Economy - overview:
High population density, limited land access, and strict internal and external security controls have kept economic conditions in the Gaza Strip - the smaller of the two areas under the Palestinian Authority (PA) - even more degraded than in the West Bank. The beginning of the second intifada in September 2000 sparked an economic downturn, largely the result of Israeli closure policies; these policies, which were imposed to address security concerns in Israel, disrupted labor and trade access to and from the Gaza Strip. In 2001, and even more severely in 2003, Israeli military measures in PA areas resulted in the destruction of capital, the disruption of administrative structures, and widespread business closures. The Israeli withdrawal from the Gaza Strip in September 2005 offered some medium-term opportunities for economic growth, but Israeli-imposed crossings closures, which became more restrictive after HAMAS violently took over the territory in June 2007, have resulted in widespread private sector layoffs and shortages of most goods. The status of the crossings, which are closed to all but the most basic goods, has not changed following Israel's military offensive into the Gaza Strip in early 2009.
GDP (purchasing power parity):
$11.95 billion (2008 est.)
$5.034 billion (2006)
$5.327 billion (2005)
note: data are in 2008 US dollars
GDP (official exchange rate):
$6.641 billion (includes West Bank) (2008 est.)
GDP - real growth rate:
0.8% (2008 est.)
-8% (2006 est.)
4.9% (2005 est.)
GDP - per capita (PPP):
$2,900 (2008 est.)
$1,100 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 8%
industry: 13%
services: 79% (includes West Bank) (2007 est.)
Labor force:
267,000 (2006)
Labor force - by occupation:
agriculture: 12%
industry: 5%
services: 83% (June 2008)
Unemployment rate:
41.3% (June 2008)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $1.149 billion
expenditures: $2.31 billion
note: includes West Bank (2006)
Inflation rate (consumer prices):
11.5%
note: includes West Bank (2008)
Commercial bank prime lending rate:
7.73% (31 December 2006)
Stock of money:
$1.574 billion (31 December 2007)
Stock of quasi money:
$3.048 billion (31 December 2007)
Stock of domestic credit:
$1.455 billion (31 December 2007)
Agriculture - products:
olives, citrus fruit, vegetables, flowers, beef, dairy products
Industries:
textiles, food processing
Industrial production growth rate:
2.4% (includes West Bank) (2005)
Electricity - production:
140,000 kWh (2005)
Electricity - consumption:
230,000 kWh (2005)
Electricity - exports:
0 kWh (2008)
Electricity - imports:
90,000 kWh; note - from Israeli Electric Company (2005)
Exports:
$339 million f.o.b.; (includes West Bank) (2006)
Exports - commodities:
citrus, flowers, textiles
Imports:
$2.84 billion c.i.f.; (includes West Bank) (2006)
Imports - commodities:
food, consumer goods, construction materials
Debt - external:
$1.3 billion (2007 est.)
Exchange rates:
new Israeli shekels (ILS) per US dollar - 3.56 (2008 est.), 4.14 (2007), 4.4565 (2006), 4.4877 (2005), 4.482 (2004)
