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Jordan’s economic system exhibits indicators of pandemic restoration

AMMAN — Jordan started its restoration from the COVID-19 pandemic with a GDP development charge of two.6 per cent in 2022, after a contraction of 1.6 per cent in the course of the yr of the pandemic, as the federal government seeks to implement reforms that enhance development and create jobs.

In keeping with knowledge cited by Al Mamlaka TV, GDP at fixed market costs grew by 2.6 per cent within the third quarter of 2022, in contrast with the third quarter of 2021.

Nevertheless, Jordan’s gross public debt stood at 109.7 per cent of GDP as of the top of August, in line with knowledge from the Ministry of Finance. Complete public debt reached JD37.101 billion within the first eight months of 2022, with the debt held by the Social Safety Funding Fund calculated to face at JD7.5 billion.

In keeping with the identical knowledge, the general public debt on the finish of August 2022, after excluding the debt of the Social Safety Funding Fund, reached JD29.59 billion, or 87.6 per cent of GDP.

Jordan’s tourism sector started recovering from the repercussions of the COVID-19 pandemic, as greater than 4.6 million guests arrived in Jordan as of the top of November, surpassing what the nationwide tourism technique sought to perform.

As of the top of November, the Kingdom additionally had exceeded the goal set for tourism income within the Nationwide Tourism Technique by JD3.7 billion, a 115 per cent improve in contrast with the identical interval within the earlier yr.

Expatriates’ remittances rose 0.6 per cent from 2021 figures in the course of the first 10 months of 2022, reaching $2.829 billion, whereas overseas reserves within the Central Financial institution of Jordan reached $16.7 billion on the finish of November.

Financial institution deposits went up by some JD2.4 billion in the course of the first 10 months of 2022, marking a development of 6.1 per cent to succeed in JD41.9 billion. Credit score services granted by banks elevated by JD2.3 billion throughout the identical interval, registering a development of seven.6 per cent to whole JD32.3 billion.

Overseas direct investments in Jordan exceeded $548 million in the course of the first half of 2022, whereas revenue tax income elevated by JD381 million, reaching JD1.29 billion within the first eight months of 2022.

The worth of Jordan’s whole exports in the course of the first 10 months of 2022 reached JD7.412 billion, marking a 39.1 per cent improve in contrast with the identical interval in 2021, in line with the month-to-month report on overseas commerce from the Division of Statistics (DoS).

The worth of nationwide exports amounted to JD6.822 billion in the course of the first 10 months of 2022, up by 40.7 per cent in comparison with the identical interval in 2021. The worth of re-exports reached JD589.9 million in the course of the first 10 months of 2022, up by 22.1 per cent in comparison with the identical interval of 2021.

Then again, imports totaled JD16.541 billion in the course of the first 10 months of 2022, up by 34.0 per cent in comparison with the identical interval in 2021. Thus, the commerce stability deficit reached JD9.129 billion, up by 30.2 per cent in the course of the first 10 months of 2022 in contrast with the identical interval of 2021.

The overall shopper value index (a measure of inflation) 108.19 factors as of the top of November reached, towards 103.06 factors for a similar interval in 2021, marking a 4.99 per cent rise, in line with DoS.

In different statistical knowledge seen by Al Mamlaka, the World Financial institution famous that Jordan’s inflation reached a four-year excessive final August at 5.4 per cent year-on-year, earlier than comparatively stabilizing in September 2022.

The pandemic has exacerbated Jordan’s job creation problem, the place the Kingdom’s unemployment charge stood at 22.6 per cent in the course of the second quarter of 2022, down 2.2 per cent from the second quarter of 2021 and 0.2 per cent from the primary quarter of 2022, in line with the Two.

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