Flag description: 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
@Jordan:Economy
Economy-overview: Jordan is a small Arab country with inadequate supplies of water and other natural resources such as oil and coal. Jordan benefited from increased Arab aid during the oil boom of the late 1970s and early 1980s, when its annual real GNP growth averaged more than 10%. In the remainder of the 1980s, however, reductions in both Arab aid and worker remittances slowed real economic growth to an average of roughly 2% per year. Imports-mainly oil, capital goods, consumer durables, and food-outstripped exports, with the difference covered by aid, remittances, and borrowing. In mid-1989, the Jordanian Government began debt-rescheduling negotiations and agreed to implement an IMF-supported program designed to gradually reduce the budget deficit and implement badly needed structural reforms. The Persian Gulf crisis that began in August 1990, however, aggravated Jordan's already serious economic problems, forcing the government to shelve the IMF program, stop most debt payments, and suspend rescheduling negotiations. Aid from Gulf Arab states, worker remittances, and trade contracted; and refugees flooded the country, producing serious balance-of-payments problems, stunting GDP growth, and straining government resources. The economy rebounded in 1992, largely due to the influx of capital repatriated by workers returning from the Gulf, but recovery was uneven in 1994-97. The government is implementing the reform program adopted in 1992 and continues to secure rescheduling and write-offs of its heavy foreign debt. Debt, poverty, and unemployment remain Jordan's biggest on-going problems.
GDP: purchasing power parity-$20.7 billion (1997 est.)
GDP-real growth rate: 5.3% (1997 est.)
GDP-per capita: purchasing power parity-$4,800 (1997 est.)
GDP-composition by sector: agriculture: 6% industry: 30% services: 64% (1995 est.)
Inflation rate-consumer price index: 3% (1997 est.)
Labor force: total: 1.15 million plus 300,000 foreign workers (1997 est.) by occupation: industry 11.4%, commerce, restaurants, and hotels 10.5%, construction 10.0%, transport and communications 8.7%, agriculture 7.4%, other services 52.0% (1992)
Unemployment rate: 15% official rate; note-actual rate is 20%-25% (1997 est.)