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Gaza Strip Economy 1996

Overview:

In 1991 roughly 40% of Gaza Strip workers were employed across the border by Israeli industrial, construction, and agricultural enterprises, with worker remittances supplementing GDP by roughly 50%. Gaza depends upon Israel for nearly 90% of its external trade. Aggravating the impact of Israeli military administration, unrest in the territory since 1988 (intifadah) has raised unemployment and lowered the standard of living of Gazans. The Persian Gulf crisis and its aftershocks also have dealt blows to Gaza since August 1990. Worker remittances from the Gulf states have dropped, unemployment has increased, and exports have fallen. The withdrawal of Israel from the Gaza Strip in May 1994 brings a new set of adjustment problems.

National product:

GDP - purchasing power parity - $1.7 billion (1993 est.)

National product real growth rate:

NA%

National product per capita:

$2,400 (1993 est.)

Inflation rate (consumer prices):

5.7% (1993)

Unemployment rate:

45% (1994 est.)

Budget:

revenues:

$33.6 million

expenditures:

$34.5 million, including capital expenditures of $NA (FY89/90)

Exports:

$83 million (f.o.b., 1992)

commodities:

citrus

partners:

Israel, Egypt

Imports:

$365 million (c.i.f., 1992)

commodities:

food, consumer goods, construction materials

partners:

Israel, Egypt

External debt:

$NA

Industrial production:

growth rate 11% (1991 est.)

Electricity:

power supplied by Israel

Industries:

generally small family businesses that produce textiles, soap, olive-wood carvings, and mother-of-pearl souvenirs; the Israelis have established some small-scale modern industries in an industrial center

Agriculture:

olives, citrus and other fruits; vegetables; beef and dairy products

Economic aid:

$240 million disbursed from international aid pledges in 1994

Currency:

1 new Israeli shekel (NIS) = 100 new agorot

Exchange rates:

new Israeli shekels (NIS) per US$1 - 3.0270 (December 1994), 3.0111 (1994), 2.8301 (1993), 2.4591 (1992), 2.2791 (1991), 2.0162 (1990)

Fiscal year:

calendar year (since 1 January 1992)

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