Jordan’s GDP growth quickens to 2.6% y/y in Q1 2013

By bne IntelliNews July 1, 2013

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Xlinks warns cost of Morocco-UK Power Project could rise some 25% to reach $30bn

UK renewable energy producer Xlinks, noting significant upward pressure on the cost of all energy projects, has warned that construction of the Morocco-UK Power Project could reach $27bn to $30bn, up ... more

Morocco in talks with investors to build EV battery gigafactories, says minister

The Moroccan government is in extensive talks to attract more electric vehicle (EV) battery manufacturers to support its growing automotive sector and meet soaring demand, industry and trade minister ... more

UAE’s Masdar, Uzbekhydroenergo partner up to evaluate potential of national hydro power storage

United Arab Emirates renewable energy company Masdar has partnered with Uzbekhydroenergo to evaluate the potential of national hydroelectric power storage projects. Masdar and Uzbekhydroenergo, a ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    5 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    2 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss