Jordan’s real economic growth rate drops in 3Q 2003
Jordan’s real economic growth rate reached 3.2 percent in the third quarter of 2003 compared to 5.4 percent during the same period last year, according to the Department of Statistics.
Low growth rates for the year are attributed to regional instability. The slowdown was observed particularly in the manufacturing sector, which recorded a real growth rate of 1.1 percent in the first nine months of 2003, compared to 12.1 percent during the same period last year.
Despite the political and military volatility of the region, Jordan's economy has demonstrated renewed strength with healthy average economic growth over the past few years, said Moody’s Investors Service in an October report. A boom in the telecommunications sector and higher industrial production, especially exports from the qualified industrial zones, has driven this growth. — (menareport.com)
© 2003 Mena Report (www.menareport.com)