Amman, Nov. 30 (Petra) - The Department of Statistics has completed a sweeping, four-year overhaul of the Kingdom’s national accounts framework an exercise that has added 3.6 billion dinars to the size of the economy and updated the 2023 GDP estimate to 39.8 billion dinars, a roughly 10 percent upward revision from earlier figures.

The comprehensive review, conducted with technical support from the UN Economic and Social Commission for Western Asia (ESCWA) and the International Monetary Fund, represents one of the most extensive statistical updates undertaken in years. Officials say the overhaul aims to enhance the accuracy, credibility, and comparability of Jordan’s macroeconomic data by aligning it with the latest international methodologies.

A Modernized Statistical Baseline At the heart of the revision is a shift in the base year for national accounts from 2016 to 2023 reflecting global best practice, which encourages regular updates to capture structural changes in the economy. The new base year incorporates revamped sectoral surveys, expanded data coverage, improved measurement techniques, and integration of new administrative data sources through expanded digital linkages.

The revision also brought into the official GDP count economic activities previously unrecorded, particularly in the informal sector, which plays a significant role in Jordan’s labor market and service economy. Enhanced survey methodologies, better sampling techniques, and the use of new data streams contributed to the upward adjustment.

Sectoral Re-estimation Across the Economy The Department of Statistics re-estimated output across a broad spectrum of industries, refining the weight and contribution of several key sectors: - Energy - Agriculture - Manufacturing and extractive industries - Trade, transport, and warehousing - Real estate - Construction These updates correct previous underestimations and improve the representation of structural shifts, including growth in logistics, real estate dynamics, and emerging service activities.

In Line with Global Trends Jordan’s statistical upgrade mirrors revisions recently undertaken by Saudi Arabia, Pakistan, Egypt, Morocco, and India, all of which have recalibrated their national accounts to bolster data reliability and meet the expectations of investors, credit agencies, and multilateral institutions.

The Department of Statistics says the revision is a "pivotal milestone" for the national statistical system, enhancing regional and international comparability and reinforcing confidence among foreign investors, credit rating agencies, and international financial institutions.

Next Steps: Deeper Data, Better Indicators Officials say the department is now moving to complete several next-stage priorities: - Preparing Supply and Use Tables for 2023 - Re-estimating the full national accounts series for 2008–2023 - Continuing to expand electronic data integration with administrative agencies - Finalizing producer price and industrial production indices for the new base year - Tracking new and fast-growing segments such as e-commerce - Producing short-term economic indicators to support evidence-based policy decisions These efforts, officials noted, are essential to supporting the country’s Economic Modernization Vision and to ensuring that policymakers and private-sector actors are working with reliable, timely data.

"Updating methodologies and improving data quality is indispensable for capturing economic transformation," the Department of Statistics said, emphasizing that robust statistics are now a central requirement for sustainable development and sound economic governance.

//Petra// AA