Current Account in Jordan
In Q1 2023, annual GDP should have waned further after cooling to 2.0% in Q4. Industrial production plunged 8.1% year on year in March—the steepest pace of decline in over two years. The downturn was largely due to a decrease in manufacturing activity. Consequently, industrial output declined 1.9% year on year in Q1, deteriorating from Q4’s 0.9% increase and marking the worst performance since Q4 2020. More positively, the external sector likely drove an overall expansion. Annual growth in the value of merchandise exports stood at 6.3% in Q1, hinting at strong foreign demand. Similarly, domestic demand likely fared well in Q1 despite higher interest rates and still-elevated price pressures: The value of goods imports grew by 5.6% in the first three months of the year. In addition, the unemployment rate softened to 21.9% in Q1, supporting private spending.
Jordan Current Account Chart
This chart displays Current Account (% of GDP) for Jordan from 2013 to 2022.
Jordan Current Account Data
2017 | 2018 | 2019 | 2020 | 2021 | |
---|---|---|---|---|---|
Current Account Balance (% of GDP) | -10.6 | -6.8 | -1.7 | -5.7 | -8.9 |