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Jordan’s economy grows 2% despite regional challenges

Jordan's extractive industries sector reported the highest growth at 6.3%, contributing 0.18% to GDP
Jordan's extractive industries sector reported the highest growth at 6.3%, contributing 0.18% to GDP

Jordan’s gross domestic product (GDP) grew 2 percent year on year in the first quarter of 2024 despite regional geopolitical challenges, the state-run Jordan News Agency (Petra) reported.

The extractive industries sector reported the highest growth at 6.3 percent, contributing 0.18 percent to GDP. Following this, the agriculture sector grew by 5.7 percent, the electricity and water sector increased by 4.8 percent and the manufacturing sector expanded by 3.9 percent.

Additionally, domestic revenues reached JD2.04 billion ($2.9 billion), marking an increase of JD45.6 million, which covers current expenditures by 85 percent. Tax revenues increased by JD61.7 million during the period.

The total spending of the central government/budget amounted to JD2.49 billion in the first quarter of 2024, compared to JD2.39 billion a year ago.

The general budget recorded a financial deficit of JD429 million, compared to about JD381 million in the previous year.

In January, the International Monetary Fund (IMF) approved a $1.2 billion, four-year loan programme to support Jordan’s economic and financial reforms.

“Jordan has weathered well a series of shocks over the past few years, maintaining macro-stability and moderate economic growth thanks to adept policy making and sizable international support,” said Kenji Okamura, the IMF’s deputy managing director and acting chair.

Prudent fiscal and monetary policies have reduced deficits, strengthened reserve buffers, preserved financial stability, and maintained market confidence in a challenging global and regional environment, Okamura said.

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