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| 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 |
| GDP (official exchange rate) | $2.938 billion (2014 est.) note: excludes the West Bank |
| GDP - real growth rate | -15.2% (2014 est.) 5.6% (2013 est.) 7% (2012 est.) note: excludes the West Bank |
| GDP - per capita (PPP) | $6,220 (2019 est.) $6,318 (2018 est.) $6,402 (2017 est.) see entry for the the West Bank |
| Gross national saving | 15.5% of GDP (2018 est.) 14.4% of GDP (2017 est.) |
| 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 |
| GDP - composition by sector | agriculture: 3% (2017 est.) industry: 21.1% (2017 est.) services: 75% (2017 est.) note: data exclude the West Bank |
| Population below poverty line | 30% (2011 est.) note: data exclude the West Bank |
| Labor force | 1.24 million (2017 est.) note: excludes the West Bank |
| 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 |
| Unemployment, youth ages 15-24 | total: 40.2% male: 34.8% female: 67.2% (2019 est.) note: includes the West Bank |
| Distribution of family income - Gini index | 33.7 (2016 est.) |
| Budget | see entry for the West Bank |
| Inflation rate (consumer prices) | 0.2% (2017 est.) -0.2% (2016 est.) note: excludes the West Bank |
| Agriculture - 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 |
| Current Account Balance | -$1.444 billion (2017 est.) -$1.348 billion (2016 est.) note: excludes the West Bank |
| Exports | $1.955 billion (2017 est.) $1.827 billion (2016 est.) |
| 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 |
| 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.) |
| Debt - external | see entry for the West Bank |
| Exchange rates | see entry for the West Bank |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on September 18, 2021
