The industrial sector has performed well during the first quarter of 2023, driving economic development and accounting for a quarter of Gross Domestic Product (GDP) growth, said chairman of Jordan and Amman Chambers of Industry, Fathi Jaghbir. According to quarterly estimates released by the Department of Statistics, the industrial sector is the largest contributor to GDP with a rate of more than 21.2 percent, achieving a continuation in the growth chain at a rate of 3.3 percent compared to the same period last year, said Jaghbir in a statement on Monday. “The main reason for the remarkable performance achieved by the industrial sector is attributed to the growth of the three main industrial sectors; the manufacturing sector was among the sectors that contributed the highest to the growth of the national economy at a rate of 19.9 percent, with a growth rate of 3.4 percent, followed by the manufacturing sector and the mining and quarrying industries, which grew by 3.5 percent, while the water and electricity sector grew by 2.8 percent,” he added. “This growth resulted from the remarkable results achieved by the industrial sector, which undoubtedly reflect the sector’s strength and durability, ability to advance the national economy, and effective contribution to economic development. Industrial exports increased by more than 9.3 percent in the first quarter of this year compared to the same period last year, to reach more than JD1.9 billion, accounting for more than 97 percent of total national exports, as a result of high regional and global demand for national commodities,” he pointed out. He noted that this growth coincided with the World Bank’s predictions of continued high economic growth rates during the current year and the next two years, especially since there are a number of opportunities that can be exploited within a number of sectors, which will contribute to advancing the national economy in line with national trends to achieve self-sufficiency as part of royal directives and recommendations for supporting promising economic sectors, such as the agricultural and food sectors. In light of the efforts being made to realize the goals of the vision of economic modernization and the royal instructions, he said that these results suggest that the upcoming period will give momentum to the launch of national capabilities at the local and foreign levels. Jaghbir stressed the need to work on implementing all the proposals, programs and priorities presented by the Chamber to mitigate the challenges facing the industrial sector and improve its performance to levels that will be reflected in the competitiveness of national industries in the local and global markets alike.
Source: Jordan News Agency