Jordan’s Q4 GDP beats expectations, grows 2.7%

Jordan’s gross domestic product (GDP) rose by 2.7 percent in the fourth quarter of 2024 compared to the same period in 2023, surpassing the projected growth rate of 2.5 percent, according to preliminary estimates released by the Department of Statistics.

For the full (2024) year, GDP growth reached 2.5 percent, outpacing the initial forecast of 2.3 percent.

The fourth-quarter growth was driven by strong performances across key economic sectors, despite regional instability and ongoing geopolitical shifts that have impacted production and trade in various industries.

“The figures underscore the resilience of Jordan’s economy, which has shown its ability to weather external pressures thanks to government-led economic reforms and enhanced public-private partnerships,” the report by the Department of Statistics said.

Officials credited these strategies with turning regional and global challenges into opportunities for growth.

Among goods-producing sectors, agriculture posted the highest growth at 8.4 percent, followed by manufacturing at 9.4 percent, extractive industries at 4.5 percent, and electricity and water at 4.2 percent.

Service sectors also recorded healthy growth rates. Transportation, storage, and communications grew by 3.7 percent, while wholesale and retail trade, hotels, and restaurants expanded by 3.1 percent.

In terms of sectoral contributions to overall growth in the fourth quarter, manufacturing led with a 0.9 percentage point contribution, followed by agriculture with 0.53 points, and transportation, storage, and communications with 0.33 points.

Manufacturing also topped the list of sector contributions to overall GDP, accounting for 18.7 percent of the total. It was followed by finance, insurance, and real estate at 17.2 percent, and public service providers at 14.8 percent.

When broken down between goods-producing and service sectors, the former had a larger share in GDP growth, contributing 1.6 percentage points, while service sectors contributed around 1.1 points.