Jordan Times
Tuesday, December 14, 2004
7.4% growth in 1st 3 quarters of 2004 — Awadallah
AMMAN (Petra) — Economic growth achieved during
the first three quarters of this year reached 7.4 per cent, Minister of Planning
and International Cooperation Bassem Awadallah announced Monday.
Describing the growth rate as the highest achieved since 1992, Awadallah expects
the economy to show better performance during the last quarter of 2004, in light
of the Kingdom's growing potential to overcome the repercussions of the war on
Iraq, the country's former principal economic partner.
The minister cited other positive indicators, including the continued growth in
exports, empowered by the manufacturing industries, in addition to the Kingdom's
implementation of several major projects in different sectors.
Awadallah referred to the Department of Statistics' national accounts which
indicated a growth rate of 7.4 per cent in fixed prices compared to 3.0 per cent
during the same period last year.
At current prices, the growth rate was 12.6 per cent during the
January-September period of 2004 compared to 5.1 per cent.
As such, the planning minister explained that the inflation rate as measured by
the deflated gross domestic product stood at 4.8 per cent during the first nine
months of 2004 compared to 2.0 per cent during the corresponding period of 2003.
The real growth achieved during the January-September period of 2004 is the
outcome of growth realised in manufacturing industries by 15 per cent,
construction by 19.9 per cent, in addition to the growth rates achieved in the
electricity and water, transport and telecommunications services by 13 per cent
for each respectively.
The wholesale and retail, restaurants and hotels contributed 6.5 per cent to the
growth.
During this year's third quarter, the Kingdom achieved a growth rate of 7.8 per
cent in fixed prices compared to 3.4 per cent posted during the same period last
year.