Jordan Economic Forecast

Jordan Economic Outlook

May 12, 2020

The economy is slowly opening up again in the second quarter of this year after the spread of coronavirus forced the government to implement containment measures in the first quarter. On 3 May, the government announced the lifting of many of these restrictions—which included the curtailing of movement, the closure of schools, universities, restaurants and archeological sites, and the banning of public events—and that economic activity across all sectors could resume again. Strict hygiene rules, however, still apply. On 16 April, the IMF approved a four-year financial assistance program for the government worth USD 1.3 billion, USD 139 million of which was made immediately available. The program is aimed at supporting the government’s response to the Covid-19 crisis and encouraging business-friendly reforms.

Jordan Economic Growth

The economy will contract this year due to Covid-19 restrictions, which will hamper domestic demand, and an economic downturn abroad, which will weigh on exports. However, lower oil prices should cut expenses for businesses and consumers, while fiscal and monetary policy stimulus should also support activity. Our panelists project GDP to decrease 3.0% this year, which is down 2.7 percentage points from last month’s forecast, before increasing 2.8% in 2021.

Jordan Economy Data

2014 2015 2016 2017 2018
Population (million)8.89.29.59.79.9
GDP per capita (USD)4,0674,0964,0884,1964,264
GDP (USD bn)35.837.538.740.742.2
Economic Growth (GDP, annual variation in %)3.42.62.12.11.9
Industrial Production (annual variation in %)1.70.9-2.1-0.7-6.1
Unemployment Rate11.913.015.318.318.6
Fiscal Balance (% of GDP)-2.3-3.5-3.2-2.6-2.4
Public Debt (% of GDP)89.092.493.894.394.4
Money (annual variation in %)6.98.14.00.21.2
Inflation Rate (CPI, annual variation in %)2.9-0.9-0.83.34.5
Policy Interest Rate (%)4.253.753.755.005.75
Exchange Rate (vs USD)0.710.710.710.710.71
Current Account (% of GDP)-7.3-9.2-10.0-10.8-7.0
Current Account Balance (USD bn)-2.6-3.5-3.9-4.4-3.0
Trade Balance (USD billion)-14.5-12.6-11.8-13.0-12.6
Exports (USD billion)8.47.87.57.57.8
Imports (USD billion)22.920.519.320.520.3
Exports (annual variation in %)6.0-6.6-3.6-0.53.2
Imports (annual variation in %)3.9-10.7-5.66.1-1.0
International Reserves (USD)15.315.214.013.512.7
External Debt (% of GDP)67.868.670.574.175.9

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Jordan Facts

Value Change Date
Exchange Rate0.710.0 %Nov 30

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