Bahrain's economy contracts 1.4 per cent
The smallest economy in the gulf has shrunk by 1.4 percent quarter-on-quarter in the first three months of 2011, Reuters reports.
"I guess it could have been worse. Down 1.4 percent does not look too bad given the backdrop and given some of the horror stories about what was happening in Bahrain," Daniel Kaye, senior economist at National Bank of Kuwait, told Reuters.
Bahrain, a non-OPEC oil exporter, experienced a hit to its GDP when civil unrest gripped the Arab World this year pushing crude prices to US$107 per barrel.