West Bank Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

In 2017, the economic outlook in the West Bank - the larger of the two areas comprising the Palestinian Territories – remained fragile, as security concerns and political friction slowed economic growth. Unemployment in the West Bank remained high at 19.0% in the third quarter of 2017, only slightly better than 19.6% at the same point the previous year, while the labor force participation rate remained flat, year-on-year.

Longstanding Israeli restrictions on imports, exports, and movement of goods and people continue to disrupt labor and trade flows and the territory’s industrial capacity, and constrain private sector development. The PA’s budget benefited from an effort to improve tax collection, coupled with lower spending in 2017, but the PA for the foreseeable future will continue to rely heavily on donor aid for its budgetary needs and infrastructure development.

Real GDP (purchasing power parity)

$25.91 billion (2020 est.)

$29.26 billion (2019 est.)

$28.87 billion (2018 est.)

note: data are in 2017 dollars and includes Gaza Strip

Real GDP growth rate

5.3% (2014 est.)

1% (2013 est.)

6% (2012 est.)

note: excludes Gaza Strip

Real GDP per capita

$5,400 (2020 est.)

$6,200 (2019 est.)

$6,300 (2018 est.)

note: data are in 2017 dollars and includes Gaza Strip

GDP (official exchange rate)

$9.828 billion (2014 est.)

note: excludes Gaza Strip

Inflation rate (consumer prices)

0.2% (2017 est.)

-0.2% (2016 est.)

note: excludes Gaza Strip

GDP - composition, by sector of origin

agriculture: 2.9% (2017 est.)

industry: 19.5% (2017 est.)

services: 77.6% (2017 est.)

note: excludes Gaza Strip

GDP - composition, by end use

household consumption: 91.3% (2017 est.)

government consumption: 26.7% (2017 est.)

investment in fixed capital: 23% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 20% (2017 est.)

imports of goods and services: -61% (2017 est.)

note: excludes Gaza Strip

Agricultural products

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

Industries

small-scale manufacturing, quarrying, textiles, soap, olive-wood carvings, and mother-of-pearl souvenirs

Industrial production growth rate

2.2% (2017 est.)

note: includes Gaza Strip

Labor force

1.24 million (2017 est.)

note: excludes Gaza Strip

Labor force - by occupation

agriculture: 11.5%

industry: 34.4%

services: 54.1% (2013 est.)

note: excludes Gaza Strip

Unemployment rate

27.9% (2017 est.)

27% (2016 est.)

note: excludes Gaza Strip

Youth unemployment rate (ages 15-24)

total: 41.7%

male: 37.3%

female: 64.5% (2021 est.)

note: includes Gaza Strip

Population below poverty line

18% (2011 est.)

Gini Index coefficient - distribution of family income

33.7 (2016 est.)

38.7 (2007 est.)

note: includes Gaza Strip

Household income or consumption by percentage share

lowest 10%: 3.2%

highest 10%: 28.2% (2009 est.)

note: includes Gaza Strip

Budget

revenues: 1.314 billion (2017 est.)

expenditures: 1.278 billion (2017 est.)

note: includes Palestinian Authority expenditures in the Gaza Strip

Budget surplus (+) or deficit (-)

0.4% (of GDP) (2017 est.)

Public debt

24.4% of GDP (2014 est.)

23.8% of GDP (2013 est.)

Taxes and other revenues

13.4% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$1.444 billion (2017 est.)

-$1.348 billion (2016 est.)

Exports

$2.65 billion (2019 est.) note: data are in current year dollars and includes Gaza Strip

$2.6 billion (2018 est.) note: data are in current year dollars and includes Gaza Strip

note: excludes Gaza Strip

Exports - commodities

stone, olives, fruit, vegetables, limestone

Imports

$9.15 billion (2019 est.) note: data are in current year dollars and includes Gaza Strip

$9.02 billion (2018 est.) note: data are in current year dollars and includes Gaza Strip

note: data include the Gaza Strip

Imports - commodities

food, consumer goods, construction materials, petroleum, chemicals

Reserves of foreign exchange and gold

$0 (31 December 2017 est.)

$583 million (31 December 2015 est.)

Debt - external

$1.662 billion (31 March 2016 est.)

$1.467 billion (31 March 2015 est.)

note: data include the Gaza Strip

Exchange rates

new Israeli shekels (ILS) per US dollar -

3.606 (2017 est.)

3.841 (2016 est.)

3.841 (2015 est.)

3.8869 (2014 est.)

3.5779 (2013 est.)

NOTE: The information regarding West Bank on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of West Bank 2022 information contained here. All suggestions for corrections of any errors about West Bank 2022 should be addressed to the CIA or the source cited on each page.