2.7 per cent growth for Jordan

Published April 1st, 2013 - 08:25 GMT
Despite internal and external pressures, Jordan's economy grew by 2.7 per cent in 2012
Despite internal and external pressures, Jordan's economy grew by 2.7 per cent in 2012

Jordan’s economy grew by 2.7 per cent in 2012, official figures showed on Sunday.

The growth rate of last year was slightly higher than 2011, when the economy expanded by 2.6 per cent.

The rate is lower than the projections of the International Monetary Fund, which expected the Kingdom’s gross domestic product (GDP) to expand by 2.8 per cent in 2012, and economists, who predicted the growth rate to exceed 3 per cent.

According to a report released by the Department of Statistics (DoS), the Kingdom’s GDP grew by only 2.2 per cent during the fourth quarter of 2012, which is the slowest growth pace during the year.

In the first quarter of last year, the economy grew by 3 per cent, which then retracted to 2.9 per cent in the second quarter, while during the third quarter, the growth rate stood at 2.6 per cent.

Economic activity expansion during the first two quarters of last year prompted several analysts to voice optimism that the economy would have a stronger performance in the second half of the year, as they expected the economy to grow between 3.5 per cent and 5 per cent for the entire year despite regional turmoil.

DoS figures indicate that the social services sector registered the highest growth rate in the fourth quarter of last year, at 9.8 per cent, followed by the hospitality sector, hotels and restaurants as well as the wholesale and retail sectors growth at 5.9 per cent.


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