National economy sees positive indicators in 2021 despite pandemic impact CBJ figures

Several positive economic indicators were achieved in 2021, despite the impacts of the COVID pandemic, the Jordan News Agency, Petra, reported citing figures from the Central Bank of Jordan (CBJ).

CBJ figures showed that economic growth during the first half of 2021 reached 1.8 per cent, with forecasts showing that growth will rise during the second half after the reopening of the sectors.

Local revenues also increased by JD1.963 million by the end of October, marking an increase of 18.7 per cent, compared with the same period of 2020.

Unemployment rate fell down by 1.6 per cent during the third quarter of 2021 against the second quarter of the year and 0.7 per cent against the third quarter of 2020, to reach 23.2 per cent.

The constant price gross domestic product (GDP) during the second quarter of 2021 increased by 3.2 per cent, while the total exports during the first nine months increased to hit JD4.719 billion.

By the end of November, tourism income increased by 78.5 per cent to $2.4 billion, as the number of tourists climbed by 78 per cent to hit 2.109 million

The figures, cited by the Jordan News Agency, Petra, revealed that CBJ’s foreign reserves amounted some $17.1 billion.

Experts said that economic growth rates achieved during 2021 are not enough to improve the living standards, as economic growth rate is close to population growth rate, besides the increased unemployment rates and the general budget deficit that could reach JD1.9 billion during this year and public debt to reach JD34.5 billion, while foreign investments continue to be at the same level.

Foreign assistance during the first half of 2021 totalled JD77 million, compared with JD790 million in 2020.

The volume of capital expenditures in the first half of this year was modest, despite its importance in the construction and financing of projects, reaching JD385 million, compared to about JD4.231 billion for the same period.

The banking sector also showed positive indicators in 2021, as banks assets went up by 4 per cent to reach JD60 billion, as well as deposits recorded a rise of 4.5 per cent to hit some JD38 billion.

Banks assets accounted for 191 per cent of GDP, while deposits accounted for 124 per cent of GDP, Petra reported.