Bahrain’s iGA, Ministry of Finance & CBB discuss ways to support financial sector

By Arya M Nair, Official Reporter
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The Information & eGovernment Authority (iGA) of the Kingdom of Bahrain has discussed ways to provide data to support the financial sector’s contributions to Bahrain’s Gross Domestic Product (GDP) in a meeting held with the Ministry of Finance and National Economy and the Central Bank of Bahrain (CBB).

In line with the Bahrain Economic Recovery Plan and the Financial Services Sector Development Strategy (2022-2026), the meeting was held at the iGA’s premises at Al Barsha Building in Muharraq.

The meeting also discussed methodologies for calculating GDP in line with international standards, the National Classification for Economic Activities which enables comparisons between international and national data, and guidelines for improving national classifications and the Kingdom’s statistical systems.

Discussing the financial sector, the participants studied ways to provide data to support the financial sector’s contribution to GDP as well as details related to the data’s quality, accuracy, frequency, and comprehensiveness.

iGA Director of Economic Statistics, Ms. Noora Al-Saadoon thanked the CBB for their continuous support in providing the required data, as well as the Ministry of Finance and National Economy for its efforts in enhancing cooperation between government organizations and monitoring national economy indices that support decision makers.

The iGA’s Statistics Directorate’s ongoing partnerships with government entities allow it to provide reliable data that support the national economy. This is maintained through coordinated meetings and the adoption of advanced statistical technologies in accordance with international standards, implementing surveys, and issuing economic reports that reflect the level of each sector’s contributions to the GDP.

The meeting was attended by the Ministry of Finance and National Economy’s Director of Economic Indicators, Ms. Hala Hasan, Director of Analysis and Information, Mr. Ahmed Redha Sanad, from iGA Head of National Accounts Division, Ms. Noor Alsaeedi, National Accounts Expert, Mr. Prasadaro Cantity, Senior Economic Statistician, Mr. Ismael Abdulaziz, from CBB Head of Financial Stability, Mr. Mohammed Al Sadek, Head of Statistical Research, Ms. Nehal Hamza, Head of IT Quality Assurance, Mr. Dana AlShehabi, and Senior Analyst, Mr. Zahra Rabeea.

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