rate
Inflation rate
Consumer Price Index
6%
5%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
4%
3%
2%
1%
2004
2005
2006
2007
2008
2009
2010
2011
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
-2%
2003
Sep-09
0%
-1%
-3%
3,500
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
-3%
3,000
2,500
2,000
1,500
1,000
500
Q1
Q2
Q3
Q4
Q1
2009
Q2
Q3
2010
Q4
Q1
Q2
Q3
Q4
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
Q4
2011
2005
Source: IMF
43
2006
2007
2008
Exports
2009
2010
2011 2012
15%
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
10%
5%
0%
-5%
-10%
-15%
2005
2006
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
Labour Market
Current Account Balance
Percent of Nominal GDP
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
Employment by Nationality
Persons
Thousands
700
600
500
400
300
200
100
0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011f
2002
2003
2004
Total
2005
2006
Bahraini
44
2007
2008
2009
2010
Non-Bahraini
2011
Employment by sector
Persons
600,000
500,000
400,000
50
300,000
40
30
200,000
20
100,000
10
2003
2004
2005
2006
2007
2008
2009
2010
2002
2005
2006
2007
2008
2009
2010
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q3
Q1
2004
Bahraini
2011
Non-Bahraini
Thousands
2003
2004
2005
Total
2006
2007
Bahraini
2008
2009
2010
2002
2011
2003
2004
2005
2006
Bahraini
Non-Bahraini
45
2007
2008
2009
Non-Bahraini
2010
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
0%
Q1
5%
Q3
10%
Q1
15%
Q3
450
400
350
300
250
200
150
100
50
0
20%
-5%
2003
25%
Q1
Q1
2011
Q3
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
2011
M3*
BD bn
12
10
8
6
4
2
2008
2009
2010
2011
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
2007
May
Sep
Jan
2006
May
Sep
Jan
2005
May
Sep
Jan
May
2012
Thousands
60
300,000
50
250,000
40
200,000
30
150,000
20
100,000
10
50,000
0
2009
Q1
Q2
Q3
Q4
2010
Q1
New Visas
Q2
Q3
Q4
2011
Q1
Q2
Q3
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
0
Q4
2005
Renewals
2006
46
2007
2008
2009
2010
2011
2012
100
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
95
90
85
80
75
2005
2006
2007
2008
Business
2009
2010
2011
3%
2%
1%
2009
2010
2011
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
2008
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
2007
Q1
Q3
Q1
Q3
Q1
0%
Q3
2012
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
4%
Q1
2011
BHD/GBP
5%
2006
2010
2005
Q1
2009
Personal
6%
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
70
2012
2005
2006
2007
47
2008
2009
2010
2011
2012
BHD/EURO
3,500
0.7
3,000
0.6
0.5
2,500
0.4
2,000
0.3
1,500
0.2
1,000
0.1
500
Jan
0
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
2011
May
Sep
Jan
2010
May
Sep
Jan
2009
May
Sep
Jan
2008
May
Sep
Jan
2007
May
Sep
2012
2005
2006
2007
2007
2008
2009
2010
2011
2003
2012
2004
2005
2006
2007
Refined oil
Source: National Oil & Gas Authority
48
2008
Crude oil
2011
2009
2012
2010
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
May
Jan
Sep
May
Jan
Sep
May
Jan
Sep
May
Jan
Sep
May
Jan
Sep
May
Jan
Sep
May
Jan
Sep
Jan
Q1
Q1
Q3
Q1
Q3
28,000
26,000
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
May
2010
2006
2009
Production
BHD/JPY
2005
2008
Q3
Jan
2006
May
Sep
Jan
2005
May
Sep
Jan
May
0.0
2011 2012
Value
BD Th
145,000
140,000
120,000
135,000
100,000
Volume
Barrel Th
4,100
4,000
3,900
3,800
3,700
3,600
3,500
3,400
3,300
3,200
130,000
125,000
80,000
120,000
60,000
115,000
40,000
110,000
20,000
100,000
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
105,000
2003
2004
2005
2006
2007
2008
2009
2010
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2011 2012
Value
8/20
12
140
Hundreds
35
120
2/1/2012
0
9/2004
12/2004
3/2005
6/2005
9/2005
12/2005
3/2006
6/2006
9/2006
12/2006
3/2007
6/2007
9/2007
12/2007
3/2008
6/2008
9/2008
12/2008
3/2009
6/2009
9/2009
12/2009
3/2010
6/2010
9/2010
12/2010
3/2011
6/2011
9/2011
12/2011
3/2012
6/2012
7/1/2011
5/1/2010
12/1/2010
3/1/2009
10/1/2009
8/1/2008
1/1/2008
5
6/1/2007
0
4/1/2006
10
11/1/2006
20
9/1/2005
15
2/1/2005
40
7/1/2004
20
12/1/2003
60
5/1/2003
25
3/1/2002
80
10/1/2002
30
8/1/2001
100
1/1/2001
Volume
49
Thousands
Aluminium Production
Metric ton
250
200
150
100
50
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2003
2004
2005
2006
2007
2008
2009
2010
2003
Source: Aluminium Bahrain
2005
2006
2007
2008
2009
2010
2011 2012
Petrochemical Production
Metric ton
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Mar-03
Jun-03
Sep-03
Dec-03
Mar-04
Jun-04
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Thousands
450
400
350
300
250
200
150
100
50
0
2004
2003
2004
2005
2006
2007
2008
2009
50
2010
2011 2012
Thousands
Thousands
2.5
3,000
2.0
2,500
2,000
1.5
1,500
1.0
Total
Manufacturing
By Land
Construction
By Air
Q3
Q3
Q1 2011
Q1 2010
Q3
Q1 2009
Q3
Q1 2008
Q3
Q3
Q1 2007
Q3
Q1 2006
Q1 2005
Q3
Q1 2003
Q1 2004
Q1 2003
Q2
Q3
Q4
Q1 2004
Q2
Q3
Q4
Q1 2005
Q2
Q3
Q4
Q1 2006
Q2
Q3
Q4
Q1 2007
Q2
Q3
Q4
Q1 2008
Q2
Q3
Q4
Q1 2009
Q2
Q3
Q4
Q1 2010
Q2
Q3
Q4
Q1 2011
Q2
Q3
500
0.0
Q3
1,000
0.5
By Sea
Telecommunication
Tourism
Non-Bahraini Visitors to Bahrain by Quarter
Mobile Subscribers
Th Persons
Thousands
2,000
3,500
3,000
1,500
2,500
1,000
2,000
500
1,500
1,000
500
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Q3
Q3
Q1 2011
Q1 2010
Q3
Q1 2009
Q3
Q3
Q1 2008
Q1 2007
Q3
Q3
Q1 2006
Q1 2005
Q3
Q1 2004
Q3
Q1 2003
0
Total mobile subscribers
Postpaid mobile subscribers
Source: Telecommunications Regulatory Authority
Source: Ministry of Culture
51
350
300
250
200
150
100
50
0
2004
2005
2006
2007
2008
2009
2010
2011
52
Sources
IMF
World Bank
IIF
OECD
US Federal Reserve
Eurostat
Bank of Japan
Bloomberg
Brent Oil Price History
Ministry of Labour
United Nations Capital Development
Fund
Grameen Bank
UNDP
Ebdaa Bank
Family Bank
Awal Society
Child and Mother Welfare Society
53
Abbreviations