Economy - overview:
Movement and access restrictions, violent attacks, and the slow pace of post-conflict reconstruction continue to degrade economic conditions in the Gaza Strip, the smaller of the two areas comprising the Palestinian territories. Israeli controls became more restrictive after HAMAS seized control of the territory in June 2007. Under Hamas control, Gaza has suffered from rising unemployment, elevated poverty rates, and a sharp contraction of the private sector, which had relied primarily on export markets.
Since April 2017, the Palestinian Authority has reduced payments for electricity supplied to Gaza and cut salaries for its employees there, exacerbating poor economic conditions. Since 2014, Egypt’s crackdown on the Gaza Strip’s extensive tunnel-based smuggling network has exacerbated fuel, construction material, and consumer goods shortages in the territory. Donor support for reconstruction following the 51-day conflict in 2014 between Israel and HAMAS and other Gaza-based militant groups has fallen short of post-conflict needs.
GDP (purchasing power parity):
see entry for the West Bank
[see also: GDP country ranks ]
GDP (official exchange rate):
$2.938 billion
(2014 est.)
note: excludes the West Bank
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
-15.2%
(2014 est.)
5.6%
(2013 est.)
7%
(2012 est.)
note: excludes the West Bank
country comparison to the world (CIA rank, may be based on non-current data):
223
[see also: GDP - real growth rate country ranks ]
GDP - per capita (PPP):
see entry for the the West Bank
[see also: GDP - per capita country ranks ]
GDP - composition, by end use:
household consumption: 88.6%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 26.3%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.4%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 18.6%
(2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -55.6%
(2017 est.)
note: data exclude the West Bank
GDP - composition, by sector of origin:
agriculture: 3%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.1%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75%
(2017 est.)
note: data exclude the West Bank
Agriculture - products:
olives, fruit, vegetables, flowers; beef, dairy products
Industries:
textiles, food processing, furniture
Industrial production growth rate:
2.2%
(2017 est.)
note: see entry for the West Bank
country comparison to the world (CIA rank, may be based on non-current data):
125
[see also: Industrial production growth rate country ranks ]
Labor force:
1.24 million
(2017 est.)
note: excludes the West Bank
country comparison to the world (CIA rank, may be based on non-current data):
138
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 5.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 84.8%
(2015 est.)
note: data exclude the West Bank
Unemployment rate:
27.9%
(2017 est.)
27%
(2016 est.)
note: data exclude the West Bank
country comparison to the world (CIA rank, may be based on non-current data):
201
[see also: Unemployment rate country ranks ]
Population below poverty line:
30%
(2011 est.)
note: data exclude the West Bank
[see also: Population below poverty line country ranks ]
Budget:
see entry for the West Bank
Fiscal year:
calendar year
Inflation rate (consumer prices):
0.2%
(2017 est.)
-0.2%
(2016 est.)
note: excludes the West Bank
country comparison to the world (CIA rank, may be based on non-current data):
16
[see also: Inflation rate (consumer prices) country ranks ]
Commercial bank prime lending rate:
see entry for the West Bank
[see also: Commercial bank prime lending rate country ranks ]
see entry for the West Bank
[see also: Stock of narrow money country ranks ]
Stock of broad money:
$2.901 billion
(31 December 2017 est.)
$2.538 billion
(31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
129
[see also: Stock of broad money country ranks ]
Stock of domestic credit:
$2.041 billion
(31 December 2017 est.)
$1.712 billion
(31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
149
[see also: Stock of domestic credit country ranks ]
Current account balance:
-$1.444 billion
(2017 est.)
-$1.348 billion
(2016 est.)
note: excludes the West Bank
country comparison to the world (CIA rank, may be based on non-current data):
152
[see also: Current account balance country ranks ]
Exports:
$1.955 billion
(2017 est.)
$1.827 billion
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
141
[see also: Exports country ranks ]
Exports - commodities:
strawberries, carnations, vegetables, fish (small and irregular shipments, as permitted to transit the Israeli-controlled Kerem Shalom crossing)
Imports:
$8.59 billion
(2018 est.)
$7.852 billion
(2017 est.)
see entry for the West Bank
country comparison to the world (CIA rank, may be based on non-current data):
108
[see also: Imports country ranks ]
Imports - commodities:
food, consumer goods, fuel
Reserves of foreign exchange and gold:
$446.3 million
(31 December 2017 est.)
$583 million
(31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data):
156
[see also: Reserves of foreign exchange and gold country ranks ]
see entry for the West Bank
[see also: Debt - external country ranks ]
see entry for the West Bank
