Finance Ministry reports stable public debt, decreasing expenditures

AMMAN — The Kingdom's public debt ratio to GDP stabilised in the first quarter of the year, compared with 2016 end-of-year data, while public expenditures dropped in the same period, Finance Ministry figures showed.

The ministry said in a statement the public debt totalled JD26.5 billion at the end of March, constituting 95.1 per cent of GDP, while at the end of December 2016, the figure was JD26.1 billion, and the public debt to GDP ratio 95.1 per cent.

Meanwhile, the government spending in the first quarter of 2017 decreased by JD12 million to stand at JD1.755 billion, or by 0.7 per cent compared with the same period in 2016 when public spending stood at JD1.767 billion, the Jordan News Agency, Petra, reported. 

The ministry reported that local revenues increased in the first quarter of this year by JD51 million, reaching JD1.513 billion while foreign grants received to support the state budget dropped to JD50 million in the first quarter of 2017 compared with JD130 million in the first quarter of last year.

Sales tax revenues showed an increase from JD689 million to JD706 million while non-tax revenues increased from JD420 million to JD494 million in the same comparison period. 

Moreover, income tax revenues decreased to JD208 million in the first quarter of this year compared with JD247 million in the same period last year, Petra reported, noting that income tax revenues reflect the economic activity of the year before. 

Financial performance led to reducing the deficit in the state budget before the grants in this year’s first quarter to JD242 million compared with JD305 million in the first quarter of 2016.

Deficit after grants stood at JD192 million compared with JD174 million in the same comparison period. 

The figures are available on the Finance Ministry’s website on www.mof.gov.jo.