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    Gaza Strip Economy - 2003

      Economy - overview: Economic output in the Gaza Strip - under the responsibility of the Palestinian Authority since the Cairo Agreement of May 1994 - declined by about one-third between 1992 and 1996. The downturn was largely the result of Israeli closure policies - the imposition of generalized border closures in response to security incidents in Israel - which disrupted previously established labor and commodity market relationships between Israel and the WBGS (West Bank and Gaza Strip). The most serious negative social effect of this downturn was the emergence of high unemployment; unemployment in the WBGS during the 1980s was generally under 5%; by 1995 it had risen to over 20%. Israel's use of comprehensive closures decreased during the next few years and, in 1998, Israel implemented new policies to reduce the impact of closures and other security procedures on the movement of Palestinian goods and labor. These changes fueled an almost three-year-long economic recovery in the West Bank and Gaza Strip; real GDP grew by 5% in 1998 and 6% in 1999. Recovery was upended in the last quarter of 2000 with the outbreak of violence, triggering tight Israeli closures of Palestinian self-rule areas and a severe disruption of trade and labor movements. In 2001, and even more severely in 2002, Israeli military measures in Palestinian Authority areas resulted in the destruction of capital plant and administrative structure, widespread business closures, and a sharp drop in GDP. Another major loss has been the decline in income earned by Palestinian workers in Israel. International aid of $2 billion in 2001-02 to the Gaza Strip and West Bank have prevented the complete collapse of the economy.

      GDP: purchasing power parity - $735 million (2002 est.)

      GDP - real growth rate: -15% (2002 est.)

      GDP - per capita: purchasing power parity - $600 (2002 est.)

      Population below poverty line: 60% (2002 est.)

      Household income or consumption by percentage share: lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices): 2.2% (includes West Bank) (2001 est.)

      Labor force: NA

      Labor force - by occupation: services 66%, industry 21%, agriculture 13% (1996)

      Unemployment rate: 50% (includes West Bank) (2002 est.)

      Budget: revenues: $930 million
      expenditures: $1.2 billion, including capital expenditures of $15 million (includes West Bank) (2000 est.)

      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

      Industrial production growth rate: NA%

      Electricity - production: NA kWh; note - electricity supplied by Israel

      Electricity - consumption: NA kWh

      Electricity - exports: 0 kWh (2001)

      Electricity - imports: NA kWh; note - electricity supplied by Israel (2001)

      Agriculture - products: olives, citrus, vegetables; beef, dairy products

      Exports: $603 million f.o.b., includes West Bank

      Exports - commodities: citrus, flowers

      Exports - partners: Israel, Egypt, West Bank

      Imports: $1.9 billion c.i.f., includes West Bank

      Imports - commodities: food, consumer goods, construction materials

      Imports - partners: Israel, Egypt, West Bank

      Debt - external: $108 million (includes West Bank) (1997 est.)

      Economic aid - recipient: $2 billion (includes West Bank) (2001-02 est.)

      Currency: new Israeli shekel (ILS)

      Currency code: ILS

      Exchange rates: new Israeli shekels per US dollar - 4.7378 (2002), 4.2057 (2001), 4.0773 (2000), 4.1397 (1999), 3.8001 (1998), 3.4494 (1997)

      Fiscal year: calendar year

      NOTE: The information regarding Gaza Strip on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Gaza Strip Economy 2003 should be addressed to the CIA.

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    Revised 20-Sep-03
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