Jordan Economic Forecast

Jordan Economic Outlook

November 28, 2017

Economic growth has been fairly resilient in recent months, despite high levels of public debt and negative spillover effects from conflicts in the region. According to the latest data, industrial production increased in September compared to the same month last year. In addition, remittance inflows from January to September improved marginally compared to the same period in 2016. Capital expenditure up to September grew healthily, and tourism revenues up to October rose by double digits. Looking ahead, the prime minister’s cabinet endorsed the fiscal budget for 2018 on 19 November. The 2018 budget outlines a 3.2% increase in spending, funded by higher revenues on the back of improved tax collection and fewer sales tax and custom duty exemptions.

Jordan Economic Growth

Economic growth should accelerate next year as the external sector improves and tourist activity picks up. However, ongoing fiscal consolidation, as recommended by the IMF, will likely trim growth prospects. FocusEconomics Consensus Forecast panelists expect GDP growth of 2.9% in 2018, which is unchanged from last month’s forecast, and 3.3% in 2019.

Jordan Economy Data

20122013201420152016
Population (million)7.07.27.46.87.0
GDP per capita (USD)4,4234,6564,8315,4985,541
GDP (USD bn)30.933.635.837.538.7
Economic Growth (GDP, annual variation in %)2.72.83.12.42.0
Industrial Production (annual variation in %)0.21.61.70.9-1.4
Unemployment Rate12.212.611.913.115.3
Fiscal Balance (% of GDP)-8.3-5.5-2.3-3.5-3.2
Public Debt (% of GDP)80.286.789.093.495.1
Money (annual variation in %)-5.116.39.08.62.1
Inflation Rate (CPI, annual variation in %)4.54.82.9-0.9-0.8
Policy Interest Rate (%)5.004.504.253.753.75
Exchange Rate (vs USD)0.710.710.710.710.71
Current Account (% of GDP)-15.3-10.4-7.3-9.1-9.3
Current Account Balance (USD bn)-4.7-3.5-2.6-3.4-3.6
Trade Balance (USD billion)-10.6-11.7-12.0-10.3-9.5
Exports (USD billion)7.97.98.47.87.5
Imports (USD billion)18.519.620.418.217.1
Exports (annual variation in %)-1.40.26.0-6.6-4.2
Imports (annual variation in %)9.66.04.0-10.7-6.3
International Reserves (USD)8.113.215.315.214.0
External Debt (% of GDP)59.769.067.868.6-  

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Jordan Facts

ValueChangeDate
Exchange Rate0.710.0 %Aug 31
Stock Market3,9590.08 %Dec 06

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