RIYADH: The value of remittances from Jordanian expatriates grew by 3.1 percent in the first 10 months of 2024, reaching $2.9 billion, according to the Central Bank of Jordan.
Data from the CBJ showed in the first three quarters of 2024, money sent back to the country from citizens abroad totaled $2.6 billion, a 3.2 percent increase from the same period of 2023.
The rise seen by Jordan is consistent with much of the region, with Egypt seeing a 42.6 percent remittance increase in the first nine months of 2024, and Saudi Arabia witnessing a two-and-a-half-year high in October for expats sending money back to the country.
The 2024 figures come after global remittance flows to low- and middle-income countries slowed in 2023, with a modest 0.7 percent growth after strong increases in the previous two years, according to the World Bank.
The Middle East and North Africa saw a nearly 15 percent drop to $55 billion in 2023, primarily due to reduced flows to Egypt, but the final figure for 2024 is expected to show 4.3 percent growth.
In 2023, Egypt was the top remittance recipient in the Middle East and North Africa, receiving $19.5 billion, followed by Morocco and Lebanon, while Jordan received $4.5 billion.
In terms of remittances as a percentage of the gross domestic product, Lebanon ranked highest at 27.5 percent, followed by the West Bank and Gaza at 18.8 percent, and Jordan at 8.9 percent.
Jordan tourism struggles
The CBJ also revealed that tourism income in Jordan dropped by 3.1 percent in the first 11 months of 2024 to total $6.7 billion, mainly due to a 4.9 percent decrease in arrivals.
Despite this overall decline, tourism income from Jordanian expatriates rose by 7.4 percent, and revenue from Arab tourists increased by 12.5 percent.
Income from European visitors dropped by 55.4 percent, money from US tourists fell by 37.4 percent, with other spending from other international tourists declining by 17.8 percent, as the Israel-Hamas conflict continued to impact on visitor numbers.
Additionally, Jordanians’ spending on international tourism in 2024 rose by 3.3 percent, reaching $1.8 billion, compared to the same period in 2023.
