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Jordan Economy
Jordan Economy: A summary of information about Jordan Economy, from government research data as well as independent research and other sources.
Jordan: Economy
Economy - overview
Jordan is a small Arab country with inadequate supplies of water and other natural resources such as oil. The Persian Gulf crisis, which began in August 1990, aggravated Jordan's already serious economic problems, forcing the government to shelve the IMF program, stop most debt payments, and suspend rescheduling negotiations. Aid from Gulf Arab states, worker remittances, and trade contracted; and refugees flooded the country, producing serious balance-of-payments problems, stunting GDP growth, and straining government resources. The economy rebounded in 1992, largely due to the influx of capital repatriated by workers returning from the Gulf. After averaging 9% in 1992-95, GDP growth averaged only 2% during 1996-99. In an attempt to spur growth, King ABDALLAH has undertaken limited economic reform, including partial privatization of some state owned enterprises and Jordan's entry in January 2000 into the World Trade Organization (WTrO). Debt, poverty, and unemployment are fundamental ongoing economic problems.
GDP
purchasing power parity - $16 billion (1999 est.)
GDP - real growth rate
2% (1999 est.)
GDP - per capita
purchasing power parity - $3,500 (1999 est.)
GDP - composition by sector
agriculture: 3% industry: 25% services: 72% (1998 est.)
Population below poverty line
30% (1998 est.)
Household income or consumption by percentage share
lowest 10%: 2.4% highest 10%: 34.7% (1991)
Inflation rate (consumer prices)
3% (1999 est.)
Labor force
1.15 million note: in addition, at least 300,000 workers are employed abroad (1997 est.)
Labor force - by occupation
industry 11.4%, commerce, restaurants, and hotels 10.5%, construction 10%, transport and communications 8.7%, agriculture 7.4%, other services 52% (1992)
Unemployment rate
15% official rate; actual rate is 25%-30% (1999 est.)
Budget
revenues: $2.8 billion expenditures: $3.1 billion, including capital expenditures of $NA (2000 est.)
Industries
phosphate mining, petroleum refining, cement, potash, light manufacturing, tourism
Industrial production growth rate
-3.4% (1996)
Electricity - production
6.08 billion kWh (1998)
Electricity - production by source
fossil fuel: 99.51% hydro: 0.49% nuclear: 0% other: 0% (1998)
Electricity - consumption
6.102 billion kWh (1998)
Electricity - exports
2 million kWh (1998)
Electricity - imports
450 million kWh (1998)
Agriculture - products
wheat, barley, citrus, tomatoes, melons, olives; sheep, goats, poultry
Exports
$1.8 billion (f.o.b., 1999 est.)
Exports - commodities
phosphates, fertilizers, potash, agricultural products, manufactures
Exports - partners
Iraq, India, Saudi Arabia, EU, Indonesia, UAE, Lebanon, Kuwait, Syria, Ethiopia
Imports
$3.3 billion (c.i.f., 1999 est.)
Imports - commodities
crude oil, machinery, transport equipment, food, live animals, manufactured goods
Imports - partners
Germany, Iraq, US, Japan, UK, Italy, Turkey, Malaysia, Syria, China
Debt - external
$8.4 billion (1998 est.)
Economic aid - recipient
ODA, $850 million (1996 est.)
Currency
1 Jordanian dinar (JD) = 1,000 fils
Exchange rates
Jordanian dinars (JD) per US$1 - 0.7090 (January 2000-1996), 0.7005 (1995) note: since May 1989, the dinar has been pegged to a group of currencies
Fiscal year
calendar year