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Jordan cut its deficit (after grants) by 55.6% to JD585.3mn ($825.3mn) for 2014. This equates to 2.3% of GDP, down from 5.5% of GDP (JD1.32bn - $1.86bn) for 2013.
While spending rose by 11% to JD7.85bn, revenue rose by almost 18% to JD6.03bn, the Ministry of Finance says in its latest monthly bulletin. The improved fiscal position for 2014 is in large part thanks to the doubling of grants to JD1.24bn for 2014.
The kingdom, which imports 96% of its energy needs, is highly dependent on grants from the Arab Gulf states, the US, Europe and Japan. Jordan’s economy is also under strain, due to the influx of around 1.4mn Syrian refugees, who have fled their war torn-country after the start of the uprising in early 2011. Jordan estimates the cost of looking after these refugees at $3bn in 2015 (see column).
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