Jordan Overview
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Boosted by the domestic consumption and the war in Irak, the growth remains important in 2005 : the GDP growth was 7.5% in 2004 and 5% in 2006. However, the IMF forecasts a decrease in 2006, the growth rate may be only 2.5%.
Moreover, thanks to the recent reforms aiming at liberalizing trade and reviving investments, Jordan shows good economic performances and is quoted as a regional economic model. However, due to the increase of oil prices, the governement voted an austerity budget will involve a slowdown. Inflation was under control but the IMF forecasts an inflation rate at 8.4% in 2006.
The country's social situation remains worrying: huge poverty and high unemployment (15% of the active population) are generating tensions among the population.
Agriculture represents about 2% of the GDP. Jordan especially exports fruits, vegetables and cut flowers. The lack of water is putting a brake on agriculture's development. Phosphates and potassium are the only natural resources. Chemicals, transport and tourism are the main developing sectors. The manufacturing sector is rather limited and dominated by textiles. However, the end of the MFA (Multifiber Arrangement) will be a challenge for this sector.
Jordan is now increasingly opening up to international exchanges : the country is a member of WTO and signed a free-trade agreement with the United States and an Association Agreement with the European Union. As Iraq's main trade partner, Jordan should largely benefit from this country's reconstruction.
The main exports partners are the United-States, Irak and India. The main import partners are Saudi Arabi, China and Germany. Jordan mainly import mineral fuels, vehicles other than railway or tramway rolling stock and machinery and mechanical appliances.
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