Amman Chamber of Commerce says GDP grows by 4.4% in 2023

AMMAN — Statistical data has revealed a 4.4 per cent growth in gross domestic product (GDP) at current prices in 2023 compared with 2022. 

The Amman Chamber of Commerce, based on official statistics, has reported that the GDP at current prices increased to JD36.077 billion in 2023, a rise from JD34.543 billion in 2022.

GDP, an important economic indicator, signifies the total market value of all final goods and services produced within a country during a specific period. Nominal GDP (current prices) is evaluated at the current market prices. Real GDP (constant prices) measures the total value of the quantities of goods and services produced at unchanging prices for a specified year.

Statistical data cited by the Jordan News Agency, Petra, highlighted that the trade and services sector’s contribution to the GDP at current prices reached JD23.375 billion in 2023, an increase from JD22.316 billion in 2022. 

This contribution was distributed across various economic activities, including the electricity and water supply sectors contributing JD 547 million, the construction sector adding JD959 million, and the wholesale and retail trade, restaurants, and hotels sectors contributing JD3.348 billion.

The transport, storage, and communication sectors contributed JD2.847 billion and the financial services, insurance, real estate services and business services sectors made a substantial contribution of JD6.689 billion.

In the last quarter of 2023, the GDP at constant market prices saw a growth of 2.3 per cent compared with the same period in 2022. The Department of Statistics quarterly report indicates that the growth rate for 2023 at constant prices was 2.6 per cent, marking an increase from 2022.