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    Jordan Economy - 1991

      Overview: Jordan was a secondary beneficiary of the oil boom of the late 1970s and early 1980s, when its annual GNP growth averaged 10-12%. Recent years, however, have witnessed a sharp reduction in grant aid from Arab oil-producing countries and a dropoff in worker remittances, with national growth averaging 1-2%. Imports--mainly oil, capital goods, consumer durables, and foodstuffs--have been outstripping exports by roughly $2 billion annually, the difference being made up by aid, remittances, and borrowing. In mid-1989, the Jordanian Government agreed to implement an IMF austerity program designed to tackle the country's serious economic problems. The program sought to gradually reduce the government's budget deficit over the next several years and implement badly needed structural reforms in the economy. In return for agreeing to the IMF program, Jordan was granted IMF standby loans of over $100 million. Recognizing that it would be unable to cover its debt obligations, the government also began debt rescheduling negotiations with creditors in mid-1989. The onset of the Gulf crisis in August 1990 forced the government to shelve the IMF program and suspend most debt payments and rescheduling negotiations. Economic prospects for 1991 are especially gloomy, given the unsettled conditions in the Middle East.

      GNP: $4.6 billion, per capita $1,400; real growth rate - 15% (1990 est.)

      Inflation rate (consumer prices): 15% (1990 est.)

      Unemployment rate: 30% (January 1991 est.)

      Budget: revenues $1.05 billion; expenditures $1.6 billion, including capital expenditures of $NA (1991 est.)

      Exports: $0.9 billion (f.o.b., 1990 est.); commodities--fruits and vegetables, phosphates, fertilizers; partners--Iraq, Saudi Arabia, India, Kuwait, Japan, China, Yugoslavia, Indonesia

      Imports: $2.1 billion (c.i.f., 1990 est.); commodities--crude oil, textiles, capital goods, motor vehicles, foodstuffs; partners--EC, US, Saudi Arabia, Japan, Turkey, Romania, China, Taiwan

      External debt: $8 billion (December 1990 est.)

      Industrial production: growth rate - 15% (1990 est.); accounts for 20% of GDP

      Electricity: 981,000 kW capacity; 3,500 million kWh produced, 1,180 kWh per capita (1989)

      Industries: phosphate mining, petroleum refining, cement, potash, light manufacturing

      Agriculture: accounts for only 5% of GDP; principal products are wheat, barley, citrus fruit, tomatoes, melons, olives; livestock--sheep, goats, poultry; large net importer of food

      Economic aid: US commitments, including Ex-Im (FY70-89), $1.7 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $1.3 billion; OPEC bilateral aid (1979-89), $9.5 billion; Communist countries (1970-89), $44 million

      Currency: Jordanian dinar (plural--dinars); 1 Jordanian dinar (JD) = 1,000 fils

      Exchange rates: Jordanian dinars (JD) per US$1--0.6670 (January 1991), 0.6636 (1990), 0.5704 (1989), 0.3709 (1988), 0.3387 (1987), 0.3499 (1986), 0.3940 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Jordan on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jordan Economy 1991 information contained here. All suggestions for corrections of any errors about Jordan Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)