Industry sector propelled economic growth in Q1 2022 – JCI

AMMAN — The industry sector has led economic growth during the first quarter of 2022, contributing  0.71 percentage points to the Kingdom's "real" economic growth of 2.5 per cent, which is more than a third of the achieved growth.

The industry sector ranked first among economic sectors, in terms of contributions to GDP growth, the Jordan News Agency, Petra, reported.  

Head of the Jordan Chamber of Industry (JCI) Fathi Jaghbir on Wednesday said that the industrial sector's key role in economic growth was led by the manufacturing sector's expansion by nearly 3.3 per cent, contributing 0.55 percentage points to the total economic growth.

The extractive industry sector grew by 5.1 per cent, while the electricity and water sectors grew by 2.7 per cent contributing 0.12 and 0.04 percentage points respectively, he noted.

The industry sector contributes 43.2 per cent to GDP, he said, adding that every dinar spent in the industrial sector contributes directly and indirectly by JD2.16 to the national economy, citing a study shared by the Central Bank of Jordan (CBJ).

He also noted that industrial exports during the first quarter of 2022 went up by more than 44 per cent, reaching JD1.75 billion, recording the highest value since the last decade.