Jordan’s industrial sector contributes 21.7% to GDP in Q1

Jordan’s industrial sector has made a significant contribution to the nation’s economy, accounting for 21.7 percent of the gross domestic product in the first quarter, data showed.

This achievement highlights the effectiveness of the government’s strategic initiatives aimed at bolstering industrial growth and modernization.

Industrial production surged to approximately 10.435 billion Jordanian dinars, or around $14.724 billion, reflecting the progress of the Executive Program for the Economic Modernization Vision. This program is central to Jordan’s efforts to enhance its industrial capabilities.

A pivotal component of this initiative is the Industrial Support Fund, which has recently entered its second phase. This phase has attracted 938 applications, with results expected by the end of the year. The fund is designed to provide targeted support to various industrial projects, fostering their development and contribution to the economy.

The pharmaceutical sector has also seen notable advancements. Jordan has approved the 2024 Drug Testing Regulation, which aims to boost the global competitiveness of its pharmaceutical products. This regulation is part of a broader strategy to enhance the industry’s presence both within Jordan and on the international stage.

In the textiles sector, a new project has been launched in collaboration with the International Finance Corp. A memorandum of understanding between the Chamber of Industry and IFC marks a significant step in revitalizing the sector. IFC experts are conducting a feasibility study to assess the sector’s needs and potential, while efforts are underway to integrate vocational training into educational and industrial programs.

The Industrial Observatory is advancing into its second phase, focusing on creating a detailed database for various manufacturing sectors. This phase involves collaboration with the Ministry of Digital Economy and Entrepreneurship and the Department of Statistics to ensure comprehensive data integration.

In the trade sector, significant progress has been made in enhancing transparency and efficiency. The government has linked the price observatory for goods and services with the Customs Department’s database and is working on further integration with the Department of Statistics. Additionally, a draft e-commerce law has been prepared, with ongoing discussions by the National Executive Committee for the E-commerce Strategy on updating related regulations.

These developments underscore Jordan’s commitment to strengthening its industrial and trade sectors, paving the way for sustained economic growth and modernization.