Amman, Oct. 1 (Petra) -- The industrial sector grew 4.6 percent in the second quarter and contributed about 40 percent of the Kingdom's economic growth, the Jordan Chamber of Industry said in a statement Thursday.
The chamber said manufacturing grew 6.2 percent from the same period last year. This is its highest quarterly growth rate since 2008. Manufacturing growth was more than double the national economy's 3 percent growth in the second quarter, the chamber noted. Manufacturing led all economic activities in contribution to growth, adding 1.04 percentage points, or about 35 percent of total growth.
The chamber stressed that industry was not only a beneficiary of improved economic activity but also a key contributor. It said industrial performance drove a significant part of second-quarter growth, along with an expansion in the value generated by the sector's activities.
Manufacturing remained the largest economic activity in gross domestic product at constant prices, with a 17.2 percent share. The chamber said this highlights the weight of the industrial production base in the national economy.
It said manufacturing's highest quarterly growth since 2008, alongside growth across the industrial sector, is an important indicator of momentum. It added that this strengthens the sector's ability to help achieve the goals of the Economic Modernization Vision, of which industry is a main pillar.
The chamber noted that the results are particularly significant given the regional conditions and challenges in recent months, including pressures on trade, transportation, and supply chains, which it said demonstrate the resilience of Jordanian industry and its ability to maintain production and expansion amid external changes.
The positive production performance has also coincided with continued growth in industrial exports during the year, reflecting the sector’s ability to translate higher production into a stronger presence in international markets and support economic growth, foreign trade and foreign currency generation, the chamber added.
The chamber highlighted industry’s broader economic impact through its extensive links with transportation, trade, energy, services and logistics, as well as its role in employment, investment and value creation. This multiplies the impact of any growth in the sector on overall economic activity, it said.
The chamber underscored the importance of building on this performance and turning the current momentum into sustainable growth. It called for faster implementation of initiatives and projects tied to the industrial sector, stronger competitiveness of national products and more incentives for industrial and export investments. It also urged continued work on energy, transport and production costs, and the provision of financing tools needed for expansion and investment.
//Petra// NQ
