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National economy on road to recovery, latest figures show

Unemployment rate drops by 2.2% to 22.6%

economy
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AMMAN — Latest figures show that the national economy is accelerating toward full recovery after slowing down as a result of the impact of the COVID-19 pandemic, Jordan News Agency, Petra, reported Saturday.اضافة اعلان

According to official data, GDP grew at constant market prices during the second quarter of this year by 2.9 percent over the second quarter of last year.

The value of national exports increased from the beginning of the year until the end of August by 45.6 percent, to reach JD5.454 billion, compared to JD3.745 billion in the same period last year.

The unemployment rate has decreased during the second quarter of this year 2022 by 2.2 percent, to 22.6 percent.

Remittances of Jordanians working abroad recorded an increase of 0.6 percent since the beginning of the year until the end of August, to reach about $2.251 billion, compared to $2.238 billion in the same period last year.

On the other hand, the general index of consumer prices, which measures inflation, has increased from the beginning of the year until the end of October by 4.14 percent, to reach 106.53, compared to 102.29 in the same period last year.

Imports also increased in the first eight months of this year, by 37.8 percent, to reach JD13.014 billion, compared to JD9.447 billion in the same period last year.

In view of these healthy indicators, Moody’s credit rating agency announced last week that it raised Jordan’s long-term sovereign credit rating from B1-stable to B1-positive.

The agency attributed the change of Jordan’s future outlook to positive to the government’s commitment to implementing a broad package of structural reforms, especially in the public finance area, which gave the Kingdom’s credit position the flexibility and strength needed to grow in rating.

Moody’s move coincided with the announcement, by the government and the International Monetary Fund, of the successful completion of the fifth review at expert level within the Extended Fund Facility program.

According to previous statements by the governor of the Central Bank of Jordan, Adel Sharkas, the new review bore promising results, as the fund raised its expectations for the performance of the Jordanian economy during this year to 2.7 percent, while it had predicted 2.4 percent in the previous review.


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