Industrial sector contributed a third to overall growth in 2022 — JCI

AMMAN — The industrial sector was the main driver of Jordan's economic expansion in 2022 accounting for about a third of the overall growth, President of the Jordan Chamber of Industry (JCI) Fathi Jaghbir said on Monday.

In a statement, Jaghbir noted that the value contributed by the industry sector  stood at some JD7.3 billion, representing an increase of more than 3.2 per cent compared with 2021. 

He described the accomplishments as "unprecedented", indicating that the industrial sector with a rate of 21.7 per cent came first in terms of contribution to the Gross Domestic Product (GDP).

Jaghbir also referred to the development of sub-industrial sectors, noting that the manufacturing industries grew at the fastest pace by 3.33 per cent and made the largest contribution to the expansion of the national economy among the various economic activities with a rate of 23.6 per cent.

The mining and quarrying industries sector came in second with a growth rate of 2.86 per cent, followed by the electricity and water sector with a growth of 2.55 per cent, the JCI head said.

He added that the industrial exports recorded an increase of 37 per cent at the end of 2022 compared with 2021, accounting for some 95 per cent of all national exports. 

The JCI head pointed out that 58.3 per cent of all investments flowing into the Kingdom over the last year were for the industrial sector, where the percentage jumps to 76.4 per cent when taking foreign investments into consideration. 

Jaghbir added that due to the high regional and global demand for domestic goods, industrial production increased by 2.7 per cent in 2022 compared with 2021.