Jordan's budget gap widens 83% y/y to USD 649mn in Jan-May 2013

By bne IntelliNews August 22, 2013

Jordan's state budget deficit widened 83% y/y to JOD 460mn (USD 649mn) in January-May 2013 on strong spending growth which offset a milder revenue rise, the central bank said in its monthly report. Revenue (including grants) rose 5.0% y/y to JOD 2.273bn and spending climbed 13.1% to JOD 2.733bn. Excluding grants, which totalled JOD 218.2mn over the period, budget income dropped 4.1% y/y to JOD 2.055bn.

Tax proceeds edged up 0.8% y/y to JOD 1.48bn in January-May whereas other revenue shrank 15% to JOD 563mn.

Current spending rose 9% y/y to JOD 2.463bn over the period on higher military wages and social contributions. Capital spending jumped 79% to JOD 270.3mn mainly due to a low prior-year base.

Jordan’s budget deficit will shrink to 4.8% of GDP in 2013 from 8.2% the year before, the IMF forecasts. Higher grants receivables, austerity measures and falling energy imports will help Jordan improve its external balances in 2013. Jordan expects to get JOD 850mn (USD 1.2bn) worth of foreign grants in 2013. Foreign grants fell to a decade-low of 1.5% of GDP in 2012 from 5.9% in 2011, according to S&P.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Lebanon becomes European Bank for Reconstruction and Development shareholder

Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

US lifts laptop ban on Turkish Airlines flights as of July 5

Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more

Most Read

  1. Erdogan lashes out at Germany, Nato, says "God willing" he'll have Russian missiles soon
    23 hours ago
  2. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    1 day ago
  3. EU allows Gazprom to use an additional 40% of OPAL gas pipeline's capacity
    2 days ago
  4. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    6 days ago
  5. Bosnia’s ruling coalition collapses
    4 days ago
  1. Erdogan lashes out at Germany, Nato, says "God willing" he'll have Russian missiles soon
    23 hours ago
  2. CHINA RISING: When sleeping giants meet
    15 days ago
  3. Belarus’ retail king Euroopt goes on the road
    21 days ago
  4. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    1 day ago
  5. STOLYPIN: Russia’s cyber-challenge cuts both ways
    23 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss