3.6 billion dinars added to Jordan's 2023 GDP after review
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- Jordan's Department of Statistics (DoS) revised the country's 2023 GDP upward by 10% to 39.8 billion dinars ($56.1 billion) after a four-year comprehensive review.
- The increase is attributed to improved statistical coverage and the inclusion of previously uncalculated economic activities, particularly within the non-governmental sector.
Jordan's Department of Statistics (DoS) updated the value of the country’s Gross Domestic Product (GDP) for 2023 to 39.8 billion dinars ($56.1 billion).
This represents an increase of approximately 3.6 billion dinars compared to previous estimates, a surge of 10% in the total size of the GDP.
In a statement on Sunday, the DoS said the update comes after the completion of a “four-year comprehensive review of the statistical framework for its National Accounts” and Gross Domestic Product (GDP).
“The review was carried out with technical support from the UN Economic and Social Commission for Western Asia (ESCWA) and the International Monetary Fund (IMF), aiming to enhance the accuracy and reliability of economic data in line with best international methodologies and practices,” added the statement.
GDP Value Up
The department attributed this increase to several factors:
- Improved statistical coverage and data quality.
- Inclusion of previously uncalculated economic activities, particularly within the non-governmental sectors.
- Updated surveys and the adoption of new data sources.
The review also included updating the base year for the national accounts from 2016 to 2023, aligning with international standards that recommend periodic updates.
Enhancing Reliability and Investor Confidence
The DoS said that revising statistical frameworks is a common international practice, citing similar updates conducted by Saudi Arabia, Pakistan, Egypt, Morocco, and India in recent years to enhance the reliability of their economic data.
The department noted that the review involved the re-estimation of several key sectors, which better represents their actual contribution to the national economy. This included:
Energy, Agriculture, Manufacturing, Extractive Industries, Trade, Transportation and Storage, Real Estate, and Construction.
The DoS said this review represents a major milestone, as it increases investor confidence and the trust of international financial institutions Jordan’s data, which ultimately supports evidence-based decision-making.
