GDP posts 2.3 per cent growth in Q1

AMMAN — The Department of Statistics (DoS) said the country’s gross domestic product recorded a growth of 2.3 per cent in fixed market prices in the first quarter of 2016, compared to its 2015 Q1 results. 

A DoS report said the results of most “productive” sectors were positive, posting modest growth during the first quarter of this year.  

The electricity and water sector achieved the highest growth rate of 16.4 per cent, according to a DoS statement issued on Monday.

The agricultural sector registered a 6.4 per cent growth rate, followed by that of the “non-profit” special services sector at 4 per cent, according to the DoS statement.

Clawing closely behind, finance, insurance, real estate and business services achieved a 3.6 per cent growth.

The social and personal services sector recorded a 3.1 per cent in growth, followed by transport, storage and telecommunications at 3 per cent, the construction sector at 2.6 per cent and wholesale, and retail trade as well as hotels and restaurants at 1.6 per cent. 

Last month, the World Bank (WB) downgraded its 2016 global growth forecast to 2.4 per cent from the 2.9 per cent pace projected in January, saying the move was due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows.

As for the region, the WB said growth is forecast to pick up slightly to 2.9 per cent in 2016, 1.1 percentage points less than expected in the January outlook. 

The WB downward revision came as oil prices were expected to track lower during this year, at an average of $41 per barrel. 

An envisaged upturn in average oil prices in 2017 is projected to support a recovery in regional growth to 3.5 per cent in 2017, the WB said.