Jordan's real GDP growth edged up to 2.9% y/y in the fourth quarter of 2013 from 2.8% y/y in Q3 on positive output in the country’s main economic sectors that offset falling contribution from the mining and agriculture sectors, data from the stats office DoS showed. In 2013, the GDP growth also ticked up to 2.8% from 2.7% the year before, on rising government capital spending, higher domestic consumption and a recovery in exports. The full-year reading, however, undershoots the IMF’s optimistic forecast of 3.3% GDP growth but is in line with the EBRD’s 2.9% projection. It is worth noting that spillovers from the Syrian turmoil and the related inflow of refugees into Jordan have weighed on Jordan’s GDP growth in 2013.
The construction sector was again the best performer in Q4, growing 9.4% y/y and speeding up from 7.9% y/y in Q3. Strong local, expat and Arab demand for housing remain the main growth engine. The government services sector was the second best performer in Q4 2013 (up 5.4% y/y) on rising capital spending. The prior-year low base also played a role though. The utilities sector grew 4.5% y/y in Q4 while the financial services, insurance and real estate sector expanded 4.3% y/y, up from 3.7% y/y in Q3.
The transport and logistics sector expanded 3.7% y/y (down from 5.1% in Q3) due to sustained activity though Iraq and the GCC.
The agriculture output shrank 13.3% y/y in Q4, swinging from a 4.5% growth the previous quarter on unfavourable weather factors. The mining and quarrying output dropped 12.2% y/y in Q4 on lower external demand and commodity prices.
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
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more
Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more