Amman: The Jordanian industry sector grew by 2.6% last year, an increase of 3.4 percentage points compared to 2022, according to the results of the 2023 Jordan’s general industrial index issued by the Chamber of Industry’s (JCI) Studies and Strategies Department.
According to JCI President Fathi Jaghbir, the rise in industrial performance in 2023 is indicative of the index’s quality and capacity to assess the true performance of the industry using a methodology based on the relative weights of the sub-sectors and how those weights affect the performance of a subset of indicators within each sector. This is in contrast to the decline in some economic indicators during that same year.
In a statement on Wednesday, Jaghbir added that this growth came as a result of 7 sub-sectors achieving growth in the 2023 index compared to 2022, thanks to the development of manufacturing and production processes in them, in addition to raising technology levels and improving productivity levels.
He explained that the sectors
that achieved growth are: wood and furniture industries, with a growth rate of 13.2%; engineering, electrical, and information technology, with a growth rate of 13.0%; construction, with a growth rate of 7.8%; food, food supply, agriculture, and livestock, with a growth rate of 4.1%; plastics and rubber; treatment and medical supplies; packaging, paper and cardboard; and office supplies, 3.1, 2.2, and 1.3%, respectively.
In contrast, 3 industrial sectors declined in the 2023 index results, namely: chemical industries and cosmetics by 2%, leather and textiles by 3.4%, and mining by 12.1%, affected by the decline in global demand for their products, in addition to the consequences of the Israeli aggression on the Gaza Strip.
Jaghbir stressed the JCI’s endeavor to make the index a comprehensive reference tool for the performance of the national industry through the development and modernization plans amended during the current year, where the index will be linked to the targets, indicators and achievement leve
ls of the industrial sector within the economic modernization vision, and the inclusion of many new and qualitative indicators, including gender indicators, economic diversification and others.
Jaghbir noted that the Jordan’s general industrial index is the first of its kind at the local and regional level for its ability to evaluate and monitor the performance of the industrial sector periodically within a systematic measurement framework, and in a way that provides a general view of the industrial performance in the Kingdom, in addition to enable it to compare the level of performance on a quarterly and annual basis, and to identify and track the levels of progress and decline within different indicators and thems, and at the level of the ten sub-sectors and within specific relative weights. This gives it the ability to be a comprehensive reference measurement tool for the industrial sector.
Source: Jordan News Agency