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Jordan: Economy
INTRODUCTION
1. Political situation
2. Economy
3. Health & Education
4. Religions & Peoples
5. History
GDP: US$9.5 billion
GDP/capita: US$1,400
GDP/sector: Agriculture 4%, Industry 26%, Services 70%
Foreign debts: US$8.2 billion
Foreign debts/GDP: 86%
Foreign debts/capita: US$1,200
Annual growth in GDP: 3.5%
Trade balance: -43%
Export products: Phosphates, fertilizers, potash, agricultural products, manufactures, pharmaceuticals.
Annual inflation rate: 3.3%
Official unemployment: 16%
Population below poverty line: 30%
Since 1996:
US$1= 0.7090 Jordanian dinars
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Jordan has a strong currency, and even if the GNP/capita is low, the country has experienced strong economic growth the last few years.
Jordanian dinars have since long been regarded as the strongest currency in the Middle East. This is because of a strict economic policy form the government. But after the Gulf War in 1991 Jordan has faced many economic problems, and this has resulted in dropping exchange rates for the dinar. But still the dinar is strong, and it is more convertible than most Arab currencies.
Major export products are phosphates and fruits. Increasing tourism is helping on the Jordanian economy, with 2,5 million visitors a year. Jordan has never been self sufficient on food, but now that gap is increasing, as internal demands rise quicker than the production. Now, Jordan is importing products after the same criteria that applies for underdeveloped countries: exports of some products, and import of basic food stuffs.
Even if industry and foreign investments are growing, and the Jordanian governments are supporting this, Jordan is still a poor country. A GNP/capita on only $1,500 (35% of world average) is one of the lowest in the Middle East, and Jordan is must rely on foreign help and bank loans.
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By: Tore Kjeilen
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