Jordan's real GDP growth accelerated to 2.6% y/y in Q1 from 2.2% in Q4 2012 on higher construction, social services, trade and real estate output which offset shrinking agro and mining contributions, data from the stats office DoS showed. Jordan’s GDP growth will increase to 3.3% in 2013 from 2.8% a year earlier, on rising government capital spending, higher domestic consumption and a recovery in exports, the IMF said in its latest World Economic Outlook published in April.
In Q1, the construction sector was the best performer rising 7.8% y/y compared with a 4.1% contraction the quarter before amid strong local, expat and Arab demand for housing. The social services sector followed at 7.7% growth given strong public spending.
Trade, hotel and restaurants output increased 5.6% y/y over the period given strong local and tourism demand. The utility sector shrank 6.0% y/y in Q1 on favourable seasonal factors and the resumption of Egyptian gas supplies. The transport and logistics sector increased 3.5% over the period due to strong activity though Iraq and the GCC. The financial sector expanded 3.8% y/y in Q1. The agro sector remained in the red shrinking 8.3% y/y due to the weak harvest and unfavourable seasonal factors. Weaker regional demand and basic commodity prices, mainly of potassium and phosphates, led to a 18.3% drop in mining and quarrying.
An image of a ‘Produced in Iran’ fruit juice brand aboard a Qatar Airways flight might not appear at all exciting but to Iranians discussing the trade opportunities generated for the Islamic ... more
Investment Corporation of Dubai (ICD), which acquired a controlling stake in Porto Montenegro last year, reportedly is interested in ... more
Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more