Jordanian Economy, Jordan Economy

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Economy - overview: Jordan is a small Arab country with inadequate supplies of water and other natural resources such as oil. Debt, poverty, and unemployment are fundamental problems, but King ABDALLAH, since assuming the throne in 1999, has undertaken some broad economic reforms in a long-term effort to improve living standards. Amman in the past three years has worked closely with the IMF, practiced careful monetary policy, and made substantial headway with privatization. The government also has liberalized the trade regime sufficiently to secure Jordan's membership in the WTO (2000), a free trade accord with the US (2001), and an association agreement with the EU (2001). These measures have helped improve productivity and have put Jordan on the foreign investment map. Jordan imported most of its oil from Iraq, but the US-led war in Iraq in 2003 made Jordan more dependent on oil from other Gulf nations forcing the Jordanian government to raise retail petroleum product prices and the sales tax base. Jordan's export market, which is heavily dependent on exports to Iraq, was also affected by the war but recovered quickly while contributing to the Iraq recovery effort. The main challenges facing Jordan are reducing dependence on foreign grants, reducing the budget deficit, and creating investment incentives to promote job creation.

GDP: 14.6% (2004)

GDP - real growth rate: 5.1% (2004 est.)

GDP - per capita: Purchasing power parity - $4,500 (2004 est.)

GDP - composition by sector: Agriculture: 2.4% industry: 26% services: 71.5% (2004 est.)

Population below poverty line: 30% (2001 est.)

Household income or consumption by percentage share: Lowest 10%: 3.3% highest 10%: 29.8% (1997)

Distribution of family income - Gini index: 36.4 (1997)

Inflation rate (consumer prices):

Labor force: 1.41 million (2004 est.)

Labor force - by occupation: Agriculture 5%, industry 12.5%, services 82.5% (2001 est.)

Unemployment rate: 15% official rate; unofficial rate is approximately 30% (2004 est.)

Budget: Revenues: $3.483 billion expenditures: $3.616 billion, including capital expenditures of $782 million (2004 est.)

Industries: Phosphate mining, pharmaceuticals, petroleum refining, cement, potash, inorganic chemicals, light manufacturing, tourism

Industrial production growth rate: 5% (2004 est.)

Electricity - production: 7.307 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 7.094 billion kWh (2002)

Electricity - exports: 2 million kWh (2002)

Electricity - imports: 300 million kWh (2002)

Oil - production: 40 bbl/day (2004 est.)

Oil - consumption: 103,000 bbl/day (2004 est.)

Oil - exports: 0 bbl/day (2004 est.)

Oil - imports: 100,000 bbl/day (2004 est.)

Oil - proved reserves: 445,000 bbl (1 January 2002)

Natural gas - production: 290 million cu m (2001 est.)

Natural gas - consumption: 290 million cu m (2001 est.)

Natural gas - exports: 0 cu m (2001 est.)

Natural gas - imports: 0 cu m (2001 est.)

Natural gas - proved reserves: 3.256 billion cu m (1 January 2002)

Agriculture - products: Wheat, barley, citrus, tomatoes, melons, olives; sheep, goats, poultry

Exports: $3.2 billion f.o.b. (2004 est.)

Exports - commodities: Clothing, phosphates, fertilizers, potash, vegetables, manufactures, pharmaceuticals

Exports - partners: US 28.9%, Iraq 17.6%, India 7.1%, Saudi Arabia 5.6% (2004)

Imports: $7.6 billion f.o.b. (2004 est.)

Imports - commodities: Crude oil, textile fabrics, machinery, transport equipment, manufactured goods

Imports - partners: Saudi Arabia 19.8%, China 8.4%, Germany 6.8%, US 6.8% (2004)

Debt - external: $7.32 billion (2004 est.)

Economic aid - recipient: ODA, $500 million (2004 est.)

Currency:

Currency code:

Exchange rates: Jordanian dinars per US dollar - 0.709 (2004), 0.709 (2003), 0.709 (2002), 0.709 (2001), 0.709 (2000)

Fiscal year: Calendar year

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Aruba Antigua and Barbuda Afghanistan Algeria Azerbaijan Albania Armenia Andorra Angola American Samoa Argentina Australia Ashmore and Cartier Islands Austria Anguilla Antarctica Bahrain Barbados Botswana Bermuda Belgium Bahamas Bangladesh Belize Bosnia and Herzegovina Bolivia Burma Benin Belarus Solomon Islands Navassa Island Brazil Bassas da India Bhutan Bulgaria Bouvet Island Brunei Burundi Canada Cambodia Curacao Chad Sri Lanka Congo, Republic of the Congo, Democratic Republic of the China Chile Cayman Islands Cocos Islands Cameroon Comoros Colombia Northern Mariana Islands Coral Sea Islands Costa Rica Central African Republic Cuba Cape Verde Cook Islands Cyprus Denmark Djibouti Dominica Jarvis Island Dominican Republic Ecuador Egypt Ireland Equatorial Guinea Estonia Eritrea El Salvador Ethiopia Europa Island Czech Republic French Guiana Finland Fiji Falkland Islands Micronesia Faroe Islands French Polynesia Baker Island France French Southern and Antarctic Lands Gambia Gabon Georgia Ghana Gibraltar Grenada Guernsey Greenland Germany Glorioso Islands Guadeloupe Guam Greece Guatemala Guinea Guyana Gaza Strip Haiti Hong Kong Heard Island and McDonald Islands Honduras Howland Island Croatia Hungary Iceland Indonesia Isle of Man India British Indian Ocean Territory Clipperton Island Iran Israel Italy Cote d’Ivoire Iraq Japan Jersey Jamaica Jan Mayen Jordan Johnston Atoll Juan de Nova Island Kenya Kyrgyzstan North Korea Kingman Reef Kiribati South Korea Christmas Island Kuwait Kosovo Kazakhstan Laos Lebanon Latvia Lithuania Liberia Slovakia Palmyra Atoll Liechtenstein Lesotho Luxembourg Libya Madagascar Martinique Macau Moldova Mayotte Mongolia Montserrat Malawi Montenegro Macedonia Mali Monaco Morocco Mauritius Midway Islands Mauritania Malta Oman Maldives Mexico Malaysia Mozambique New Caledonia Niue Norfolk Island Niger Vanuatu Nigeria Netherlands Norway Nepal Nauru Suriname Netherlands Antilles Nicaragua New Zealand Paraguay Pitcairn Islands Peru Paracel Islands Spratly Islands Pakistan Poland Panama Portugal Papua New Guinea Palau Guinea-Bissau Qatar Serbia Reunion Marshall Islands Romania Philippines Puerto Rico Russia Rwanda Saudi Arabia Saint Pierre and Miquelon Saint Kitts and Nevis Seychelles South Africa Senegal Saint Helena Slovenia Sierra Leone San Marino Singapore Somalia Spain South Sudan Saint Lucia Sudan Svalbard Sweden South Georgia and the South Sandwich Islands Syria Switzerland United Arab Emirates Trinidad and Tobago Tromelin Island Thailand Tajikistan Turks and Caicos Islands Tokelau Tonga Togo Sao Tome and Principe Tunisia East Timor Turkey Tuvalu Taiwan Turkmenistan Tanzania Uganda United Kingdom Ukraine United States Burkina Faso Uruguay Uzbekistan Saint Vincent and the Grenadines Venezuela British Virgin Islands Vietnam Virgin Islands Vatican City Namibia West Bank Wallis and Futuna Western Sahara Wake Island Samoa Swaziland Indian Ocean Arctic Ocean The World Yemen Zambia Zimbabwe Select a country