Higher grants and tax proceeds helped narrow Jordan's state budget gap by 23% y/y to JOD 897mn ( USD 1.27bn ) in the first ten months of 2013 despite rising spending, mainly on debt servicing, salaries and the national electricity company, the finance ministry stated. Excluding grants, the budget gap widened 15% y/y to JOD 1.448bn over the period. The revised 2013 budget forecasts JOD 6.208bn in total revenue and JOD 7.176bn in spending, resulting in a JOD 968mn budget deficit. Jordan's budget deficit will narrow to 4.8% of GDP in 2013 from 8.2% the year before, the IMF forecasts. But the revised budget parameters for 2013 might overshoot the IMF's projections. Revenue (including grants) climbed 21% y/y to JOD 4.685bn and spending rose 11% to JOD 5.582bn. Foreign grants jumped to JOD 550.3mn in January-October from JOD 96.6mn a year earlier. Jordan expects to get JOD 850mn ( USD 1.2bn ) worth of foreign grants in 2013. Tax proceeds grew 14.3% y/y to JOD 3.015bn over the period lifted by a 20% increase in tax on goods and services, a 15% rise in customs income and a 15.8% expansion in tax on real estate. Current spending rose 9% y/y to JOD 4.978bn in January-October and capital spending grew 30% to JOD 606mn. The Jordanian government has recently endorsed the draft state budget law for 2014, envisaging a 15% increase in the deficit to JOD 1.114bn ( USD 1.57bn ).
Most Popular Stories
- Miley Cyrus Performs in Undies After Costume Goes Missing
- HBO No Go During 'True Detective' Finale
- FBI Helping Ukraine Recover Stolen Billions
- Colo. Raises $3.5 Million in Pot Revenue
- Uninsured Rate Continues to Fall
- Kim Jong Un Elected in Remarkable Unanimous Vote
- Neil Young Debuts PonoMusic This Week
- Rodman Calls It Quits With Kim Jong Un
- Growth Expected if Congress Passes Budget
- Shipwright Jobs Offered in N.C.