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