Jordan saw $4.6b in remittances last year, at 9.8% GDP

AMMAN — Remittance flows to Jordan amounted to $4.6 billion in 2022, the Jordan Strategy Forum (JSF) recently announced.

Remittances were received from approximately one million Jordanians who work abroad, constituting 9.8 per cent of the gross domestic product (GDP), according to the JSF. 

In the 1980s, Jordan was one of the greatest beneficiaries of remittance inflows, which at that time, constituted an estimated 24.9 per cent of GDP.

“During the past seven years, remittance inflows decreased to less than 12 per cent,” according to the JSF. Foreign remittances lead to a constant flow of foreign currency, which reinforces the stability of the Jordanian dinar.

“Foreign remittances are a source of capital that contributes to economic growth and generates substantial economic benefits,” economist Waseem Hussein told The Jordan Times on Wednesday.

Sending money back to Jordan increases domestic investment, financially supports families and encourages social development, he said.

According to economist Husam Ayesh,“foreign remittances improve the living conditions of Jordanian families, and are usually used for their basic needs such as food, health and education”.

Remittance flows are projected to grow this year, both in Jordan and elsewhere, he added.