Industrial sector drives economic expansion in 2022, says stakeholder

(File photo: Mohammad Abdallah/ Jordan News)
AMMAN — The President of the Jordan and Amman Chambers of Industry, Fathi Jaghbir, announced on Monday that the industrial sector was the main driver of Jordan's economic expansion in 2022, accounting for roughly a third of the overall growth. اضافة اعلان

Jaghbir noted that the value contributed by the industry came close to JD7.3 billion, representing an increase of more than 3.2 percent compared to 2021, according to the Jordan News Agency, Petra.

‘Unprecedented’ accomplishmentsJaghbir described the accomplishments as "unprecedented", indicating that the industrial sector, with a rate of 21.7 percent, came first in terms of contribution to the gross domestic product. Jaghbir emphasized the development of the sub-industrial sectors, noting that the manufacturing industries grew at the fastest pace by 3.33 percent.

"With a rate of 23.6 percent, it also made the largest contribution to the expansion of the national economy among the various economic activities. The mining and quarrying industries sector came in second with a growth of 2.86 percent, followed by the electricity and water sectors with a growth of 2.55 percent," he said.

Industrial exports and investments"Industrial exports recorded an increase of 37 percent at the end of 2022 compared to 2021, and it accounts for nearly 95 percent of all national exports. This growth is a reflection of the notable results achieved by the sector with its various components and sub-indicators over the past year, confirming its strength, durability, and ability to improve the performance of the national economy," he added.

Jaghbir indicated that about 58.3 percent of all investments flowing into the Kingdom over the last year were in the industrial sector; a proportion that jumps to about 76.4 percent when considering foreign investments.

Additionally, due to the high regional and global demand for domestic goods, industrial production increased by 2.7 percent in 2022 compared to 2021.

Ambitious targets for the industrial sectorIn light of putting the vision of economic modernization into practice, Jaghbir anticipated that this year will see the launch of national capabilities at the local and international levels to carry many ambitious targets for the industrial sector and ensure the growth of the national economy.