Jordan's Finance Minister Michael Marto released economic data for 2002 on 5 February, putting gross domestic product (GDP) growth at 5 per cent and forecasting a similar level of growth in 2003. Most sectors improved their performance over the course of the year, with growth particularly strong in the mining and agriculture sectors, at 12 per cent and 11 per cent respectively. Public debt increased 9.7 per cent to JD 6,685 million ($9,415 million), which Marto told reporters was down to higher domestic borrowing to finance the budget deficit and higher exchange rates in Europe and Japan. Lower-than-expected revenues outweighed expenditure savings to leave a budget deficit of JD 260 million ($366 million). Exports grew 20 per cent and imports by only 2 per cent, to narrow the kingdom's trade deficit by about 15 per cent. GDP per capita rose to JD 1,270 ($1,789) from JD 1,208 ($1,701), Marto announced.
The minister also gave details of the 2003 budget, projecting a 6.6 per cent rise in expenditure to JD 2,441 million ($3,440 million) and a 5 per cent increase in revenues to JD 2,125 million ($2,993 million - MEED 5:2:03).