Jordanian Economy
Economy - overview: Jordan's economy is among the smallest in the Middle East, with insufficient supplies of water, oil, and other natural resources underlying the government's heavy reliance on foreign assistance. Other economic challenges for the government include chronic high rates of poverty, unemployment, inflation, and a large budget deficit and resulting government debt. King ABDALLAH, during the first decade of the 2000s, implemented significant economic reforms, such as opening up foreign trade and privatizing state-owned companies that attracted foreign investment and contributed to average annual economic growth of 8% for 2004 through 2008. The global economic slowdown and regional turmoil since, however, reduced the average annual growth rate to 2.6% for the 2010-2013 period and hurt export-oriented sectors, construction, and tourism. Jordan's finances have been strained by a series of natural gas pipeline attacks in Egypt, causing Jordan to substitute more expensive diesel imports, primarily from Saudi Arabia, to generate electricity. To diversify its energy mix, Jordan is currently exploring nuclear power generation, exploitation of abundant oil shale reserves and renewable technologies, as well as the import of Israeli offshore gas. In August 2012, to correct budgetary and balance of payments imbalances, Jordan entered into a $2.1 billion, three year International Monetary Fund Stand-By Arrangement. In 2014, fiscal reform measures enacted in the previous few years continued to boost government revenues and reduced the budget deficit even as an influx of over 620,000 Syrian refugees since 2011 put additional pressure on expenditures.
GDP (purchasing power parity): $79.62 billion (2014 est.)
GDP (official exchange rate): $35.77 billion (2014 est.)
GDP - real growth rate: 3.1% (2014 est.)
GDP - per capita (PPP): $11,900 (2014 est.)
GDP - composition by sector: agriculture: 3.2%
industry: 29.3%
services: 67.4% (2014 est.)
Labor force: 1.959 million (2014 est.)
Labor force - by occupation: agriculture: 2%
industry: 20%
services: 78% (2013 est.)
Unemployment rate: 11.9% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 3.4%
highest 10%: 28.7% (2010 est.)
Investment (gross fixed): 31.2% of GDP (2009 est.)
Budget: revenues: $9.845 billion
expenditures: $11.42 billion (2014 est.)
Public debt: 90% of GDP (2014 est.)
Inflation rate (consumer prices): 2.9% (2014 est.)
Central bank discount rate: 0.3% (31 December 2010)
Commercial bank prime lending rate: 8.74% (31 December 2014 est.)
Agriculture - products: citrus, tomatoes, cucumbers, olives; sheep, poultry, stone fruits, strawberries, dairy
Industries: clothing, fertilizers, potash, phosphate mining, pharmaceuticals, petroleum refining, cement, inorganic chemicals, light manufacturing, tourism
Industrial production growth rate: 2.4% (2014 est.)
Electricity - production: 17.26 billion kWh (2013 est.)
Electricity - consumption: 14.56 billion kWh (2013 est.)
Electricity - exports: 59 million kWh (2013 est.)
Electricity - imports: 381 million kWh (2013 est.)
Oil - production: 19 bbl/day (2013 est.)
Oil - consumption: 108,000 bbl/day (2008 est.)
Oil - exports: 0 bbl/day (2013 est.)
Oil - imports: 59,440 bbl/day (2013 est.)
Oil - proved reserves: 1 million bbl (1 January 2014 est.)
Natural gas - production: 225 million cu m (2013 est.)
Natural gas - consumption: 709 million cu m (2013 est.)
Natural gas - exports: 0 cu m (2013 est.)
Natural gas - imports: 484 million cu m (2013 est.)
Natural gas - proved reserves: 6.031 billion cu m (1 January 2014 est.)
Current account balance: -$2.512 billion (2014 est.)
Exports: $8.556 billion (2014 est.)
Exports - commodities: clothing, fertilizers, potash, phosphates, vegetables, pharmaceuticals
Exports - partners: US 15.8%, Iraq 15.3%, Saudi Arabia 12.4%, India 7.8% (2014)
Imports: $22.8 billion (2014 est.)
Imports - commodities: crude oil, machinery, transport equipment, iron, cereals
Imports - partners: Saudi Arabia 19.6%, China 10.5%, US 5.8%, India 5.5%, UAE 4.8% (2014)
Reserves of foreign exchange and gold: $16.51 billion (31 December 2014 est.)
Debt - external: $26.06 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $28.65 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $532.9 million (31 December 2014 est.)
Exchange rates: Jordanian dinars (JOD) per US dollar - 0.709 (2014 est.), 0.709 (2013 est.), 0.709 (2012 est.), 0.709 (2011 est.), 0.71 (2010 est.)
economic climate  
Background: Jordan is a stable economy that has benefited from economic liberalisation over the past few years, boasting growing affluence in the middle class and considerable incoming investment in infrastructure and other industrial projects.
Australian companies will find doing business in Jordan considerably less complicated than they might expect. Business people are open, progressive and eager to cultivate fresh sources for supplies. Jordan is also a natural hub for companies wanting to do business with Iraq.
Export opportunities:  
Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. http://www.austrade.gov.au
3. DIBNC Experts Team