This is a chart of trend of gross domestic product of Jordan at market prices by the International Monetary Fund with figures in millions of Jordanian Dinars.
For purchasing power parity comparisons, the Jordanian Dinar is exchanged per US dollar at 0.359.
Jordan's population is 6,342,948 and mean wages were $4.19 per man-hour in 2009.
Services accounted for more than 70 percent of gross domestic product (GDP) in 2004. The sector employed nearly 75 percent of the labor force in 2002.
The banking sector is widely regarded as advanced by both regional and international terms. In 2007, total profits of the 15 listed banks rose 14.89% to JD640m ($909m). Jordans strong growth of 6% in 2007 was reflected in a 20.57% expansion in net credit to JD17.9bn ($25.4bn) by the end of the year. Most improvement was in trade, construction and industry. Many banks suffered from the sharp correction in the Amman Stock Market in 2006, encouraging them to focus on core banking business in 2007, and this was reflected in a 16.65% rise in net interest and commission income to JD1.32bn ($1.87bn). The stock market also picked up in 2007 and total portfolio income losses decreased. Although Jordans banking sector is small by global standards, it has attracted strong interest from regional investors in Lebanon and the GCC. New regulations introduced by the CBJ, in addition to political stability, have helped to create a favourable investment environment. Its conservative policies helped Jordan avoid the global financial crisis of 2009, Jordanian banks was one of the only countries that posted a profit in 2009.
Contributing an estimated JD477.5m ($678.05m), or 4.25% of Jordans GDP, according to figures from the Central Bank, the construction sector performed strongly in 2007. The Great Amman Municipality (GAM) completed its master plan for the capital, which is expected to grow from 700 km2 today to 1700 km2 by 2025. Amman is changing from a predominantly horizontal to a largely vertical city due to various clusters of high-rises. Significant developments outside Amman include the rapid residential build-up of Zarqa, the transformation of Aqaba into a commercial and tourist centre, and the construction of a series of high-end hotels and tourist resorts along the Dead Sea. A new airport terminal, Amman ring road and a light rail between the capital and Zarqa are being constructed.
Despite recording a relative slowdown compared to the expansion of recent years, Jordans construction and real estate market continued to grow in 2007. Trading totaled JD5.6bn ($8bn), up from JD5.2bn ($7.4bn) in 2006, according to Jordans Land and Survey Department. Although the years of astounding growthsome 75% in 2004 and 48% in 2005seem to have passed, the future looks bright for real estate, as demand continues to outstrip supply, while Jordan remains a very attractive investment destination for foreign businesses, second-home buyers and Jordanians working abroad. With Jordans continuing sharp population growth, as well as its strategic location at the heart of the Middle East, the kingdoms main market drivers indicate a bright future for years to come. Although a number of class-A office space developments are currently under construction, it would take a few years to close the gap between demand and supply. The Amman retail market may become more saturated in the short term. Consequently, developers may turn to other cities to build supermarkets and malls.
Jordan's insurance market, with 29 companies operating in a country of just 5.7 million people, is saturated, despite regulatory encouragements for mergers and acquisitions. In terms of market share based on premiums, motor coverage accounts for 42.4%, medical insurance 18.6%, fire and property damage 17%, life 9.8%, marine and transport 7.9% and other insurance the remaining 4.3%. The insurance sector made up 2.52% of GDP in 2006, up from 2.43% in 2005. Current plans call for increasing the sectors GDP contribution to 7% in the short term and 10% in the long term. The sector holds great potential but remains underdeveloped. Region-wide price increases and a lack of consumer understanding of products are two major challenges. In addition, cultural considerations, including religion, make improving market penetration difficult. The cost of living has also risen, and the IMF forecasts that the inflation rate would reach 9% in 2008. Salaries have remained unchanged, however, leaving consumers with less disposable income. Other than mandatory motor coverage, insurance products are considered a luxury by average Jordanians, who must often prioritise spending. There would likely only be a few changes to the market in the coming year. Members of the sector would like to see greater coordination among the regulators and those working for the kingdom's legal system in order to improve insurance laws.