Jordan's Economic Growth Receded by 1.2 percent

  • Amman, Hashemite Kingdom of Jordan
  • 24 December 2020

Data issued by the Jordan Banks Association showed that the economic growth rate decreased by 1.2 percent during the first half of this year, the unemployment rate was 23.9 percent during the third quarter of this year, while the inflation rate reached 0.43 percent during the first ten months of this year. As for the external sector indicators, the bulletin showed that total exports recorded a decline of 5.5 percent to reach 4,154.9 million dinars until the end of last September. On the other hand, imports declined by 13.8 percent during the same period, bringing the trade balance deficit to 20 percent. Remittances from expatriates decreased by 9.7 percent, to reach 1772.9 million dinars in the first nine months of 2020.

According to the Jordanian Banks Association, the general budget deficit reached 1035.5 million dinars by the end of the first eight months of this year, while the total public debt was 33.1 billion dinars at the end of last August. In terms of monetary indicators, foreign reserves decreased slightly by 0.9 percent at the end of October to reach $ 12.064 billion, compared to their levels at the end of 2019, which were $ 12.064 billion. The association indicated that the levels of reserves are comfortable and the percentage of its coverage of imports is high and exceeds 6 months, revealing that the decrease in foreign reserves came as a result of the payment of foreign "Eurobond" bonds at the end of October, amounting to $ 1,250 million.

Source (Ad-Dustour Jordanian newspaper, Edited)