Debt-to-GDP ratio slightly down in first third

AMMAN — The Kingdom's debt ratio to the gross domestic product (GDP) decreased in the first third of the year, where debt stood at JD26.2 billion, constituting 94.1 per cent of GDP, compared with JD26.1 billion that equalled 95.1 per cent by the end of 2016.

The Finance Ministry, in a statement carried by the Jordan News Agency, Petra, expected the public debt-GDP ratio to stabilise at its level registered by the end of last year, at 95.1 per cent. 

The ministry's financial data showed that the public expenditure in the first four months of 2017 reached JD2.512 billion, compared with JD2.453 billion in the first third of 2016, increasing, accordingly,  by JD59.3 million (2.4 per cent), while current expenditure increased by JD7 million in this year's first third, in comparison with the January-April period of 2016. 

Meanwhile, local revenues went up to JD2.281 billion, while foreign grants to support the budget dropped from JD152.2 million in last year's first third to JD85 million in the same period of 2017.

On the other hand, non-tax revenues increased to JD687.7 million in the January-April period of 2017, compared with JD641.1 million in the same period of last year.

Revenues generated from the income tax declined to JD545.8 million in the first third of 2017, compared with JD586.1 million in the same period last year.

The before-grants deficit in the budget in the first third of 2017 stood at JD231.6 million, compared with JD174.2 million in last year’s period, the figures showed. Meanwhile, after-grants deficit in the first four months of 2017 reached JD146.6 million, compared to a deficit of JD22 million in the same comparison period of 2016.

In accordance with the 2017 Budget Law, the Budget deficit after grants is expected to reach JD693 million.