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Jordan News
15-04-2025
- Business
- Jordan News
4.4% Industrial Sector Growth Last Year - Jordan News
The industrial sector achieved real growth of 4.4% last year compared to 2023, contributing 40% of the Kingdom's total economic growth despite regional challenges. اضافة اعلان Eng. Fathi Al-Jaghbir, Chairman of the Jordan Chamber of Industry, said in a statement on Monday that the industrial sector has proven its solid position as a key driver of economic activity and growth in the Kingdom, despite regional changes and unprecedented economic and global pressures. He added that the industrial sector's contributions were not just results, but clear evidence of its resilience, high reputation, and ability to achieve results that exceed expectations. He indicated that industry has become a driving force for the national economy, as it is the foundation and main pillar of the economic modernization vision. He pointed out that this growth was driven by positive developments and remarkable growth in various industrial sectors. The mining sector recorded growth of 5.5%, the manufacturing sector grew by 4.2%, and the electricity and water sector grew by 4.8%. He noted that industrial output, at current prices, reached JD8.6 billion in 2024, directly accounting for 23 percent of the gross domestic product (GDP), making it the highest-contributing economic sector to the national economy as a whole. He explained that the strong performance of the industrial sector stems from the accumulated foundations of years of continuous development, the global reliability of national industry, and its ability to transform challenges into opportunities to enhance production capacities and improve the industrial environment. He expressed his hope that the current year will be more advanced and prosperous for Jordanian industry, amid government attention through optimal implementation of all Economic Modernization Vision initiatives and enhancing its competitiveness, ensuring higher growth rates and maximizing the benefit of potential opportunities in local, regional, and global markets. Al-Jaghbeer pointed out that the contribution of industry to the GDP is due to the 1.4 percent growth in industrial exports last year compared to 2023, reaching a value of more than JD7.8 billion, representing approximately 92 percent of total national exports. Jordan's Industrial Sector Grows by 4.4% in 2024 Jordan's industrial sector recorded a real growth rate of 4.4% in 2024 compared to 2023, contributing to 40% of the country's overall economic growth, according to the Jordan Chamber of Industry. 🗣 Chairman Fathi Al-Jaghbir stated: 'This reflects the industrial sector's resilience and its pivotal role as a driver of Jordan's economy, despite regional instability and global economic challenges.' 📈 Growth by Sector: Mining: +5.5% Manufacturing: +4.2% Electricity & Water: +4.8% 💰 Industrial GDP Contribution: JD 8.6 billion in current prices Represents 23% of Jordan's total GDP The largest contributor among all economic sectors 📦 Industrial Exports: Increased by 1.4% in 2024 Exceeded JD 7.8 billion Accounted for 92% of national exports 🌍 The growth is attributed to: Long-standing industrial development Strong international reputation of Jordanian products Transformation of challenges into opportunities for expansion 🛠️ Al-Jaghbir expressed hope for continued industrial advancement in 2025 through: Effective implementation of the Economic Modernization Vision Enhanced competitiveness Seizing opportunities across local, regional, and global markets
Jordan Times
14-04-2025
- Business
- Jordan Times
Industrial sector grows by 4.4% in 2024
AMMAN — The industrial sector achieved a 'real' growth of 4.4 per cent during the past year compared to 2023, with contribution of 40 per cent to the total economic growth realised in the Kingdom. President of the Jordan and Amman Chambers of Industry Fathi Jaghbir said in a statement on Monday that the 'industrial sector has proven its solid position as a key driver of economic growth in the Kingdom, despite regional changes and unprecedented global economic pressures.' He added that industry has become the backbone of the national economy, as it is the main pillar in the Economic Modernisation Vision. Jaghbir said that the growth was driven by positive developments and noticeable growth across various industrial sectors, with the mining sector recording a growth of 5.5per cent, the manufacturing sector 4.2 per cent, and the electricity and water sector 4.8 per cent. He also said that the industrial output at current prices reached JD8.6 billion during 2024, accounting for 23 per cent of the gross domestic product (GDP) directly, making it the highest-contributing economic sector to the national economy as a whole. He expressed hope that the current year will bring further progress and prosperity for Jordanian industry, especially with the government's focus on the optimal implementation of all initiatives under EMV and enhancing its competitiveness. Jaghbir also pointed out that the industry's contribution to the GDP was supported by a 1.4 per cent growth in industrial exports last year compared to 2023, with their total value exceeding JD7.8 billion, making up around 92 per cent of total national exports.
Jordan Times
15-02-2025
- Business
- Jordan Times
CBJ governor underlines resilience, stability of Jordanian economy
Central Bank of Jordan Governor Adel Sharkas on Saturday speaks during the 2025 Jordanian Banking Summit ( Photo by Al Mamlaka TV) Sharkas says exports grow by 3.8% to JD8.6b in 2024 'Jordanian expatriates' remittances in 2024 increase by 2.8% to JD2.6b' Sharkas says FDI reaches JD906 million in first 3 quarters of 2024 AMMAN — Central Bank of Jordan (CBJ) Governor Adel Sharkas on Saturday underlined the resilience and stability of the Jordanian economy, noting that it has "successfully weathered" regional and global challenges. This stability, he said, has been underpinned by structural economic and fiscal reforms implemented in recent years, as well as "prudent" monetary policies by the CBJ, which have boosted the Kingdom's "economic defences." Sharkas made his remarks during his participation at the 2025 Jordanian Banking Summit under the theme "Resilience and Innovation in the Banking Sector: Adapting to a Shifting Economy," hosted by the Association of Banks in Jordan (ABJ), Al Mamlaka TV reported. The event brought together ABJ President Bassem Salem and senior banking executives and industry leaders. The summit featured a panel of experts who explored key global and regional economic trends, highlighting the future outlook for banking, digital transformation and the role of fintech in reshaping financial operations. Addressing the gathering, Sharkas reiterated the banking sector's support for His Majesty King Abdullah, praising his steadfast commitment to Jordan's national interests and his firm opposition to any form of forced displacement of Palestinians, in line with the principles of justice and international law. Highlighting several positive economic indicators, particularly in Jordan's external sector, Sharkas noted that exports grew by 3.8 per cent in 2024, reaching JD8.6 billion, as Jordanian products expanded into new markets. He added that tourism revenues reached JD5.1 billion, driven by "strong" demand from Jordanian expatriates and Arab visitors, while remittances from Jordanians abroad increased by 2.8 per cent to JD2.6 billion. Foreign direct investment (FDI) reached JD906 million in the first three quarters of 2024, despite regional uncertainties. Jordan's GDP grew by 2.4 per cent in the first nine months of 2024, exceeding IMF forecasts, with the central bank forecasting an increase to 2.7 per cent in 2025, he said. On monetary policy, Sharkas reiterated the CBJ's unwavering commitment to maintaining financial stability. He noted that foreign exchange reserves exceeded $21 billion at the end of 2024, dollarisation fell to 18.4 per cent, and inflation went down to 1.6 per cent in 2024 and is expected to remain around 2 per cent in 2025. He also highlighted a recent decision to increase the central bank's capital to JD100 million from internal resources, enhancing its financial stability and monetary policy effectiveness. For his part, Salem described the Jordan Banking Summit 2025 as an "important" platform to discuss evolving financial and economic trends in an increasingly complex world. He highlighted the importance of preparedness, adaptability and innovation in addressing current challenges. Salem noted that this year's reflects the sector's need to adapt to global economic changes, including inflation, CBJ policy changes and growing geopolitical uncertainty. He highlighted the need for emerging markets to manage energy price volatility and financial disruption. The ABJ president also noted the transformative impact of artificial intelligence (AI) on banking, which, while improving efficiency, raises critical questions about the future of employment in financial services. Salem noted that the Kingdom's economy is projected to grow by 2.4 per cent in 2024, and by 2.9 per cent in 2025. Inflation remains low and most sectors of the economy are expanding, with the exception of construction, which contracted by 1.5 per cent, he said, noting that exports grew by 5.2 per cent, narrowing the trade deficit, while unemployment fell to 21.5 per cent. These trends, he said, reflect Jordan's ability to withstand economic pressures thanks to "sound" fiscal and monetary policies that have boosted international confidence and led to an improved credit rating for the first time in 21 years. Page 2
