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Jordan Economy Profile 2017

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Economy - overviewJordan'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 and underemployment, budget and current account deficits, and government debt.

King ABDALLAH, during the first decade of the 2000s, implemented significant economic reforms, such as expanding foreign trade and privatizing state-owned companies that attracted foreign investment and contributed to average annual economic growth of 8% for 2004 through 2008. The global economic slowdown and regional turmoil contributed to slower growth from 2010 to 2016 - with growth averaging 2.8% per year - and hurt export-oriented sectors, construction, and tourism. Since the onset of the civil war in Syria and resulting refugee crisis, one of Jordan’s most pressing socioeconomic challenges has been managing the influx of 650,000 UN-registered refugees, more than 80% of whom live in Jordan’s urban areas. Jordan’s own official census estimated the refugee number at 1.3 million as of early 2016.

Jordan is nearly completely dependent on imported energy—mostly natural gas—and energy consistently makes up 25-30 percent of Jordan’s imports. To diversify its energy mix, Jordan has secured several contracts for liquefied natural gas and is currently exploring nuclear power generation, exploitation of abundant oil shale reserves and renewable technologies, as well as the import of Israeli offshore gas. In August 2016, Jordan and the IMF agreed to a $723 million Extended Fund Facility that aims to build on the three-year, $2.1 billion IMF program that ended in August 2015 with the goal of helping Jordan correct budgetary and balance of payments imbalances.
GDP (purchasing power parity)$86.19 billion (2016 est.)
$83.89 billion (2015 est.)
$81.93 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$39.45 billion (2016 est.)
GDP - real growth rate2.8% (2016 est.)
2.4% (2015 est.)
3.1% (2014 est.)
GDP - per capita (PPP)$11,100 (2016 est.)
$11,000 (2015 est.)
$11,000 (2014 est.)
note: data are in 2016 dollars
Gross national saving10.4% of GDP (2016 est.)
10.2% of GDP (2015 est.)
14.4% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 81.1%
government consumption: 19.8%
investment in fixed capital: 22.6%
investment in inventories: 3.1%
exports of goods and services: 32.7%
imports of goods and services: -59.3% (2016 est.)
GDP - composition by sectoragriculture: 4.2%
industry: 29.6%
services: 66.2% (2016 est.)
Population below poverty line14.2% (2002 est.)
Labor force2.205 million (2016 est.)
Labor force - by occupationagriculture: 2%
industry: 20%
services: 78% (2013 est.)
Unemployment rate15.8% (2016 est.)
13.1% (2015 est.)
note: official rate; unofficial rate is approximately 30%
Unemployment, youth ages 15-24total: 29.3%
male: 25.2%
female: 48.8% (2012 est.)
Household income or consumption by percentage sharelowest 10%: 3.4%
highest 10%: 28.7% (2010 est.)
Distribution of family income - Gini index39.7 (2007)
36.4 (1997)
Budgetrevenues: $8.649 billion
expenditures: $11.22 billion (2016 est.)
Taxes and other revenues21.9% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-6.5% of GDP (2016 est.)
Public debt90.6% of GDP (2016 est.)
85.5% of GDP (2015 est.)
note: 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)-0.8% (2016 est.)
-0.9% (2015 est.)
Central bank discount rate3.75% (31 December 2015)
0.3% (31 December 2010)
Commercial bank prime lending rate8% (31 December 2016 est.)
8.24% (31 December 2015 est.)
Stock of narrow money$14.68 billion (31 December 2016 est.)
$13.92 billion (31 December 2015 est.)
Stock of broad money$46.78 billion (31 December 2016 est.)
$44.52 billion (31 December 2015 est.)
Stock of domestic credit$41.95 billion (31 December 2016 est.)
$39.57 billion (31 December 2015 est.)
Market value of publicly traded shares$24.25 billion (31 December 2016 est.)
$25.45 billion (31 December 2015 est.)
$25.55 billion (31 December 2014 est.)
Agriculture - productscitrus, tomatoes, cucumbers, olives, strawberries, stone fruits; sheep, poultry, dairy
Industriestourism, information technology, clothing, fertilizers, potash, phosphate mining, pharmaceuticals, petroleum refining, cement, inorganic chemicals, light manufacturing
Industrial production growth rate1.8% (2016 est.)
Current Account Balance-$3.65 billion (2016 est.)
-$3.418 billion (2015 est.)
Exports$7.124 billion (2016 est.)
$7.829 billion (2015 est.)
Exports - commoditiestextiles, fertilizers, potash, phosphates, vegetables, pharmaceuticals
Exports - partnersUS 21%, Saudi Arabia 16.5%, Iraq 10.3%, India 8.7%, UAE 4.8%, Kuwait 4.4% (2015)
Imports$17.86 billion (2016 est.)
$18.04 billion (2015 est.)
Imports - commoditiescrude oil, refined petroleum products, machinery, transport equipment, iron, cereals
Imports - partnersSaudi Arabia 15.4%, China 12.8%, US 6.2%, Germany 4.7%, UAE 4.2% (2015)
Reserves of foreign exchange and gold$15.18 billion (31 December 2016 est.)
$16.57 billion (31 December 2015 est.)
Debt - external$13.32 billion (31 December 2016 est.)
$13.24 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$31.2 billion (31 December 2016 est.)
$29.96 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$629.3 million (31 December 2016 est.)
$609.3 million (31 December 2015 est.)
Exchange ratesJordanian dinars (JOD) per US dollar -
0.71 (2016 est.)
0.71 (2015 est.)
0.71 (2014 est.)
0.71 (2013 est.)
0.709 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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