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Tuesday, Dec 06, 2022

Jordanian Industry Sees 3.8% Growth in 2022

Jordanian Industry Sees 3.8% Growth in 2022

The Chairman of the Amman Chamber of Industry (ACI), Engineer Fathi Al-Jaghbir, said that the Jordanian industry showed an unprecedented performance since the beginning of 2022, recording a 3.8 percent growth rate compared to the same period last year.
Exports were estimated at 3 billion dinars.

“This rate is considered the highest in the past decade,” the state news agency Petra cited Jaghbir as saying on Saturday.

“The sector’s contribution to the GDP exceeded 29.5 percent,” he stated.

He said the next stage will focus on increasing the share of Jordanian industrial products in global markets, especially non-traditional destinations, stressing that "this goal will be a top priority."

Jaghbir noted that future efforts will focus on markets of European countries, Latin America and East Asia, to increase commodity-based and geographical diversification of the industry and reduce its reliance on traditional markets.

He added that the ACI Board of Directors aims to unify efforts to confront the challenges facing the sector.

The chamber also seeks to enhance the industrial sector's competitiveness and raise employment rates through a comprehensive strategy aimed at advancing industrial development and improving the business environment through action plans, consistent with Economic Modernization Vision's objectives.

Jaghbir noted that the next stage will see steps to reduce production costs, protect the national product, increase geographic diversification, raise the number of manpower and operating rates, provide financing and grants, and empower industry chambers.

Jordan’s public debt rose 3 percent to 29.6 billion dinars ($41.7 billion) in the first eight months of 2022 compared to 28.7 billion dinars at the end of 2021.

Its domestic debt reached 14 billion dinars at the end of August, while its foreign debt reached 15.58 billion dinars.

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