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MENAFN - Qatar News Agency - 27/03/2014
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(MENAFN - Qatar News Agency) The International Monetary Fund(IMF) projects the Kingdom of Bahrain's non-oil GDP growth to pick up to around 5% while hydrocarbon will be flat in 2014. Capital spending will drive the non-oil growth, the IMF said after concluding its mission visit to Manama, held from March 9 to 19. Overall it projects Bahrain's growth to revert to moderate levels in the medium term, around 3%, reflecting continued weak investment in non-oil sector and limited growth in oil sector, it said. The country's economy performed 'moderately in 2013' and estimated its GDP to have grown by 4.9% due to a rebound in hydrocarbons. It estimated non-oil activity to have slowed to 2.8%. The State budget deficit is expected to continue to rise in the medium term, the IMF report said, and added, "without additional fiscal measures, government debt is projected to increase and become an important source of vulnerability to the economy in the medium term". The report said the country's banking sector is in "good health" with capitalization being high, around 18% for retail and above 22% for wholesale banks

 


Qatar News Agency




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