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EXTERNAL CONTEXT Global Prospects The momentum of global economic rebound is impacted by renewed flare-ups caused by the Delta variant of COVID-19 as well as supply chain disruptions and reduced labor market participation. This is likely to mean a very gradual scaling back of monetary stimulus measures even though near-term inflationary pressures have increased around the world. The IMF projects global growth of 6% in 2021 and 4.9% in 2022. The 2021 advanced countries economic growth forecast was increased to 5.6% while the emerging markets projection was reduced to 6.3%. Differences in access to COVID-19 vaccines have emerged as the main differentiating factor in terms of near- term prospects with many emerging economic still lagging behind. US growth in Q2 2021 reached an annual 6.5% with the country's GDP exceeding its pre-pandemic level by 0.8%. Growth is supported by large-scale fiscal stimulus from the government's $1.9 trillion American Rescue Plan. Chinese GDP growth decelerated to 7.9% in Q2 2021, down from 18.3% in Q1 due to higher raw material costs slowing growth in industrial activity. However, with monetary policy becoming more accommodating, the economy seems on track to exceed the government's overall growth target of 6% for 2021. Trade volumes continue to expand at a brisk pace with year-on-year growth of exports by 31%, imports by 43% and retail sales by 12.1%. According to OPEC data, Q2 2021 oil demand rose by 3% on a quarterly basis, and 14% on a yearly basis. The demand for oil is expected to continue to rise, by a further 3% by the end of 2022, meaning a total of 99.9 million barrels will be needed per day, comparable to levels of 2019. In Q2 2021, Brent oil averaged $68.8 per barrel, rising 13.2% compared to Q1 2021 and by a remarkable 134.6% in YoY terms. Europe Brent Spot Oil Price (USD per barrel) 80 60 40 20 0 */*/*/*/*/*/*/**** 2019 2020 2021 Europe Brent Spot uer Jew
BAHRAIN The Information and eGovernment Authority's preliminary National Accounts for Q2 2021 indicate that the Bahraini economy expanded by 20.7% in nominal terms and by 5.7% in real terms compared to Q2 2020. On a quarterly basis, nominal GDP grew by 6.4% while the real GDP expanded by a 3.5% compared to Q1 2021. Growth was broad-based across the non-oil economy which expanded by an annual 12.8% in nominal terms and 7.8% in real terms. By contrast, the oil sector recorded a small 2.4% real YoY decline, although it expanded by 98.3% in nominal terms. Economic activity benefited from solid progress by the National Vaccination Campaign as well as the ongoing support under the stimulus package. In addition, the robust growth rates reflect base effects since Q2 2020 saw the sharpest contraction of activity at home and globally due to the pandemic. However, the normalization of activity in areas previously disrupted by public health intervention allowed the Kingdom's GDP to return to the pre-pandemic level recorded in Q4 2019. In nominal terms, the quarterly GDP was 1.5% higher than in Q4 2019. In real terms, it remained very slightly -- 0.8% -- below the pre-pandemic reading. Real GDP Growth (%) 8% 6% 4% 2% I 0% -2% -4% -6% -8% -10% -12% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2018 2019 2020 2021 QoQ YoY Source: Information & eGoverment Authority
Non-Oil sector The non-oil economy of Bahrain experienced a broad-based rebound during the second quarter of 2021. According to the preliminary data, in nominal terms, the non- oil sector in Q2 was 12.8% larger than Q2 2020 and 4.4% higher than in Q1 2021. In real terms, the growth is 7.8% YoY and 2.6% QoQ. The normalization of activity was particularly pronounced in sectors that had seen the sharpest disruptions a year earlier due to the pandemic-induced restrictions on mobility. The transportation & communications sector saw the fastest annual growth at 44.9% in nominal terms and 47.9% in real terms. The hotels & restaurants sector posted nominal growth of 45.2% YoY and a real GDP growth of 47.9% YOY, with average hotel occupancy registering growth of 47% and 33% in four- and five-star hotels, respectively. There were big nominal gains in the manufacturing sector which expanded by 24.2% YoY, although the growth in real terms was more modest at 2.3%, reflecting the impact of higher aluminum prices. Production on the other hand was more stable in aggregate terms, with Aluminum Bahrain (Alba)'s production growing by 3.5% YoY, while production at the Bapco refinery decreased by 13.4%. The financial projects sector registered growth of 10.7% in nominal terms and a comparable 9.4% in real terms, compared to Q2 2020. The broad measure of money supply (M3) saw a 4.1% YoY increase while retail bank lending increased by 5.3% and deposits grew by 4.4%. Pandemic-induced growth in the government services sector has plateaued, with real growth increasing by 3.4% and nominal growth at 2.4%. Nominal GDP Growth by Sector (YoY, %) Year 2020 2021 Sector Annual Q1 Q2 Q3 Q4 Q1 Crude Pet. & Nat. Gas -28.5% -11.5% -47.9% -20.9% -30.9% 16.0% Manufacturing -7.6% -6.7% -15.5% -8.6% 0.8% 7.5% Electricity & Water 10.8% 7.7% 11.0% 11.9% 12.6% -0.2% Construction -9.5% -0.3% -16.2% -10.5% -10.9% -10.3% Trade -5.8% 2.3% -8.0% -9.8% -7.4% -6.4% -43.2% -31.0% -37.2% -44.7% -22.0% -29.3% -16.3% -17.2% -18.2% -10.8% Hotels & Restaurants Transp. & Comm's Social & Pers. Serv. Real Est. & Bus. Act. Financial Corporations Government Services -8.8% -6.6% -1.9% -60.3% -30.2% -4.1% -45.9% -39.7% -12.8% 1.6% -16.6% -6.4% -2.8% -7.4% 6.6% -2.1% -3.3% -0.5% -5.1% -5.2% -8.8% 19.3% -27.5% -19.8% -15.2% -8.9% 19.5% 12.5% 9.4% -3.4% 13.7% 1.7% Other -34.8% 23.3% -16.0% GDP -10.2% -3.7% -10.6% -5.9% 0.3% Non-oil GDP -7.2% -2.5% -1.7% -1.8% Source: Information & eGoverment Authority Q2 98.3% 24.2% 1.1% 7.2% 2.7% 40.7% 44.9% 7.7% 3.0% 10.7% 2.4% 14.8% 20.7% 12.8%
Real GDP Growth by Sector (YoY, %) Year Sector Annual Q1 Q2 Q3 Q4 Q1 Q2 Crude Pet. & Nat. Gas -0.1% 1.8% 3.2% 3.4% -8.6% 2.0% -2.4% Manufacturing -5.7% -0.1% -6.1% -6.9% -9.2% -1.9% 2.3% 33.6% 31.0% 36.5% 33.8% 33.2% -4.9% 2.8% Electricity & Water Construction -0.9% 0.3% -2.1% 0.2% -2.1% -0.9% 0.2% Trade -7.2% -0.1% -9.0% -10.1% -9.6% -6.2% 4.2% -43.5% -32.6% -61.3% -36.6% -44.3% -20.4% 45.2% -32.0% -6.5% -47.7% -41.4% -30.8% -16.9% 47.9% Hotels & Restaurants Transp. & Comm's Social & Pers. Serv. Real Est. & Bus. Act. -19.3% -18.5% -13.0% 3.2% -6.9% -3.9% -7.1% -8.1% -1.0% 4.7% -13.1% 1.2% -15.2% -8.5% 6.1% -2.2% -3.6% 0.0% -6.9% -3.2% -9.4% 20.1% -30.0% 19.2% 11.0% 7.6% Financial Corporations Government Services 9.4% -0.4% 12.7% 3.1% 3.4% Other -36.6% 29.0% -16.3% 14.3% GDP -5.1% -1.1% -9.5% -5.4% -4.1% -2.1% 5.7% Non-oil GDP -6.2% -1.7% -12.2% -7.3% -3.1% -3.0% 7.8% Source: Information & eGovernment Authority In terms of the contribution to the overall real GDP, Non-oil sectors contributed 81.4% and the Financial Corporations sector remains the largest Non-oil sector accounting for 17.3% of the total. It is followed by the Government Services sector (13.9%) and the Manufacturing sector (13.8%). Sector Contribution to Real GDP - Q2 2021 - Crude Petoleum & Natural Gas 4.3% 5.3% 18.6% - The Financial Corporations Government Services - Manufacturing - Construction . Other • Transportation & Communication • Social & Personal Services . - Real Estate & Business Activities • Trade - Hotel & Restaurants 5.5% 6.0% 6.4% 7.4% 1.4% 17.3% 13.8% 13.9% Source: Information & eGovernment Authority 2020 2021
Oil Sector The Kingdom's oil sector witnessed a clear rebound in Q2 2021 with its annual nominal GDP growing by 98.3% and 18.9% QOQ. In real terms, the sector decreased 2.4% YoY and grew 7.8% QoQ. The results reflected the improvement in global oil prices, where the Brent average increased from USD 29.3 in Q2 2020 to USD 68.8 in Q2 2021. Furthermore, total average production rose to 188,433 barrels per day, representing an increase of 4% YoY and 3.7% QoQ. Production from the off-shore Abu Saafah field averaged around 157,937 barrels per day, an increase of 9.5% QOQ, and a decrease by 3.8% YoY. The average onshore production from the Bahrain field was 42,742 barrels per day, a decrease both in YoY terms of 1.7% and 3.3% QOQ. The average production of natural gas and associated gas in Q2 of 2021 reached 230,283 million cubic feet, which marked a YoY increase of 9.4%, and an increase of 4.0% from the previous quarter; 33% of total production was re-injected within hydrocarbons sector. Crude Oil Production (bpd) 250,000 200,000 150,000 100,000 50,000 0 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 2019 2020 2021 ■ Bahrain Field Abu Saafa Source: National Oil and Gas Authority The flagship Bapco refinery modernization program is progressing as planned and reached approximately 74% completion and is on track for conclusion by the fourth quarter of 2022. The project will increase Bapco's capacity from 267,000 to 380,000 barrels per day, and will allow the company to be more efficient and competitive in the market.
Infrastructure Projects According to the Tender Board, during the first half of 2021, government tenders and auctions worth over BD1.3bn were awarded, a growth of 60% from BD820mn in the first half of 2020. The largest share of these contracts was for projects in the oil sector, followed by the aviation sector, then the construction sector and finally the engineering consultancy sector. Infrastructure projects funded by the GCC Development Fund continued to post progress with projects worth USD7mn being awarded, a slight increase of 0.1% compared to the previous quarter, bringing the cumulative total value of awarded projects to USD5.63bn. The awarded projects included the Sports City in the Sakhir area, funded by the Saudi Fund for Development, and several housing projects contracts unde the umbrellas of the Kuwait and Sau i Development Funds, including housing in East Hidd, Galali and Wadi Al-Sail. GCC Development Fund Activity (USD million, cumulative totals) 6,500 5,500 4,500 3,500 2,500 1,500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 -Tendered Awarded Commenced Paid Source: Ministry of Finance and National Economy Several flagship infrastructure projects around the Kingdom are continuing to advance: Edamah, the real estate arm of Bahrain's Mumtalakat Holding Company, has partnered with the global Accor Group to launch a new Mantis Hotel on Hawar Island in the Kingdom of Bahrain. The hotel is scheduled to open in 2024. The Al Dana Amphitheatre, a 10,000-seat open air theatre, is expected to open soon. The theatre will certainly contribute to the development of the tourism and entertainment sector. Construction works commenced on the second phase of the Bahrain Avenues project at a cost of BD 8mn, which will constitute an extension of an area of 125,000 square meters with a rental area of 41,000 square meters consisting of retail stores and restaurants in addition to recreational areas for children and an ice-skating rink.
International Trade According to the monthly foreign trade data issued by the Information and e- Government Authority, the non-oil merchandise trade balance posted a clear improvement over the second quarter of 2021; with the deficit shrinking by 70.9% from BD 484.9mn in Q2 2020 to BD 141.1mn in Q2 2021. The main driver of this improvement was the surge in national-origin exports. The total value of non-oil exports during the second quarter of 2021 amounted to BD 1.11bn, registering an increase of 62.3% compared to the same quarter of 2020. The value of national-origin exports increased by 74.8% to reach BD 0.94bn. Base metals and articles of base metal accounted for nearly half of the exports of national origin, with an annual growth rate of 47.1%. On the other hand, the total value of non-oil merchandise imports amounted to BD 1.25bn, representing a growth of 6.9% on an annual basis. Mineral products achieved the highest growth rate of total imports by 135.9%. Non-oil Merchandise Trade (USD million) 1500 1000 500 0 -500 -1000 -1500 2019 2020 2021 ■Re-exports Exports Imports Source: Information & eGovernment Authority The following are the Kingdom's key trading partners over Q2 2021: Imports Exports % of Total Country % of Total Country Brazil Kingdom of Saudi 14.5% 17.7% Arabia 12.7% China United Arab 13.4% Emirates Kingdom of Saudi 6.8% 9.4% United States of America Arabia Australia Egypt 6.8% 7.6% 6.1% United Arab Emirates 5.7% Algeria YA ■
Inflation Consumer price pressures increased somewhat during Q2 2021 from a trough of -0.2% in April to 0.6% in June with a flat average YoY growth. Q2 2021 headline inflation rates rose by 0.1% QOQ, following a 2.6% YoY decline in Q1 2021. The "recreation and culture" index saw the fastest increase in cost with a 6.9% YoY, due to increased demand for "package holidays" and "recreational and cultural services" which increased by 11.9% and 21.4%, respectively, as a result of opening tourist destinations which reinvigorated the travel market. On the other hand, the "furnishings, household equipment and routine household maintenance" index witnessed the largest decline YoY by 1.9%, while food price inflation nonetheless dropped to 1.9% in Q2 of 2021 compared with Q2 of 2020. The "clothing and footwear" index declined by 1.2%, and finally, education costs remained steady compared to the first quarter of 2021. Consumer Price Inflation (%) YOY 0060 NON TO 9 0 -2 -4 -6 -8 Jan Feb Mar April 2019 ΛΟΝ vu Dec Jan Feb CPI Food Source: Information & eGovernment Authority E 2020 -Housing & Util. -Transport 2021 June
Bank Credit and Deposits According to data issued by the Central Bank of Bahrain, the value of total loans continued to grow, reaching BD 10.7bn during the second quarter of this year. Retail bank lending grew 5.3% on an annual basis. The total value of business lending, which makes up 51% of total retail lending, grew by 1.4% YoY, while the value of personal loans, with a share of 45%, amounted to BD 4.8bn, marking an increase of 7.8% YoY. YOY Growth in Credit Issued by Retail Banks (BHD million) 800 600 400 200 H tutt tilh 10% 8% 6% 4% 2% 0% (200) 2020 2021 Government -Total credit growth, RHS Source: Central Bank of Bahrain Bank deposits (by non-bank entities) saw a sharp rebound, recording growth of 2% on an annual basis and 7.1% on a quarterly basis. This is a result of the improvement of local and global conditions after the economic pressure rise that continued in the last period after the COVID-19 outbreak. Deposits from non-banks in foreign currency saw a sharp 23% increase from the beginning of 2021 but were still down by 12.3% in YoY terms. Local currency (BD) deposits increased by an annual rate of 7.4%. Deposit Liabilities to Non-banks (BHD million) 20,000 18,000 6% 4% 16,000 ILLINAL 2% 14,000 12,000 0% 10,000 -2% 8,000 -4% 6,000 -6% 4,000 2,000 -8% 0 -10% 3 2019 Private Sector 2019 Government Source: Central Bank of Bahrain ■ Oct – ΛΟΝ men Dec Jan Private Sector 403 Feb 2020 Foreign Deposits ■ ■ ■ – ΛΟΝ Oct ■ Dec Jan Feb Mar 2021 YOY % Change
Having mirrored previous interest rate reductions taken by the Federal Reserve, combined with low policy rates and a benign liquidly situation, interest rates remained low in Q2 2021. After a period of unusual volatility, the average interest rate on commercial loans stabilized at 4.8%, a decrease of 4.6% compared to the previous year, while the average interest rate on personal loans increased by 6.4% YoY to reach 5.0% in Q2 2021. Average Rate of Interest on Credit Facilities - Conventional Retail Banks 7.0% 6.0% 5.0% AA ww 4.0% 3.0% 2.0% 1.0% 0.0% 2019 2020 2021 -Business Loans (Excludes overdraft approvals) Personal Loans Source: Central Bank of Bahrain Financial Markets In Q2 2021, the Bahrain All Share Index closed at 1,587.97 points. The total market capitalization amounted to about BD 9.89bn, recording an increase of 24.7% compared to Q2 2020. The value of traded shares amounted to BD 60.4mn, which increased by 5.1% YOY, while the volume of traded shares reached 269.1 million shares, with an increase in the number of transactions by 22.8%. Transactions from the service sector represented 25.4% of the total value of traded shares and 11.1% of the total volume of shares traded in the second quarter of 2021. Bahraini investors represented 72.2% of the total value of traded shares, while non-Bahraini investors accounted for 27.8%. Bahrain All Share Index and Bahrain Islamic Index 2,000 1,500 1,000 500 2019 2020 2021 Bahrain All Share Index (BSEXN) Bahrain Islamix Index (BIX) Jan Feb Source: Bahrain Bourse Jan Feb
The Central Bank of Bahrain continued its regular issuance of bonds and sukuk with the average interest/profit rate holding more or less steady. Notable oversubscriptions were seen especially in the sukuk segment. Short-term Bond and Sukuk Issues Arranged by the Central Bank of Bahrain Over- Value, BHD Average Interest/ Profit Rate Avg Price Maturity Days Issue date Issue subscription million (%) (%) 7-Apr-21 Treasury Bills No. 1855 70 91 1.20 99.697 100 8-Apr-21 Sukuk Al Ijarah No. 188 26 182 1.35 410 14-Apr-21 Sukuk Al Salam No. 240 43 91 1.25 308 21-Apr-21 70 91 1.31 99.671 124 Treasury Bills No. 1856 Treasury Bills No. 80 22-Apr-21 100 365 1.60 98.406 155 28-Apr-21 Treasury Bills No. 1857 70 91 1.50 99.623 115 5-May-21 Treasury Bills No. 1858 70 91 1.65 99.584 164 6-May-21 Sukuk Al Ijarah No. 189 26 182 1.70 590 12-May-21 Treasury Bills No. 1860 70 91 1.69 99.575 135 19-May-21 43 91 1.65 352 26-May-21 Sukuk Al Salam No. 241 Treasury Bills No. 81 Treasury Bills No. 1861 100 365 1.74 98.272 306 27-May-21 70 91 1.68 99.576 287 30-May-21 Treasury Bills No. 1862 70 91 1.67 99.162 362 Treasury Bills No. 1863 70 91 1.64 99.586 205 2-Jun-21 9-Jun-21 Treasury Bills No. 1864 70 91 1.60 99.598 231 10-Jun-21 Sukuk Al Ijarah No. 190 26 182 1.67 675 16-Jun-21 Sukuk Al Salam No. 242 43 91 1.60 513 17-Jun-21 70 91 1.55 99.610 179 22-Jun-21 Treasury Bills No. 1865 Treasury Bills No. 82 Treasury Bills No. 1866 100 365 1.67 98.337 172 27-Jun-21 35 182 1.59 99.205 252 30-Jun-21 Treasury Bills No. 1867 70 91 1.51 99.619 183
Labour Markets According to data issued by the Social Insurance Organization for the second quarter of 2021, the total number of Bahraini workers increased 0.7% compared to Q1 2021 to reach 142,798 workers. The increase is driven by a slight increase of 0.3% in the number of Bahrainis working in the public sector to reach 48,001 workers, in addition to an increase in the number of Bahraini workers in the private sector by 0.9%, reaching 94,797 workers. Average monthly salary remained consistent during the first half of the year, averaging BD 825 for the public sector and BD 767 for the private sector. On the other hand, the number of non-Bahrainis dropped by 1.8%, while the average wage increased by 0.8% to reach BD 264. YOY Changes in Employment by Labour Market Segment (%) 15% 10% 5% 0% -5% H|||" -10% -15% -20% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021 Bahraini Private Bahraini Public Non-Bahraini Source: Social Insurance Organization
International Rankings Bahrain held its place as the 3rd GCC country in terms of Foreign Direct Investment inflows (FDI) as a share of nominal GDP in 2020 according to the World Investment Report 2021 issued by the United Nations Conference on Trade and Development (UNCTAD). The report focuses on trends in FDI worldwide and at the regional and country levels. According to the report, FDI inflows to Bahrain in 2020 were $1,007 million. The report noted that foreign investment in Bahrain in 2020 were mainly directed to the manufacturing, education, healthcare and ICT sectors. The Global Cybersecurity Index 2020 released by the International Telecommunications Union (ITU) saw Bahrain's rank improve by 8 spots to rank 60th out of 194 countries, with an overall score of 77.86/100. The index monitors and compares countries' level of cybersecurity commitment based on five main pillars: Legal, Technical, Organizational, Capacity Building, and Cooperative. Bahrain achieved a full score of 20/20 on the Legal pillar, a reflection of the Kingdom's robust cybersecurity legislation. Bahrain improved by 9 spots to rank 66th among the top 100 countries in the Startup Ecosystem Index 2021 issued by StratupBlink, Manama's ranking also improved significantly to 337 out of 1000 cities covered in the index. Countries and cities are ranked based on three measures: Quantity, Quality, and Business Environment. Bahrain is ranked as 2nd on the GCC level and 4th in the Middle East. The index highlights that Bahrain's ecosystem is designed to help incubate startups and offers early stage business support. In the Global Youth Development Report 2020 published by The Commonwealth, Bahrain ranks 47th out of 181 countries, with a score of 0.779/1. The report categorizes Bahrain as a country with 'High Youth Development'. Bahrain ranks 1st in the Arab World and 4th globally in the Health and Wellbeing domain of the index. The index ranks countries according to developments in youth Health & Wellbeing, Education, Employment & Opportunity, Equality & Inclusion, Political & Civic participation, and Peace & Security. The Digital Trends in the Arab States Region 2021 report issued by the International Telecommunications Union (ITU) ranks Bahrain as the 1st out of 22 member states of the Arab region for 'Penetration of Advanced ICT Skills as a Percentage of Population'. The report provides an overview of trends and development in ICT infrastructure, access and use in the Arab Sates region.
Glossary Term Real Growth Rate Nominal Growth Rate Gross Domestic Product Crude Petroleum and Natural Gas Financial Manufacturing Government Transport and Communications Construction Social and Personal Services Explanation The growth rate of a nation's Gross Domestic product (GDP) adjusted for the effects of price inflation. The growth rate of a nation's Gross Domestic Product (GDP) evaluated at current market prices. An aggregate measure of production (all finished goods and services produced), which equal to the sum of the gross values added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies) within a country's borders in a specific time period, in this bulletin for instance it is a three months period Comprises of crude oil extracted as well as extraction of natural and associated gas. Comprises units primarily engaged in financial transactions, i.e. transactions involving the creation, liquidation or change of ownership of financial assets. Also included are insurance and pension funding and activities facilitating financial transactions, and others. Comprises units engaged in the physical or chemical transformation of materials, substances, or components into new products, such as plants, factories or mills, etc Examples of manufacturing sector activities: Manufacturing of food and beverages, tobacco products. Manufacturing of textiles, wood and paper products, refined petroleum products, chemicals, furniture, etc. Comprises of all ministries and authorities in the state budget and other attached and independent bodies as per the consolidated final accounts, such as those entities involved in security, education, culture, development and other entities that provide collective services. Transport sector comprises activities related to providing passenger or freight transport, whether scheduled or not, by pipeline, road, water or air. As well as, postal activities, storage and telecommunication, etc Comprises general construction -residential and non- residential buildings and roads- and special trade construction for buildings and civil engineering, building installation and building completion. It includes new work, repair, additions and alterations, and also construction of a temporary nature. Comprises services provided by businesses and government units to individuals, other businesses or the community as a whole, such as private health and education services, others such as sports and entertainment activities, repairing of computers and households' equipment, etc.
Term Real Estate and Business Activities Trade Hotels and Restaurants Explanation Comprises real estate activities such as purchase or lease, that are mainly linked to the business sector. However, more or less all activities covered in this section can also be provided to private households, for example, renting of personal and household goods, database activities, legal activities, accounting or auditing services, interior decoration and photographic activities, etc. Comprises wholesale and retail sale (sale without transformation) of any type of goods, and rendering services incidental to the sale of merchandise. Comprises units providing customers with short-term lodging and/or preparing meals, snacks, and beverages for immediate consumption.