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  • 03-12-14

    Bahrain's oil output to grow 4 percent in 2015

    (MENAFN) According to a report by the Institute of Chartered Accountants in England and Wales (ICAEW), Bahrain's oil output is expected to grow by 4 percent next year but then to slow down to an average of 3.5 percent during the 2015-2016 period, due to weak growth in the non-oil activities, Gulf Daily News reported.

    The institute said that the impact of continued oil price weakness could put considerable pressure on GCC economies and affect real GDP growth, particularly both Bahrain and Oman, which are under the greatest pressure.

    The Institute said that in case the oil prices continued in their decline, these countries need to revise their budget as the largest shares of government budgets in the GCC is usually dedicated public spending and big projects, which now need to revised as well as the spending on public sector wages, subsidies for food and fuel and direct cash to households.

    "Reforming these subsidies could also help to reduce the strain on public finances as they face lower oil revenues. Ambitious plans for investment and infrastructure building across the region should stimulate growth in the short term, and could also raise long-term productivity. Bahrain's relatively low debt to GDP ratio of 40 percent and good appetite for its bonds and sukuk are also key strengths," the report concluded."

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