Current account deficit drops by 14.3% in 2023

AMMAN — Preliminary data from the Central Bank has revealed a significant decrease in the current account deficit during 2023, amounting to JD1.46 billion, registering JD1.25 billion, 3.5 per cent of GDP, compared with 7.8 per cent of GDP during 2022

This decrease in the current account deficit is attributed to a "substantial" reduction in the Kingdom’s trade balance deficit by JD901.2 million, or 11 per cent, to reach JD7.3 billion, according to the Jordan News Agency, Petra.

The data also showed that the tourism sector witnessed a "robust" growth of 27.4 per cent, reaching an all-time high income of JD5.2 billion. Additionally, remittances from Jordanians working abroad saw a "modest" increase of 1.4 per cent, amounting to JD2.5 billion in 2023.