Amman, Dec. 3 (Petra) – The Jordan Economic Forum said on Wednesday that a comprehensive Department of Statistics' (DoS) review of the national accounts statistical framework and an update of the Gross Domestic Product (GDP) base year is a key institutional milestone that helps to advance Jordan’s alignment with international standards and bolster the reliability of macroeconomic data for economic and fiscal policymakers.
The four-year review, technically supported by United Nations Economic and Social Commission for Western Asia (ESCWA) and the International Monetary Fund, was carried out in line with the methodologies of the System of National Accounts (SNA 2008) and 2025 updates, the forum noted in a press release.
It pointed out that the process applies best international practices, including integrating a larger share of the unobserved economy to capture structural shifts in production patterns, demand trends, market developments, and emerging sectors.
It said raising the GDP estimate for 2023 to JD39.8 billion, an increase of about JD3.6 billion, or 10 percent, is a direct result of improved measurement tools, broader data sources, expanded statistical coverage, and the incorporation of additional segments of the informal economy, alongside the use of updated administrative data and sectoral surveys.
Updating the base year from 2016 to 2023 is a methodological necessity, as delaying such revisions can distort real price estimates, misrepresent sectoral value added, and weaken the ability of national accounts to reflect structural changes in the economy.
According to the forum, this update ensures that macroeconomic indicators more accurately reflect current economic realities, given the notable expansion of the digital economy, shifts in consumer behavior, and the restructuring of several productive and service sectors in recent years.
It highlighted that many economies, including Ireland, South Korea, Italy, the United States, and Canada, have undertaken similar base-year revisions to their national accounts.
The forum said the review will improve relative indicators, such as the public debt-to-GDP ratio through a larger GDP base.
It emphasized that international financial institutions regard such revisions as statistical adjustments meant to enhance data quality rather than reclassify fiscal positions.
It also commended the reassessment of key economic sectors, energy, agriculture, manufacturing and extractive industries, trade, transport and logistics, real estate, and construction, using more rigorous methodologies to better capture actual value added in each sector.
The forum affirmed that the extensive revision reinforces Jordan’s commitment to statistical governance, places the Kingdom at an advanced regional position in terms of economic data quality, and strengthens an investment-conducive environment.
//Petra// NQ
