Jordan's GDP climbs 4.4% in 2023

Photo credit: Petra

Economic data unveiled a notable 4.4 percent uptick in the Gross Domestic Product (GDP) of Jordan in 2023, indicating a robust growth trajectory compared to the preceding year, Petra reports. 

According to figures compiled by the Amman Chamber of Commerce, the GDP surged to JD36.077 billion, a significant climb from JD34.543 billion recorded in 2022.

The GDP encapsulates the total market value of all domestically produced final goods and services within a country during a specific time frame.

In the context of Jordan's economic landscape, the nominal GDP represents the evaluation at current market prices, while the real GDP measures the total value of goods and services produced at fixed prices for a given year.

Analyzing sectoral contributions, data obtained by the Jordan News Agency (Petra) explained that the trade and services sector played a pivotal role in propelling GDP growth. This sector contributed JD23.375 billion to the GDP at current prices in the past year, compared to JD22.316 billion in 2022.

The sector's contributions were multifaceted, encompassing various economic activities. Key highlights include JD547 million from electricity and water, JD959 million from construction, and JD3.348 billion from wholesale and retail trade, restaurants, and hotels.

Moreover, transportation, storage, and communications activities contributed JD2.847 billion, while financial and insurance services, real estate services, and business services collectively amounted to JD6.689 billion.

The GDP at constant market prices exhibited a growth rate of 2.3 percent in the final quarter of 2023 compared to the corresponding period in 2022. The quarterly report issued by the Department of Statistics corroborates this upward trajectory, indicating a growth rate of 2.6 percent for 2023 at constant prices, compared to the preceding year.

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