National economy witnessed significant progress in 2022

AMMAN — The national economy made significant strides towards economic recovery in 2022, presenting positive performance in many important economic indicators, especially in the external ones, despite the crises that have affected the global and local economies over the past  years, according to the Jordan News Agency, Petra,.

Citing data of various economic indicators, Petra reported that the Gross Domestic Product (GDP) at constant market prices grew by 2.5 per cent during the past year, compared with 2021.

The agricultural sector achieved the highest growth during the past year at a rate of 4.8 per cent, followed by the construction sector at a rate of 3.2 per cent, the manufacturing sector 2.7 per cent, followed by the wholesale and retail trade, hotels, and restaurants sector at a rate of 2.6 per cent.

Tourist income increased during the past year by 110.5 per cent, reaching $5.816 billion, compared with 2021, due to the increase in the arrivals to the Kingdom by about 2.69 million to reach 5.048 million tourists. Thus, tourist income during the past year exceeded its level recorded in 2019 (pre-COVID pandemic) by 0.4 per cent.

Remittances of workers abroad increased during the past year by 1.5 per cent, reaching $3.452 billion, compared with  2021, representing 93.1 per cent of the amount recorded in  2019 (pre-pandemic).

Foreign reserves of the Central Bank recorded a high increase last year, reaching $17.3 billion, which is sufficient to cover the Kingdom's imports of goods and services for a period of 5-7 months.

Facilities offered by banks increased by JD2.6 billion in 2022 to JD32.6 billion, as well as bank deposits also increased by JD2.6 billion in the same year, reaching a total of JD42.1 billion.

According to statistical data, foreign direct investment flows into the Kingdom increased to $1.1 billion in the past year, showing a growth rate of 83 per cent compared with 2021.

Travel data released by International Airport Group, the number of passengers through Queen Alia International Airport increased to approximately 7.83 million last year, a 71.9-per cent increase compared with 2021.

The unemployment rate in the Kingdom decreased by 0.4 per cent in the last quarter of 2022 compared with the same period in 2021, and by 0.2 per cent compared with the third quarter of last year, standing at 22.9 per cent.

According to statistical data, the general consumer price index,  a measure of inflation, increased by 4.23 per cent in 2022, reaching 106.79 points compared with 102.46 in 2021.

As for foreign trade, national exports grew by 33.8 per cent  in 2022, amounting to JD8.081 billion compared with JD6.038 billion in 2021. 

The value of the Kingdom's imports during the past year stood at JD19.375 billion, marking a 26.7 per cent increase compared with JD15.295 billion in 2021.

The Kingdom's trade deficit increased by 22.4 per cent last year, reaching JD10.585 billion compared with JD8.651 billion in 2021. 

The general producer price index also increased by 13.97 per cent in 2022, reaching 141.72 compared with 124.34 in 2021. The general industrial production quantity index increased by 2.69 per cent last year, reaching 92.27 compared with 89.85 in 2021.

The Amman Chamber of Industry’s exports increased to JD7.577 billion last year compared with JD5.296 billion in 2021. All 10 sub-industrial sectors recorded growth last year, ranging from 4 per cent for leather and textile industries to 89 per cent for mining industries.

The market value of stocks listed on the Amman Stock Exchange increased by approximately 16.2 per cent to about JD18 billion last year, compared with 2021.

The total area of licensed buildings in the Kingdom increased by 3.6 per cent during the past year, and the total number of building licences issued in the Kingdom decreased by 3.5 per cent during the past year, compared with 2021.