Business News
Jordan government presents 2012 budget aimed at cutting deficit
Dec 12, 2011, 14:49 GMT
Amman - The Jordanian government presented the parliament Monday with the 2012 budget, which is expected to cut the country's public deficit to 4.6 per cent of gross domestic product (GDP), from some 5.5 per cent this year.
Finance Minister Umayya Toukan said that, excluding foreign aid estimated at 870 million dinars (1.2 billion dollars), the 2012 deficit would rise to 8.6 per cent.
Toukan expects the Jordanian economy to grow 3 per cent next year, down from 6.5 per cent in 2008, as it continues to be exposed to the European debt crisis and the Arab Spring uprisings.
The budget stipulates public spending of 30.9 per cent of GDP, compared with 33.6 per cent in 2011. This includes subsidies for imported energy products, which the government introduced nine months ago to calm protests demanding political and economic reforms.
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