Flag: three equal horizontal bands of black (top), white, and green with a red isosceles triangle based on the hoist side bearing a small white seven-pointed star; the seven points on the star represent the seven fundamental laws of the Koran
- Economy Overview: Jordan was a secondary beneficiary of the oil boom of the late 1970s and early 1980s, when its GNP growth averaged 10-12%. Recent years, however, have witnessed a sharp reduction in cash aid from Arab oil-producing countries and in worker remittances, with 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 1989 the government pursued policies to encourage private investment, curb imports of luxury goods, promote exports, reduce the budget deficit, and, in general, reinvigorate economic growth. Success will depend largely on exogenous forces, such as the absence of drought and a pickup in outside support. Down the road, the completion of the proposed Unity Dam on the Yarmuk is vital to meet rapidly growing requirements for water.
GNP: $5.2 billion, per capita $1,760; real growth rate 0% (1989)
Inflation rate (consumer prices): 35% (1989 est.)
Unemployment rate: 9-10% (December 1989 est.)
Budget: revenues $0.92 billion; expenditures $1.6 billion, including capital expenditures of $540 million (1989 est.)
Exports: $0.910 billion (f.o.b., 1989 est.); commodities—fruits and vegetables, phosphates, fertilizers; partners—Iraq, Saudi Arabia, India, Kuwait, Japan, China, Yugoslavia, Indonesia
Imports: $1.7 billion (c.i.f., 1989 est.); commodities—crude oil, textiles, capital goods, motor vehicles, foodstuffs; partners—EC, US, Saudi Arabia, Japan, Turkey, Romania, China, Taiwan
External debt: $8.3 billion (December 1989)
Industrial production: growth rate - 7.8% (1988 est.)