GDP growth rate in 4th quarter of 2023 at 2.7%

Jordan's growth rate in the third quarter of 2023 was at 2.7 of GDP at constant market prices, compared to the same period of 2022, official data showed. The growth rate of GDP (gross domestic product) at constant market prices from the beginning of 2023 until the end of September amounted to 2.7 percent, compared to the same period last year, as GDP rose to JD24.067 billion in the third quarter of last year, compared to JD23.429 billion in the same period of 2022, the Association of Banks in Jordan said in a report. As for sectoral estimates, preliminary results showed that most economic sectors posted growth during the third quarter of 2023, compared to the third quarter of 2022, it said. Topping the list were the agriculture, forestry and fishing sectors, which achieved a growth rate of 6.9 percent, then the transport, storage and communications sectors, 5.1 percent, manufacturing, 3.7 percent, electricity and water, 3.3 percent and Banking services, 3.1 percent, according to the report. The Internatio nal Monetary Fund has estimated Jordan's economy will grow by about 2.6 percent in 2023. Standard and Poor's credit rating agency lately announced that Jordan's rating was fixed at B+/B with a stable outlook, due to its ability to meet long-term obligations in foreign currency. GDP and its components are evaluated at fixed market prices in different time periods for a specific, logical and appropriate base year, in order to calculate real growth rates that reflect the economic reality in a sound and appropriate way for any country. Source: Jordan News Agency