Amman: The Kingdom’s economic expansion, which transcended initial prognostications for the preceding fiscal year, epitomizes the intrinsic resilience of Jordan’s economic framework and its adept capacity to navigate multifaceted challenges amid regional volatility. This accomplishment stands testament to sustained royal stewardship and the implementation of meticulously calibrated governmental interventions designed to fortify the business ecosystem.
According to Jordan News Agency, recent economic indicators reveal that the Gross Domestic Product (GDP) registered a 2.7 percent year-on-year expansion during the fourth quarter of 2024, surpassing the forecasted 2.5 percent growth trajectory. Notably, the cumulative GDP growth for the fiscal year reached 2.5 percent, outperforming initial projections of 2.3 percent, a testament to the economy’s underlying robustness.
Economic luminaries interviewed underscored that the Kingdom’s fourth-quarter performance constitutes an auspicious macroeconomic barometer, demonstrating the efficacy of implemented fiscal and monetary mechanisms while highlighting the remarkable adaptability of the national economy despite the turbulent geopolitical landscape permeating the region. Analysts observed that this growth trajectory signifies enhanced aggregate economic performance and validates the judicious calibration of the government’s economic policy architecture.
Senator Ahmad Al-Khudari, Chairman of the Jordan Exporters Association, emphasized that the growth metrics reflect the national economy’s extraordinary adaptive capacity despite regional vicissitudes and geopolitical fluctuations. He articulated that synchronized endeavors by both public and private sectors have been instrumental in addressing economic headwinds.
Khudari illuminated that pivotal economic sectors exhibited distinguished growth trajectories, with the agricultural domain recording an 8.4 percent expansion and manufacturing industries achieving a 4.9 percent growth, indicative of the advancement of productive sectors despite prevailing exigencies. The manufacturing sector spearheaded sectoral contributions to fourth-quarter growth, contributing 0.9 percentage points to the overall economic expansion.
Musa Saket, a board member of the Amman Chamber of Industry, observed that the 2.7 percent growth achieved in the fourth quarter of 2024 represents the zenith of quarterly growth rates compared to the preceding three quarters. Saket emphasized that this growth trajectory exemplifies the resilience of the national economy and its sophisticated adaptive mechanisms under evolving circumstances.
Economist Adli Kandah elucidated that achieving 2.7 percent real economic growth in the fourth quarter of 2024, despite unfavorable regional conditions, presents an encouraging portrait of the economy’s structural integrity. Kandah emphasized that commodity sectors served as primary growth catalysts, reflecting reinvigorated activity in authentic productive sectors.
Muhammad Qaryouti, a board member of the Jordan Economic Forum, articulated that the fourth-quarter GDP growth of 2.7 percent and the full-year 2024 growth rate of 2.5 percent provide auspicious indicators. Qaryouti explained that manufacturing industries played a pivotal role in consolidating this growth due to their cumulative nature.
Maher Mahrouq, Director General of the Association of Banks in Jordan, affirmed that the recent economic growth represents an extraordinarily positive indicator. Mahrouq noted that these measures have substantively contributed to revitalizing economic activity and accelerating growth momentum, highlighting the imperative of maintaining this approach to ensure enhanced financial stability.
Economic savants emphasized the necessity of building upon this positive momentum through transparent and stable economic policies that ensure sustainable growth trajectories and facilitate the realization of objectives delineated in the Economic Modernization Vision.