Jordan's Industrial sector accounts for third of 2.5% national economy's growth-JCI

[06-07-2022 04:31 PM]

Ammon News - Jordan's industrial sector led the economic growth during the first quarter of 2022, by contributing about 0.71 percentage points to the Kingdom's total "true" economic growth, which amounts to 2.5%, or more than a third of the achieved growth.

The Kingdom's industrial sector ranked first among economic sectors, in terms of contributing to the GDP growth, which indicates importance of the Jordanian industry as a strategic sector capable of facing challenges and advancing the country's economic development.

Head of the Jordan Chamber of Industry (JCI), Fathi Jaghbir, said the industrial sector's leadership in economic growth came as a result of the manufacturing sector's expansion of nearly 3.3%, contributing approximately 0.55 percentage points to the total economic growth.

In a JCI statement on Wednesday, he said the extractive industries sectors grew by 5.1%, and electricity and water sectors by 2.7%, to contribute approximately 0.12% and 0.04 percentage points of the total economic growth, respectively, he said.

The industrial sector contributes directly and indirectly by 43.2% percent of the GDP, as a result of its "qualitative" connections and its support for the performance of various economic sectors, he noted.

Every dinar spent in the industrial sector contributes directly and indirectly by JD2.16 to the national economy, according to a study prepared by the Central Bank of Jordan (CBJ), he said.

He also noted industrial exports also achieved 'high" performance during the first quarter of 2022, and grew by more than 44%, to reach approximately JD1.75 billion, recording the highest value registered during the last decade.

Jaghbir also said the industrial sector can effectively contribute to solving unemployment and poverty problems if it is empowered and its capabilities are supported.

In this regard, he pointed to the importance of current discussions among production businesses from the public sector and employers on the new Investment Environment Law.

Jaghbir urged the need to reach agreement on the final draft law to be in line with Royal visions to support the local investor and attract new investments to produce raw materials to enhance food security and support the national economy.

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