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Jordan

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Summary

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 most fuel subsidies, which in the past few years have spurred economic growth by attracting foreign investment and creating some jobs. The global economic slowdown, however, has depressed Jordan's GDP growth. Export-oriented sectors such as manufacturing, mining, and the transport of re-exports have been hit the hardest. The Government approved two supplementary budgets in 2010, but sweeping tax cuts planned for 2010 did not materialize because of Amman's need for additional revenue to cover excess spending. The budget deficit is likely to remain high, at 5-6% of GDP, and Amman likely will continue to depend heavily on foreign assistance to finance the deficit in 2011. 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.

The Jordanian market is a little bit better than the rest of the region, and definitely better than Europe and the States.

The sector is also considered a backbone of the local economy with over 10% direct contribution to the local GDP and offers thousands of job opportunities. It also plays an essential role in providing an attractive environment for foreign investments that need strong infrastructure and up to date technology.

Jordan receives substantial direct financial, economic development, and military aid from the US; the EU (plus from Britain and many other individual EU states); many Arab states; a host of international banking institutions (World Bank, IMF, etc.) and international NGOs.

Central bank

Central Bank of Jordan

International Reserves

US$ 13.295 billion (Source: IMF; Data updated: November 2011)

Gross Domestic Product - GDP

US$ 29.964 billion (2010 estimate)

GDP (Purchasing Power Parity)

36.04 billion of International dollars (2010 estimate)

Real GDP growth

2000

2001

2002

2003

2004

2005

2006

2007

4.3%

5.3%

5.8%

4.2%

8.6%

8.1%

7.9%

8.5%

2008

2009

2010

2011*

7.6%

2.3%

3.1%

3.3%

*Estimate

GDP per capita - current prices

US$ 4,788 (2009 estimate)

GDP per capita - PPP

$5,759 International Dollars (2009 estimate)

GDP (PPP) - share of world total

1980

1990

2000

2010

2015**

0.04%

0.03%

0.04%

0.05%

0.05%

**Forecast

GDP - composition by sector

  • agriculture: 3.5%
  • industry: 29.9%
  • services: 66.5% (2009 estimate)
  • (Data released on November 2010)

Gross domestic expenditure on R&D (% of GDP)

N/A

(Data released on November 2010)

Inflation

2008

2009

2010

2011*

13.9%

-0.7%

5%

6.1%

*Estimate

Unemployment rate

2008

2009

2010

2011*

12.7%

12.9%

12.5%

12.5%

*Estimate

Household saving rates

N/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)

2007

2008

2009

2010

2011*

71.1%

58.1%

61.4%

60.5%

62%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)

2007

2008

2009

2010*

2011**

-4.5%

-4.1%

-8.1%

-6%

-5.3%

*Estimate   **Forecast

Government bond ratings

Standard & Poor's: BB/Stable/B

Moody's rating: Ba2

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares

2007

2008

2009

US$41.216 billion

US$35.847 billion

US$31.865 billion

Largest companies in Jordan

Arab Bank (Regional Banks)

(2011)

Contact

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