Category: Business & Finance

Domestic revenues in 2022 amounted to JD8.122 billion compared with JD7.325 billion registered in 2021, an rise of JD797 million, the Ministry of Finance said in its monthly bulletin, published Wednesday. This increase in domestic revenues is due to the increase in tax revenues by about JD421 million, and the increase in non-tax revenues by about JD376 million. The coverage of domestic revenues for current expenditures reached 90.7 per cent, reflecting the government’s approach to enhancing financial independence. The Ministry’s bulletin showed that the rise in tax revenues is due to the rise in the general tax on goods and services by about JD128.8 million, to reach JD4.167 billion in 2022, and the increase in income and profit tax collections, by JD368.6 million, to reach JD1.548 billion in 2022. This increase is due to measures the government committed to in 2022 to revise the tax regulations and administrative and structural procedures, in its fight against tax evasion and avoidance. On the other hand, public expenditures increased by JD608 million in 2022, to reach JD10.466 billion, or 6.2 per cent compared to 2021. This increase is mainly due to the increase in current expenditures by JD233.7 million, or 2.7 per cent, and the increase in capital expenditures by JD374 million, or 32.9 per cent, knowing that the item of spending on social protection increased by JD184 million compared to last year, according to the Ministry’s bulletin. The government debt balance amounted to JD30.667 billion at 2022 end, or 88.5 per cent of the estimated GDP for 2022, compared to JD28.763 billion, at 2021 end, or 88.6 per cent.

Source: Jordan News Agency

Volume of Jordan’s trade exchange with Greater Arab Free Trade Area (GAFTA) countries reached about JD654 million during last January, compared to JD510 million in the same period last year. According to foreign trade data issued by the Department of Statistics (DoS), the value of national exports to the GAFTA nations increased during last January by 26.8% to reach about JD205 million, compared to JD161 million for the same period last year. The value of the Kingdom’s imports from GAFTA countries rose during last January, by 28.5% to reach JD449 million, compared to the same period last year, which amounted to about JD349 million, the DoS figures showed. According to statistical data, the Kingdom’s trade balance deficit with GAFTA countries amounted to about JD244 million during last January, compared to about JD188 million for the same period last year. Saudi Arabia was the top importer of Jordanian exports to the GAFTA countries last January, reaching about JD71 million, and also topped the list of countries exporting to Jordan, as the value of the Kingdom’s imports from Saudi Arabia amounted to approximately JD269 million.

Source: Jordan News Agency

Sales of the unified ticket electronic system topped JD4.374 million during January-February of 2023, up from JD2.706 million in 2019, which is tourism’s “golden year”, according to the Ministry of Tourism. A statement on Tuesday said some 60,000 tickets were sold during January-February, compared to 37,235 tickets sold in the same period of 2019. A JD70 ($99) ticket allows for visiting over 40 tourist and archaeological sites and exempts tourist groups and people of all nationalities from entry visa fees, provided that the ticket is purchased before entering the Kingdom. Launched in late 2015, the ticket system contributed to an increase in the number of tourists to the Kingdom, prolonged their stay and motivated them to visit many archaeological sites, which increased the Kingdom’s income from the sector, the statement added.

Source: Jordan News Agency

Retail prices in British stores hit another record high in March, according to the British Retail Consortium (BRC). It said on Tuesday that overall shop price inflation rose to 8.9 percent in March from 8.4 percent in February, the largest increase since the BRC records started in 2005. The BRC said the annual increase is mainly due to a 15.0 percent rise in food commodity prices and a 5.9 percent rise in the prices of non-food items.

Source: Jordan News Agency

Minister of Investment Kholoud Saqqaf and newly-appointed French Ambassador Alexis Grandmaison discussed strengthening investment and development cooperation between Jordan and France during the coming period. According to a statement issued by the ministry on Tuesday, the meeting shed light on French investments in the Kingdom and tackled means to expand them. Saqqaf stressed the deep-rooted Jordanian-French relations, representing a solid foundation for a kickstart towards broader horizons in development, particularly in investment. She pointed out “great investment opportunities in Jordan for French investors,” expressing her aspiration to further increase French investments in Jordan during the coming period. French investments in Jordan amount to approximately $1.7 billion, mainly in sectors of telecommunications, energy, logistics, and trade.

Source: Jordan News Agency

The Kingdom’s bill of crude oil, derivatives and mineral oils spiked by 56.6 percent in January 2023 to reach JD303 million compared to JD193 million in January 2022, according to Department of Statistics (DoS) figures. Fuel and mineral oils topped the list of the Kingdom’s imports of oil derivatives in January 2023, amounting to JD109 million, followed by crude petroleum with JD76 million, petroleum gases with JD61 million, diesel with JD54 million, and lubricants with JD3 million, according to foreign trade data released by the department on Monday.

Source: Jordan News Agency

The Value of Jordan’s total exports increased during January of 2023 by 2.2 percent to reach JD589.9 million, compared to JD577 million in the same period of 2022, the Department of Statistics (DoS) announced on Monday. According to the DoS monthly report on the Kingdom’s foreign trade, the value of national exports increased in January of this year by 3.8 percent, or JD543.2 million, compared to JD523.5 in the same month last year. According to the report, the value of re-exports amounted to JD46.7 million during January 2023, marking a 12.7 percent drop compared to 53.5 percent recorded in the same period of the previous year. As for imports, their value amounted to JD1.641 billion in January of this year, signaling an increase of 21.8 percent, compared to JD1.347 billion in the corresponding month of 2022. Jordan’s trade balance deficit edged up 36.4 percent in January 2023, reaching JD1.051 billion against JD770 million in the same month of 2022.

Source: Jordan News Agency

Prices of 21-karat gold, the highest demand at local market, stood at JD39.80 per gramme, as purchasing price, against JD38.20 as selling price, an official said Monday. Jordan Jewelers Association’s Secretary General, Ribhy Allan, told Jordan News Agency (Petra) that the price of 24-karat and 18-karat gold amounted to JD46.30 and JD35.60 respectively. The price of a Rashadi lira, weighing seven grammes, stood at JD280, while an English lira, which weighs eight grammes reached JD320, Allan said. In the past two weeks, the local market saw an increase in the gold supply due to the rise in prices in order to collect profits, Allan added. He explained that many citizens buy quantities of gold for the saving and investing purposes. He added that gold prices in global markets on Monday reached $1,953 per ounce.

Source: Jordan News Agency

Industrial business owners seeking to reduce costs and carbon footprint are showing keen interest in a newly-launched energy efficiency program aimed at energy-extensive industrial sub-sectors. The program appears to be gaining traction, attracting a growing number of participants. An ongoing energy sector support initiative funded by USAID has developed the Energy Efficiency for Industrial Productivity Program (Kafaa). This program focuses on three specific industrial sub-sectors, chosen based on various criteria, including their potential for expansion, energy consumption, export capacity, economic and social impact, and suitability for energy efficiency solutions. Ministry of Energy and Mineral Resources data indicates that within a month of its launch in late February of this year, the program has already enabled industrialists to implement energy-efficient solutions and sustainable management practices. According to some industrialists who have implemented Kafaa-supported energy solutions, the program has helped them achieve a 90% reduction in costs. Expressing gratitude for the USAID’s support to Jordan’s energy sector, Energy Minister Saleh Kharabsheh emphasized his ministry’s commitment to providing all possible assistance to help the industrial sector prosper. The program will be executed in multiple phases spanning from 2023 to 2028. The initial phase in 2023 will concentrate on the food, finance, agricultural, livestock, engineering, electrical, ICT, chemical, and cosmetics sectors, while future phases will consider additional sectors based on market demand and potential for implementing energy solutions. The industrial sector plays a crucial role in the Jordanian economy, directly contributing 25 percent of the national GDP. The industrial sector accounts for over 90 percent of Jordan’s exports, which expanded by almost 10 percent in 2019, reaching approximately 140 nations across the globe. Jordan’s industrial sector comprises approximately 18,000 establishments, spread across all governorates of the Kingdom and employing around 251,000 workers, mostly Jordanians. This accounts for 21 percent of the total Jordanian workforce.

Source: Jordan News Agency

Jordan withdrew JD2.41 billion of a JD2.63 billion a number of Gulf Cooperation Council member states pledged to the Kingdom in 2012. The figure indicates that the Kingdom reeled in about 91 percent of the promised funds by the end of 2022. According to a Ministry of Planning and International Cooperation’s report on the progress of projects funded by the GCC grant, the withdrawn funds were divided among several sources, with JD823.7 million coming from Saudi Arabia, JD886.2 million from Kuwait, and JD701.9 million from the United Arab Emirates. The remaining amount of the grant now stands at JD216 million. The GCC grant had JD619 million earmarked for road projects, JD415 million for the financing of energy projects, JD312.5 million for the health sector, and JD376.9 million for total financial support of local development projects. Additionally, the funding allocated for water and irrigation projects, totaling JD213.5 million, and the grant for transportation sector projects, amounting to JD44.9 million, were both completely withdrawn. Meanwhile, JD180 million was channeled toward higher education, JD131.7 million for education, JD94 million for investments, and JD26.5 million for the communications sector. The allocations for all funded projects included in the budget for the year 2022 amounted to about JD52.79 million, according to the report, while the financial amounts for which withdrawal requests were prepared to be compensated in 2022 totaled about JD32.6 million. Jordan received a grant from the Gulf in 2012 valued at $5 billion, or the equivalent of JD3.5 billion, given over a five-year period for each nation. It was planned to go to the Kingdom’s treasury through Saudi Arabia, the Emirates, Kuwait, and Qatar, with each nation contributing JD886 million. According to the report, the grant helped implement ongoing development projects in numerous sectors, ease the financial strain on the government, and reduce the budget deficit, allowing all ministries and institutions to deliver the necessary services effectively and efficiently. Due to the high cost of imported energy and the need to improve water supply across all governorates, the grant also allowed the government to carry out strategic projects that were part of the Executive Development Program (2011-2013) and contributed to fostering the growth of priority sectors such as energy, water, and local development.

Source: Jordan News Agency