Jordan's GDP records 2.7% growth in Q4 2024 – DoS

AMMAN — The Gross Domestic Product (GDP) recorded a growth of 2.7 per cent in the fourth quarter of 2024 compared with the same period in 2023, exceeding the estimated rate of 2.5 per cent for the same quarter.

For the full year of 2024, GDP growth reached 2.5 per cent, exceeding the initial forecast of 2.3 per cent, according to preliminary estimates released by the Department of Statistics (DoS).

The data showed that growth in the fourth quarter was driven by strong performance across key sectors of the economy, despite the challenges posed by regional instability and shifting geopolitical dynamics that affected various productive sectors, the Jordan News Agency, Petra, reported.

The GDP growth rates reflected the resilience and strength of the national economy in overcoming regional challenges, supported by government-led economic policies and reforms, and strengthened public-private partnerships that turned challenges into opportunities and contributed to growth across multiple sectors.

According to the data, all major sectors of the economy experienced varying degrees of GDP growth. Among the goods production sectors; agriculture grew by 8.4 per cent, manufacturing by 9.4 per cent, extractive industries by 4.5 per cent and electricity and water by 4.2 per cent.

As for the services sector, most segments posted solid growth in the fourth quarter of 2024, with transport, storage and communications expanding by 3.7 per cent and wholesale and retail trade, hotels and restaurants by 3.1 per cent.

In terms of sectoral contributions to GDP growth in Q4, manufacturing led with a contribution of 0.9 percentage points, followed by agriculture with 0.53 points and transport, storage and communications with 0.33 points.

Regarding sectoral contributions to total GDP, the manufacturing sector led with 18.7 per cent, followed by finance, insurance and real estate with 17.2 per cent and government services with 14.8 per cent.

As for the breakdown of contributions between the goods producing sector and the services sector, it is estimated that the goods producing sector made the larger contribution to the growth achieved, at 1.6 percentage points, while the services sector contributed around 1.1 percentage points, the data revealed.