Gaza Strip Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic 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.

Real GDP growth rate

-15.2% (2014 est.)

5.6% (2013 est.)

7% (2012 est.)

note: excludes the West Bank

country comparison to the world: 222

Inflation rate (consumer prices)

0.2% (2017 est.)

-0.2% (2016 est.)

note: excludes the West Bank

country comparison to the world: 27

Real GDP (purchasing power parity)

see entry for the West Bank

GDP (official exchange rate)

$2.938 billion (2014 est.)

note: excludes the West Bank

Real GDP per capita

$6,220 (2019 est.)

$6,318 (2018 est.)

$6,402 (2017 est.)

see entry for the the West Bank

country comparison to the world: 164

Gross national saving

15.5% of GDP (2018 est.)

14.4% of GDP (2017 est.)

country comparison to the world: 143

GDP - composition, by sector of origin

agriculture: 3% (2017 est.)

industry: 21.1% (2017 est.)

services: 75% (2017 est.)

note: data exclude the West Bank

GDP - composition, by end use

household consumption: 88.6% (2017 est.)

government consumption: 26.3% (2017 est.)

investment in fixed capital: 22.4% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 18.6% (2017 est.)

imports of goods and services: -55.6% (2017 est.)

note: data exclude the West Bank

Agricultural products

tomatoes, cucumbers, olives, poultry, milk, potatoes, sheep milk, eggplants, gourds

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: 125

Labor force

1.24 million (2017 est.)

note: excludes the West Bank

country comparison to the world: 133

Labor force - by occupation

agriculture: 5.2%

industry: 10%

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: 200

Population below poverty line

30% (2011 est.)

note: data exclude the West Bank

Gini Index coefficient - distribution of family income

33.7 (2016 est.)

country comparison to the world: 122

Budget

see entry for the West Bank

Fiscal year

calendar year

Current account balance

-$1.444 billion (2017 est.)

-$1.348 billion (2016 est.)

note: excludes the West Bank

country comparison to the world: 157

Exports

$1.955 billion (2017 est.)

$1.827 billion (2016 est.)

country comparison to the world: 146

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: 115

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: 156

Debt - external

see entry for the West Bank

Exchange rates

see entry for the West Bank

NOTE: The information regarding Gaza Strip on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Gaza Strip 2021 information contained here. All suggestions for corrections of any errors about Gaza Strip 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.