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MENAFN - 02/10/2012

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(MENAFN) Official data from the government of Jordan showed that the indebted country's economy grew by 2.9 percent during the second quarter year-on-year, marginally slower than the previous quarter, Reuters reported.

Jordan's first-quarter growth stood at three percent year-on-year. The pace of growth in the second quarter was driven by a 10 percent expansion in tourism followed by 6.7 percent growth in the communications and transport sector, according to the central statistics office.

The Kingdom's financial sector saw a 5.7 percent growth, the data showed.

Jordanian authorities estimated that the economy would grow around 2.7 percent this year. A more optimistic forecast was issued by the International Monetary Fund (IMF), which saw a three percent growth for the Kingdom, supported by an expected recovery in remittances and a rebound in tourism receipts.

Jordan's private sector was hit by the political unrest in neighbouring countries such as Syria and Egypt, while the government had to boost social spending to quell unrest, putting more pressure on its already strained public finances.

Officials say it will take time to get back to previous growth rates, which averaged 7 percent annually before the global downturn in 2008.

 






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