Jordan:
Economy

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Other pages in this profile of Jordan:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $27.99 billion (2007 est.)
GDP (official exchange rate)	Definition $16.01 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5.7% (2007 est.)
GDP - per capita	Definition - World rank and map $4,900 (2007 est.)
GDP - composition by sector	Definition agriculture: 3.5% industry: 10.3% services: 86.2% (2007 est.)
Labor force	Definition 1.563 million (2007 est.)
Labor force - by occupation	Definition agriculture: 5% industry: 12.5% services: 82.5% (2001 est.)
Unemployment rate	Definition - World rank and map 13.5% official rate; unofficial rate is approximately 30% (2007 est.)
Population below poverty line	Definition 14.2% (2002)
Household income or consumption by percentage share	Definition lowest 10%: 2.7% highest 10%: 30.6% (2003)
Distribution of family income - Gini index	Definition - World rank and map 38.8 (2003)
Inflation rate (consumer prices)	Definition - World rank and map 5.4% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 27.8% of GDP (2007 est.)
Budget	Definition revenues: $5.117 billion expenditures: $6.468 billion (2007 est.)
Public debt	Definition - World rank and map 72.7% of GDP (2007 est.)
Agriculture - products	Definition citrus, tomatoes, cucumbers, olives; sheep, poultry, stone fruits, strawberries, dairy
Industries	Definition clothing, phosphate mining, fertilizers, pharmaceuticals, petroleum refining, cement, potash, inorganic chemicals, light manufacturing, tourism
Industrial production growth rate	Definition - World rank and map 7.7% (2007 est.)
Electricity - production	Definition - World rank and map 9.074 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 8.49 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 1,369.7 kWh (2005)
Electricity - exports	Definition 4 million kWh (2005)
Electricity - imports	Definition 741 million kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 109,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 17.6 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004 est.)
Oil - imports	Definition - World rank and map 106,400 bbl/day (2004 est.)
Oil - proved reserves	Definition - World rank and map 1 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 268.5 million cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 1.496 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 241 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 1.228 billion cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 5.975 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$2.769 billion (2007 est.)
Exports	Definition - World rank and map $5.7 billion f.o.b. (2007 est.)
Exports - commodities	Definition clothing, pharmaceuticals, potash, phosphates, fertilizers, vegetables, manufactures;
Exports - partners	Definition US 22.4%, Iraq 12.9%, India 8.3%, UAE 7.8%, Saudi Arabia 7.5%, Syria 4.9% (2006)
Imports	Definition - World rank and map $12.02 billion f.o.b. (2007 est.)
Imports - commodities	Definition crude oil, textile fabrics, machinery, transport equipment, manufactured goods
Imports - partners	Definition Saudi Arabia 21%, China 9.7%, Germany 7.5%, US 4.7%, Egypt 4.4% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $7.929 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $8.206 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $10.24 billion (2007 est.)
Market value of publicly traded shares	Definition $29.73 billion (2006)
Economic aid - recipient	Definition ODA, $752 million (2005 est.)
Currency (code)	Definition Jordanian dinar (JOD)
Exchange rates	Definition Jordanian dinars per US dollar - 0.709 (2007), 0.709 (2006), 0.709 (2005), 0.709 (2004), 0.709 (2003)
Fiscal year	Definition calendar year

Jordan: Economy

Jordan:
Economy