Jordan's budget deficit narrows 23% y/y to USD 1.6bn in Jan-Nov 2013

By bne IntelliNews January 28, 2014

Jordan's state budget gap shrank 23% y/y to JOD 1.1bn (USD 1.55bn) in the first eleven months of 2013 on higher foreign grant receivables and tax proceeds that offset rising spending mainly on debt servicing, salaries and the national electricity company, the finance ministry stated. Excluding grants, the budget gap widened 10% y/y to JOD 1.68bn over the period. The primary deficit also narrowed to JOD 438mn in January-November from JOD 922mn the year before.

The revised 2013 budget forecasts JOD 6.208bn in total revenue and JOD 7.176bn in spending, resulting in a JOD 968mn budget deficit. Jordan’s budget deficit will narrow to 5.4% of GDP in 2013 from 8.3% the year before, according to the initial budget forecast.

Revenue (including grants) climbed 13.2% y/y to JOD 5.11bn and spending rose 4.5% to JOD 6.21bn. Foreign grants jumped to JOD 579.4mn in January-November from JOD 96.6mn a year earlier. Jordan expects to get JOD 850mn (USD 1.2bn) worth of foreign grants in 2013.

Tax proceeds grew 5.1% y/y to JOD 3.3bn in January-November lifted by a 5.7% increase in tax on goods and services, a 14.4% rise in customs income and a 12.5% expansion in tax on real estate.

Current spending rose 1.3% y/y to JOD 5.5bn in January-November and capital spending grew 39% to JOD 712mn.

The Jordanian government has recently endorsed the draft state budget law for 2014, envisaging a JOD 1.114bn deficit.

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