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Jordan:
Economy

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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


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