Jordan



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Jordan Economy 2008


Economy - overview: Jordan is a small Arab country with insufficient supplies of water, oil, and other natural resources. Poverty, unemployment, and inflation are fundamental problems, but King ABDALLAH II, since assuming the throne in 1999, has undertaken some broad economic reforms in a long-term effort to improve living standards. Since Jordan's graduation from its most recent IMF program in 2002, Amman has continued to follow IMF guidelines, practicing careful monetary policy, making substantial headway with privatization, and opening the trade regime. Jordan's exports have significantly increased under the free trade accord with the US and Jordanian Qualifying Industrial Zones (QIZ), which allow Jordan to export goods duty free to the US. In 2006, Jordan reduced its debt-to-GDP ratio significantly. These measures have helped improve productivity and have made Jordan more attractive for foreign investment. Before the US-led war in Iraq, Jordan imported most of its oil from Iraq. Since 2003, however, Jordan has been more dependent on oil from other Gulf nations. The government ended subsidies for petroleum and other consumer goods in 2008 in an effort to control the budget. The main challenges facing Jordan are reducing dependence on foreign grants, reducing the budget deficit, attracting investments, and creating jobs.
GDP (purchasing power parity): $28.45 billion (2007 est.)
GDP (official exchange rate): $16.01 billion (2007 est.)
GDP - real growth rate: 6% (2007 est.)
GDP - per capita (PPP): $4,700 (2007 est.)
GDP - composition by sector: agriculture: 3.5% industry: 10.3% services: 86.2% (2007 est.)
Labor force: 1.563 million (2007 est.)
Labor force - by occupation: agriculture: 5% industry: 12.5% services: 82.5% (2001 est.)
Unemployment rate: 13.5% official rate; unofficial rate is approximately 30% (2007 est.)
Household income or consumption by percentage share: lowest 10%: 2.7% highest 10%: 30.6% (2003)
Distribution of family income - Gini index: 38.8 (2003)
Investment (gross fixed): 27.9% of GDP (2007 est.)
Budget: revenues: $5.117 billion expenditures: $6.468 billion (2007 est.)
Public debt: 72.4% of GDP (2007 est.)
Inflation rate (consumer prices): 5.4% (2007 est.)
Central bank discount rate: 7% (31 December 2007)
Commercial bank prime lending rate: 8.68% (31 December 2007)
Stock of money: $6.765 billion (31 December 2007)
Stock of quasi money: $15.38 billion (31 December 2007)
Stock of domestic credit: $19.53 billion (31 December 2007)
Agriculture - products: citrus, tomatoes, cucumbers, olives; sheep, poultry, stone fruits, strawberries, dairy
Industries: clothing, phosphate mining, fertilizers, pharmaceuticals, petroleum refining, cement, potash, inorganic chemicals, light manufacturing, tourism
Industrial production growth rate: 7.7% (2007 est.)
Electricity - production: 10.87 billion kWh (2006 est.)
Electricity - consumption: 9.852 billion kWh (2006 est.)
Electricity - exports: 13 million kWh (2006 est.)
Electricity - imports: 472 million kWh (2006 est.)
Oil - production: 0 bbl/day (2005 est.)
Oil - consumption: 110,700 bbl/day (2006 est.)
Oil - exports: 0 bbl/day (2005 est.)
Oil - imports: 112,300 bbl/day (2005 est.)
Oil - proved reserves: 1 million bbl (1 January 2008 est.)
Natural gas - production: 320 million cu m (2006 est.)
Natural gas - consumption: 2.25 billion cu m (2006 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 2.4 billion cu m (2007 est.)
Natural gas - proved reserves: 6.031 billion cu m (1 January 2008 est.)
Current account balance: -$2.767 billion (2007 est.)
Exports: $5.7 billion f.o.b. (2007 est.)
Exports - commodities: clothing, pharmaceuticals, potash, phosphates, fertilizers, vegetables, manufactures;
Exports - partners: US 22.4%, Iraq 12.9%, India 8.3%, UAE 7.8%, Saudi Arabia 7.5%, Syria 4.9% (2007)
Imports: $12.02 billion f.o.b. (2007 est.)
Imports - commodities: crude oil, textile fabrics, machinery, transport equipment, manufactured goods
Imports - partners: Saudi Arabia 21%, China 9.7%, Germany 7.5%, US 4.7%, Egypt 4.4% (2007)
Reserves of foreign exchange and gold: $7.929 billion (31 December 2007 est.)
Debt - external: $8.133 billion (31 December 2007 est.)
Stock of direct foreign investment - at home: $18.18 billion (2007 est.)
Market value of publicly traded shares: $29.73 billion (2006)
Currency (code): Jordanian dinar (JOD)
Exchange rates: Jordanian dinars (JOD) per US dollar - 0.709 (2007), 0.709 (2006), 0.709 (2005), 0.709 (2004), 0.709 (2003)

NOTE: The economy information regarding Jordan on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jordan Economy 2008 information contained here. All suggestions for corrections of any errors about Jordan Economy 2008 should be addressed to the CIA.