Recent indicators sign of gradual economic recovery — Hammouri

AMMAN — The six per cent increase in exports during the first third of the year has narrowed the trade balance, Minister of Industry, Trade and Supply Tariq Hammouri said on Friday. 

During a meeting at the Irbid Chamber of Commerce, the official added that tourism revenue has risen by 6.1 per cent since the beginning of 2019 as the number of tourists increased by 23 per cent compared with the same period in 2018.

Jordan’s economy is on the right track despite complicated regional circumstances he said, according to the Jordan News Agency, Petra.

Exports to neighbouring countries and a simplification of procedures done in cooperation with the chambers of commerce and industry across the country have led to a gradual economic recovery, the minister added. 

However, Munther Batayneh, secretary of the Irbid Development Corporation, said that the economic sector is not productive as it depends on services, tourism and trade sectors, along with a number of extractive industries including medications and fertiliser.  Batayneh added that this has caused an imbalance in exports and imports, and has resulted in a budget deficit and an increase in general debt, which hit JD29 billion in March.

Despite the challenges, the Kingdom enjoys security and maintains economic stability, he noted, highlighting the “true” economic growth of 1.9 per cent and a stability of foreign reserves, which reached some $13.24 million during the first quarter of the year.