Bahrain growth seen at 3-4pc in 2010

31/01/2010 00:00 AST

Bahrain's economy is poised to grow by 3 to 4 percent in 2010, the country's central bank governor told Arabiya TV. Rasheed Al-Maraj also said that the bank planned to issue a bond worth $1 billion for the government.

Most Gulf states are expected to enjoy higher growth rates this year than previously expected, helped by global recovery and strong oil prices.

'The growth rate in 2010 will be relatively better than 2009 and can be between 3 and 4 percent', Rasheed Al-Maraj said in an interview aired on Sunday.

Al-Miraj's forecast is in line with a Reuters poll of analysts who predicted on Tuesday the kingdom will grow at 3.3 percent in 2010 from 1.5 percent in 2009.

Al-Maraj did not comment on the 2009 growth rate.

He also said that the central bank plans to issue a bond worth $1 billion for the kingdom's government.

Bahrain, a small oil producer, in 2009 had a budget deficit for the first time since 2005 as average oil prices remained below its estimated budget break-even of about $70 to $80 per barrel.

The size of the deficit is yet to be published by the government. Oil revenues account for some 75 percent of government income.


Reuters

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