Jordan’s GDP grew by 2.9% in 2nd quarter of 2022

AMMAN — Despite challenges posed by global and domestic crises, the national economy made positive strides in 2022, the Jordan News Agency, Petra, reported on Tuesday. 

Statistical data compiled by Petra over various periods of the year showed that the Kingdom’s GDP grew by 2.9 per cent at constant market prices in the second quarter of the year compared with the same period of 2021.

Extractive industries recorded the highest growth rate of 7.4 per cent, followed by the construction sector at 4.9 per cent, then transport, storage and telecommunications at 4.5 per cent, and wholesale and retail businesses, hotels and restaurants at 3.9 per cent, the data revealed.

The Kingdom's tourism revenue jumped 115 per cent by the end of November compared with the same period in 2021, reaching a total of $5.3 billion. In the first 11 months of the year, 4.6 million foreign tourists arrived in the Kingdom, up by 2.4 million visitors from the same period of 2021, according to statistics.

Expatriate remittances were also up 0.6 per cent during the first 10 months of 2022 compared with the corresponding period of 2021, reaching $2.829 billion, the data showed.

Foreign currency reserves at the Central Bank of Jordan (CBJ) stood at $16.7 billion at the end of November, enough to cover the Kingdom's imports of goods and services for a period of seven to eight months, according to the data.

Bank deposits increased by JD2.4 billion during the first 10 months of the year, reaching JD41.9 billion at the end of October, a 6.1 per cent growth rate. Credit facilities granted by banks also rose by JD2.3 billion, with a growth rate of 7.6 per cent, bringing their balance to JD32.3 billion.

The statistics also showed that the volume of foreign direct investment coming into the Kingdom went up by 96.9 per cent during the first half of 2022, reaching $548.4 million.

Meanwhile, travel data released by the International Airport Group showed that passenger traffic grew by 75.5 per cent compared with 2021, as Queen Alia International Airport recorded about 7.1 million passengers during the first 11 months of 2022.

The volume of trade in the real estate market also witnessed a 23 per cent hike compared with the same period of 2021, climbing to JD4.875 billion as of the end of October, the data showed.

The unemployment rate in the Kingdom dropped by 2.2 per cent during the second quarter of 2022 compared with the same period last year, reaching around 22.6 per cent, according to the data.

The consumer price index, a measure of inflation, was up 4.22 per cent as of the end of November, reaching 106.68 points, compared with 102.36 points in the same period of 2021, according to the data.

The value of national exports was up 44 per cent at a value of JD6.169 billion as of the end of September, compared with JD4.283 billion in the same period in 2021.

The Kingdom's trade deficit increased by 32.8 per cent in the first nine months of this year, reaching JD8.137 billion, compared with the same period in 2021, which amounted to JD6.125 billion, the data indicated.