Jordan’s 2024 economic growth beats initial forecast

Jordan’s gross domestic product (GDP) expanded 2.7 percent year on year in the fourth quarter of 2024, beating a consensus forecast of 2.5 percent, according to official government data.

Full-year growth reached 2.5 percent, surpassing the initial forecast of 2.3 percent despite regional headwinds, state-run Jordan News Agency reported citing data from the statistics department.

The manufacturing sector was the primary growth catalyst, rising more than 9 percent and contributing 0.9 percentage points to the headline figure.

Agriculture grew strongly with an 8.4 percent increase, while extractive industries and utilities recorded gains of 4.5 percent and 4.2 percent, respectively, the agency said.

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Services were also positive, with transport and logistics rising 3.7 percent, while retail and hospitality advanced 3.1 percent.

Commodity-producing segments added 1.6 percentage points to the topline growth, outpacing services’ 1.1 percentage point contribution.

Manufacturing contributes 19 percent of the Jordan’s economy, with financial services and real estate representing 17 percent market share.

Government services accounted for 14.8 percent of aggregate output, the report said.