National economic indicators witness growth in 2024 despite challenges


06-07-2024 12:07 PM

Ammon News -

Many indicators of the national economy witnessed "remarkable" growth during the past period of the current year 2024, amid the region's geopolitical challenges, which continue to affect the overall performance of Jordan's economic activity.

Jordan's economic performance during the first half of this year combined improvement in some key economic indicators and the continued economic challenges that require strategic solutions to achieve sustainable growth.

Despite regional instability due to the consequences of the Israeli aggression against Gaza, Jordan remains "committed" to carrying out sound economic policies, aimed to maintain stability of the country's overall economy and move forward with the implementation of the Economic Modernization Vision.

According to a report by the International Monetary Fund (IMF), performance of the national economy continues to be "steadfast and resilient" during "successive" challenges, primarily due to the brutal aggression on Gaza, and the Red Sea crisis that affected trade movement.

The latest economic indicators monitored by "Petra" for various periods since the beginning of 2024, showed that the gross domestic product (GDP) recorded a growth of 2% at constant prices during the first quarter of the current year 2024 compared to the same period last year.

The extractive industries sector achieved the "highest" growth during this period at 6.3%, contributing 0.18% to the achieved growth rate, followed by the agriculture sector at 5.7% with a 0.30% contribution, then the electricity and water sector at 4.8%, with a 0.07% share, followed by the manufacturing sector, which grew by 3.9% and a 0.67% contribution.

Additionally, domestic revenues during the first quarter of the current year reached JD2.041 billion, marking an increase of JD45.6 million, compared to the same period of the previous year, which cover current expenditures by 85.4%, while tax revenues increased during the measurement period by about JD61.7 million.

In terms of public spending, the total spending of the central government/budget during the first quarter of 2024 amounted to about JD2.488 billion, compared to JD2.387 billion during the same period of the previous year.

As a result of previous developments, the pre-aid general budget recorded a financial deficit of about JD428.8 million, compared to about JD381.1 million in the same period last year.

 

The government debt balance, after excluding loans to the Social Security Investment Fund (SSIF), amounted to JD32.537 billion, or 89.1% of the gross domestic product for the month of March 2024, compared to 89.5% at the end of 2023, the latest economic data showed.

A total of 7.6 billion securities were registered with the Securities Depository Center of Jordan (SDC) last June with a total value of 18.6 billion.

Meanwhile, a total of 3,028 companies were registered in the first half of the current year, up by 5% over the same period in 2023, including 2,188 limited liability firms, representing 72.2% of registered companies, with registered capital exceeding JD48.3 million.

According to the data, the Kingdom's tourism income amounted to $2.6 billion during the first five months of the current year, down by 6.5%, compared to the corresponding period in 2023, due to a 10% decline in the number of tourists.

Additionally, inflation rose by 1.65% during the first five months of the current year.

As for the unemployment rate in the Kingdom, figures showed its drop in the first quarter of this year by 0.5%, compared to the first quarter of last year, and remained "stable," against the last quarter of last year, recording 21.4%.

The value of total exports in the first third of the current year amounted to about JD2.748 billion, compared to JD2.872 billion for the same period last year, marking a decrease of 4.3%, the data revealed.

Also in the first third of this year, the value of national exports amounted to about JD2.488 billion, compared to JD2.682 billion for the same period last year, recording a decrease of 7.2%.

The value of the Kingdom's imports surged in the first third of the current year by 0.1% to reach JD5.818 billion, compared to JD5.813 billion for the same period last year.

Accordingly, the deficit in the Kingdom’s trade balance in the first third of this year amounted to about JD3.070 billion, compared to JD2.941 billion for the same period last year, constituting an increase of 4.4%.

The Central Bank of Jordan (CBJ)'s foreign reserves maintained their "high" levels of $18.8 billion, which are sufficient to cover the Kingdom's imports of goods and services for 8.2 months, the figures showed.


Petra




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