Economy of Jordan

Economy - overview
Jordan's economy is among the smallest in the Middle East, with insufficient supplies of water, oil, and other natural resources, underlying the government''s heavy reliance on foreign assistance. Other economic challenges for the government include chronic high rates of poverty, unemployment, inflation, and a large budget deficit. Since assuming the throne in 1999, King ABDALLAH has implemented significant economic reforms, such as opening the trade regime, privatizing state-owned companies, and eliminating some fuel subsidies, which in the last decade spurred economic growth by attracting foreign investment and creating some jobs. The global economic slowdown and regional turmoil, however, have depressed Jordan''s GDP growth, impacting export-oriented sectors, construction, and tourism. In 2011 the government approved two economic relief packages and a budgetary supplement, largely to improve the living conditions for the middle and poor classes. Jordan''s finances have also been strained by a series of natural gas pipeline attacks in Egypt, causing Jordan to substitute more expensive heavy fuel oils to generate electricity. An influx of foreign aid, especially from Gulf countries, has helped to somewhat offset these extrabudgetary expenditures, but the budget deficit is likely to remain high, at nearly 10% of GDP excluding grants. Amman likely will continue to depend heavily on foreign assistance to finance the deficit in 2012. Jordan''s financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets. Jordan is currently exploring nuclear power generation to forestall energy shortfalls.
GDP (purchasing power parity)
$37.37 billion (2011 est.)
$35.64 billion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$29.23 billion (2011 est.)
GDP - real growth rate
2.5% (2011 est.)
5.5% (2009 est.)
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GDP - per capita (PPP)
$6,000 (2011 est.)
$6,000 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
4.5%
industry:
30.8%
services:
64.7% (2011 est.)
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Labor force
1.771 million (2011 est.)
rank:
124
Labor force - by occupation
agriculture:
2.7%
industry:
20%
services:
77.4% (2007 est.)
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Unemployment rate
12.3% (2011 est.)
12.5% (2010 est.)
official rate; unofficial rate is approximately 30%
Population below poverty line
14.2% (2002)
Household income or consumption by percentage share
lowest 10%:
3.4%
highest 10%:
28.7% (2010 est.)
Distribution of family income - Gini index
39.7 (2007)
36.4 (1997)
Investment (gross fixed)
21.3% of GDP (2011 est.)
rank:
74
Budget
revenues:
$5.922 billion
expenditures:
$9.593 billion (2011 est.)
Taxes and other revenues
20.3% of GDP (2011 est.)
rank:
162
Budget surplus (+) or deficit (-)
-12.6% of GDP (2011 est.)
rank:
207
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Public debt
57.5% of GDP (2011 est.)
57.3% of GDP (2010 est.)
data cover central government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)
4.4% (2011 est.)
5% (2010 est.)
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Central bank discount rate
0.3% (31 December 2010 est.)
4.75% (31 December 2009 est.)
Commercial bank prime lending rate
8.71% (31 December 2011 est.)
8.9% (31 December 2010 est.)
Stock of narrow money
$10.18 billion (31 December 2011 est.)
$9.238 billion (31 December 2010 est.)
Stock of broad money
$37.39 billion (31 December 2011 est.)
$35.53 billion (31 December 2010 est.)
Stock of domestic credit
$30.8 billion (31 December 2011 est.)
$26.44 billion (31 December 2010 est.)
Market value of publicly traded shares
$27.18 billion (31 December 2011)
$31.86 billion (31 December 2009)
Agriculture - products
citrus, tomatoes, cucumbers, olives, strawberries, stone fruits; sheep, poultry, dairy
Industries
clothing, fertilizers, potash, phosphate mining, pharmaceuticals, petroleum refining, cement, inorganic chemicals, light manufacturing, tourism
Industrial production growth rate
1% (2011 est.)
rank:
136
Electricity - production
13.01 billion kWh (2008 est.)
rank:
85
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Electricity - consumption
11.3 billion kWh (2008 est.)
rank:
84
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Electricity - exports
323 million kWh (2008 est.)
Electricity - imports
224 million kWh (2008 est.)
Oil - production
87.77 bbl/day (2010 est.)
rank:
120
Oil - consumption
98,000 bbl/day (2010 est.)
rank:
77
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Oil - exports
0 bbl/day (2009 est.)
rank:
166
Oil - imports
111,700 bbl/day (2009 est.)
rank:
60
Oil - proved reserves
1 million bbl (1 January 2011 est.)
rank:
97
Natural gas - production
250 million cu m (2009 est.)
rank:
75
Natural gas - consumption
3.1 billion cu m (2009 est.)
rank:
73
Natural gas - exports
0 cu m (2009 est.)
rank:
122
Natural gas - imports
2.85 billion cu m (2009 est.)
rank:
42
Natural gas - proved reserves
6.031 billion cu m (1 January 2011 est.)
rank:
88
Current account balance
-$2.863 billion (2011 est.)
-$1.301 billion (2010 est.)
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Exports
$7.986 billion (2011 est.)
$7.028 billion (2010 est.)
Exports - commodities
clothing, fertilizers, potash, phosphates, vegetables, pharmaceuticals
Exports - partners
Iraq 15.3%, US 14.7%, India 12.5%, Saudi Arabia 9.6%, Lebanon 4.4% (2011)
Imports
$16.21 billion (2011 est.)
$13.68 billion (2010 est.)
Imports - commodities
crude oil, machinery, transport equipment, iron, cereals
Imports - partners
Saudi Arabia 22.4%, China 10.6%, US 6.2%, Italy 5.1%, Germany 4.2%, Egypt 4.1% (2011)
Reserves of foreign exchange and gold
$12.11 billion (31 December 2011 est.)
$13.65 billion (31 December 2010 est.)
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Debt - external
$7.644 billion (31 December 2011 est.)
$7.645 billion (31 December 2010 est.)
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Stock of direct foreign investment - at home
$22.42 billion (31 December 2011 est.)
$20.67 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$NA
Exchange rates
0.709 (2007)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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