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Bahrain Grew by 6.3pc in 2008, Says CBB
MANAMA — The Central Bank of Bahrain, or CBB, has welcomed a new global vote of confidence for Bahrain’s economic performance and management of the domestic economy.
International rating agency, Fitch, reaffirmed on Thursday Bahrain’s long-term foreign currency Issuer Default Rating, or IDR, at “A” and long-term local currency IDR at “A+”, both with stable outlooks. The Country Ceiling is also affirmed at “A+”. Continuous growth in Bahrain’s non-oil sector as well as enhanced political and economic reforms were taken into account by Fitch for the rating reaffirmation.
“Bahrain’s economy has grown by 6.3 per cent in constant prices in 2008,” Rasheed Al Maraj, the Governor of the CBB said in a statement. “The Financial Sector remains the largest contributor to the economy representing around 27 per cent of real GDP,” he added.
In 2008, the value added of the financial sector to the economy in real terms has grown by 5.6 per cent despite the financial turmoil. “We are very pleased to welcome this reaffirmation of Bahrain’s Sovereign credit rating, especially in light of the current international market situation, and the sharp decline in oil prices in comparison to last year,” Al Maraj said. — Shamada@khaleejtimes.ae
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