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Bahrain Retail Report Q2 2009Published by: Business Monitor International Published: May. 14, 2009 - 41 Pages Table of Contents
AbstractThe new BMI Bahrain Retail report predicts that the country’s retail sales will grow from around US$3bn in 2007 to US$5.7bn by 2013. Key factors behind the forecast growth in Bahrain’s retail sales are a favourable long-term economic outlook, growing interest in Western styles of retailing, and a steady rise in disposable income.Bahrain’s nominal GDP was US$18.5bn in 2007. Average annual GDP growth of 2.9% is predicted by BMI up until 2013. With the population maintaining its 2007 level of 1mn throughout the forecast period, GDP per capita is predicted to rise by more than 62% by 2013, reaching US$28,766. Latest statistics from the Ministry of Culture and Information’s tourism affairs division show that tourist arrivals have risen by an average of 10-15% a year over the past three years. In 2007, Bahrain attracted 5.5mn tourists, 4.9mn of them from other Gulf Cooperation Council (GCC) states. Tourism arrivals are projected to rise by an average of 2.5% per annum over the next decade. The Bahrain retail market will also continue to benefit from events such as the annual Formula One motor race, which has generated hundreds of millions of dollars in revenues since it became a fixture on the racing calendar in 2004. In 2005, 71.2% of the Bahraini population was described by the United Nations (UN) as economically active, with 50.3% in the critical (for retail sales) 20-44 age range. By 2010, 72.7% of the population is expected to be active, but the proportion of those in the 20-44 age band is forecast to fall to 39.9%. A very high level of urbanisation is contributing to a vibrant retail sector. In 2005, more than 90% of the population was classified by the UN as urban, and this is forecast to increase to 91% by 2010. About 89% of the population lives in the two principal cities of Manama and Al Muharraq. Retail sales for our universe of MEA countries in 2007 amounted to an estimated US$344bn, based on the varying national definitions. Total consumer spending for the region, based on BMI’s macroeconomic database, amounts to US$467bn. In 2007, Saudi Arabia, South Africa and the United Arab Emirates (UAE) together accounted for an estimated 61.1% of regional retail sales, and their combined share is expected to remain around this level up until 2013. For Bahrain, the estimated 2007 market share of 0.9% is expected to rise to 1% by 2013. Get Full Details About This Report >> |
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