Jordan’s industrial sector remains a central pillar of the kingdom’s economy with manufacturing contributing $6bn to the country’s estimated nominal GDP of $35.7bn in 2014. Meanwhile the country’s large mining industry – particularly of potash and phosphate – have fueled the rise of major chemicals and fertiliser industries in the kingdom while the country’s robust building materials sector...
The year 2014 was marked by strong growth in the construction sector and despite regional volatility slowing rollout for tourism projects, new developments in the residential, transport and energy sectors are expected to continue fueling growth. Indeed, credit extended to the construction sector in 2014 totalled $658m, up from $569m in 2013. In terms of real estate, 2014 saw trading continue...
Jordan’s transport sector underwent significant expansion in 2015 with upgrades to road, rail, air and sea links all driving the sector. Indeed, the port of Aqaba has completed much of its expansion work and is now engaged in new phases of re-development and growth. The road network continues to be upgraded in line with the 25-year road improvement programme commenced in 2002, which will see a...
As Jordan has historically imported the majority of its energy needs, the drop in global oil prices between mid-2014 and early 2015 will have a positive impact on the kingdom’s near term energy bills and on its trade deficit. However, the kingdom is also set to diversify its energy sources moving forward. As part of its National Energy Plan, Jordan hopes to see 29% of total energy needs met by...
Finance and insurance remain major drivers of Jordan’s economic growth and in 2014 contributed they contributed a combined $3.6bn, or 13.9%, to GDP. Although lending has slowed somewhat, the sector remains well capitalised with banking sector deposits expanding by a robust 9.7% in 2014 to reach $42.7bn at the end of the year, a $3.8bn increase compared to a $3.7bn rise in 2013. Meanwhile the...
Ongoing regional conflicts have continued to place significant pressures on Jordan’s economy in the past year. Tourist revenues have been particularly affected while the closure of key trade routes with neighbouring countries has also taken its toll. According to the IMF, however, Jordan has done well despite the effects of regional instability. This is largely due to a recovery in industry...
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