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Jordan Expected to Grow 2.3%

Jordan Expected to Grow 2.3%Jordan Expected to Grow 2.3%

Jordan’s real gross domestic product is expected to grow by 2.3% in 2017, a tepid increase of 0.3 percentage points over the 2016 rate, according to the World Bank Economic Outlook for the country, Zawya reported. Services continued to be the principal driver of GDP growth in 2017 propelled by a robust performance in tourism, which posted a double-digit growth in receipts and arrivals in the first half of the year, indicated Jordan’s economic outlook report for 2017. Jordan’s industrial sector is regaining momentum based on a recovery in mining and quarrying, which grew by 14.7% in the first quarter of 2017 in contrast to a contraction of 8.4% year on year in the first quarter of 2016. Because of these developments, and a resurgence in potash prices, net exports of goods and services are projected to lead GDP growth on the demand side, as they did in 2016, the report showed. Amidst a challenging regional backdrop, Jordan’s economy remains “sluggish, though it is undergoing a modest pick-up in 2017, owing to a resurgence in tourism, and mining and quarrying”.

 

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