Jordan has completed the process of re-estimating its national accounts and updating the base year to 2023, following approximately four years of work carried out by the Department of Statistics, with technical support from the International Monetary Fund (IMF) and the United Nations Economic and Social Commission for Western Asia (ESCWA).
اضافة اعلان
Yahya Saeed, the IMF Resident Representative in Amman, told the press that the review process followed the best international practices in preparing national accounts, relying on the latest guidelines of the System of National Accounts (SNA) and the Fourth Edition of the International Standard Industrial Classification (ISIC), along with new surveys and research that expanded the data base and improved estimate accuracy.
Saeed emphasized that the Department of Statistics aims to provide more accurate data that reflects the real structure of the national economy and supports policymakers in designing future strategies.
The re-estimation process led to an upward revision of GDP by about 10%, due to improved coverage of the formal and informal economy and the inclusion of economic activities previously underreported, such as certain construction activities, domestic trade, e-services, and smart service applications.
Approximately 40% of the increase came from observable activities that were not accurately recorded before, while 60% came from non-observable activities, including parts of the shadow economy, which were tracked using the best internationally recognized methods.
Saeed noted that updating the base year also improved debt-to-GDP ratios due to the higher GDP value, while stressing that this does not alter debt servicing requirements. The government continues its approach to reduce deficits and achieve a budget surplus to ease debt burdens.
The IMF program in Jordan will continue using the same methodology. The fourth review of the program is expected to conclude within the next two weeks, with the IMF report including an annex on the results of the statistics review and the new GDP estimates.
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