Amman - Jordan's trade and services sector is the "cornerstone" of the national economy and a "major" driver of economic growth, as its contribution to the gross domestic product amounted to approximately 65% during the last five years, Chairman of Jordan Chamber of Commerce (JCC), Khalil Haj Tawfiq, said.
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In remarks to "Petra," he noted this percentage "clearly" indicates the sector's contribution to the national economy and its "significant" impact on various national economic indicators and social life in terms of employment and work.
Haj Tawfiq added that this sector, which always enjoys His Majesty King Abdullah II's attention, plays a role in achieving national economic security, as it strengthens Jordan's economic relations with various countries worldwide and promotes the Kingdom's business and investment environment.
Additionally, he noted this sector is the "largest" employer of local labor at a rate of up to 88%, indicating that a total of about 600,000 people work in this industry, constituting 44% of the compulsorily total workers insured at Social Security Corporation and others working in various economic activities.
Haj Tawfiq stated that the sector's female workers reached 199,000 last year 2023, constituting 32.2% of its total workforce.
During the last five years, he pointed out that the sector's contribution to the gross domestic product trended upward from JD19.993 billion in 2018, to JD23.375 billion last year 2023.
The Kingdom's gross domestic product at current prices also went up in recent years, rising from JD30.793 billion in 2018 to JD34.543 billion in 2022, reaching JD36.077 billion during the past year.
Moreover, value of customs taxes and general tax on goods and services during the past year amounted to a total of JD8.4 billion, of which customs duties represented 2.6% and sales tax on the commercial sector represented 13.4%.
According to Haj Tawfiq, sales tax on imported goods amounted to 13.2%, adding that this rate means that the trade and services sector is one of the economic sectors that pays the most share of taxes.
Haj Tawfiq stated that the sector accounted for about 80% of the total volume of direct credit facilities granted by banks operating in the Kingdom in recent years, reaching JD20.430 billion last year 2023, compared to JD20.048 billion in 2022.
Additionally, Haj Tawfiq noted the Kingdom's imports amounted to JD18.3 billion last year, as China, Saudi Arabia, the United States , India, and the United Arab Emirates were Jordan's most important trading partners in terms of imports, which are concentrated in crude oil, mineral oils, vehicles, jewelry, machinery, electrical appliances and its parts.
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