West Bank Economy - 2023

GEOGRAPHICAL NAMES 

Real GDP (purchasing power parity)

$27.779 billion (2021 est.)

$25.95 billion (2020 est.)

$29.262 billion (2019 est.)

note: data are in 2017 dollars and includes Gaza Strip

Real GDP growth rate

7.05% (2021 est.)

-11.32% (2020 est.)

1.36% (2019 est.)

note: excludes Gaza Strip

Real GDP per capita

$5,600 (2021 est.)

$5,400 (2020 est.)

$6,200 (2019 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)

1.24% (2021 est.)

-0.74% (2020 est.)

1.58% (2019 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

6.22% (2021 est.)

note: includes Gaza Strip

Labor force

1.249 million (2021 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

24.9% (2021 est.)

25.89% (2020 est.)

25.34% (2019 est.)

note: excludes Gaza Strip

Youth unemployment rate (ages 15-24)

total: 39.6%

male: 33.7%

female: 69% (2021 est.)

note: includes Gaza Strip

Population below poverty line

18% (2011 est.)

Gini Index coefficient - distribution of family income

33.7 (2016 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: $3.803 billion (2020 est.)

expenditures: $5.002 billion (2020 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

18.78% (of GDP) (2018 est.)

Fiscal year

calendar year

Current account balance

-$1.486 billion (2021 est.)

-$1.903 billion (2020 est.)

-$1.779 billion (2019 est.)

Exports

$3.18 billion (2021 est.) note: data are in current year dollars and includes Gaza Strip

$2.385 billion (2020 est.) note: data are in current year dollars and includes Gaza Strip

$2.659 billion (2019 est.)

note: excludes Gaza Strip

Exports - commodities

building stone, scrap iron, plastic lids, furniture, seating, dates, olive oil (2021)

note: data includes both Gaza Strip and West Bank export commodities

Imports

$10.245 billion (2021 est.) note: data are in current year dollars and includes Gaza Strip

$8.065 billion (2020 est.) note: data are in current year dollars and includes Gaza Strip

$9.161 billion (2019 est.)

note: data include the Gaza Strip

Imports - commodities

food, consumer goods, construction materials, petroleum, chemicals

Reserves of foreign exchange and gold

$872.541 million (31 December 2021 est.)

$697.075 million (31 December 2020 est.)

$658.352 million (31 December 2019 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 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of West Bank 2023 information contained here. All suggestions for corrections of any errors about West Bank 2023 should be addressed to the CIA or the source cited on each page.