Economy of the Palestinian territories
Palestine Monetary Authority
|
|
| Currency |
New Israeli Shekel (NIS) alongside: - Egyptian pound (EGP) - Jordanian Dinar (JOD) |
|---|---|
| Calendar Year | |
| Statistics | |
| GDP | $10 billion (2012 est.) |
|
GDP growth
|
5.9% (2012) |
|
GDP per capita
|
$1924 (West Bank) $876 (Gaza) |
|
GDP by sector
|
agriculture (5%), industry (14%), services (81%) (2008 est.) |
| 2.7% (June 2013) | |
|
Population below poverty line
|
25.8% (2011 est.) |
|
Labour force
|
1.137 million (2012) |
|
Labour force by occupation
|
Agriculture (12%), Industry (23%), Services (65%) (2008 est.) |
| Unemployment | 27.5% (Q1 2013) |
|
Main industries
|
Cement, quarrying, textiles, soap, olive-wood carvings, mother-of-pearl souvenirs, food processing |
| 140th (2017) | |
| External | |
| Exports | $720 million (2011) |
|
Export goods
|
Olives, fruit, vegetables, limestone, citrus, flowers, textiles |
| Imports | $4.2 billion (2011) |
|
Import goods
|
Food, consumer goods, construction materials |
| Public finances | |
| $4.2 billion (June 2013) | |
| $1.3 billion (13% of GDP; 2012 est.) | |
| Revenues | $2.2 billion (2012 est.) |
| Expenses | $3.54 billion (2012) |
|
All values, unless otherwise stated, are in US dollars. |
|
$1924 (West Bank)
The economy of the State of Palestine refers to the economic activity of the State of Palestine, under the control of the Palestinian government in Ramallah, and the economy of the Hamas-ruled Gaza Strip.
Agriculture is a mainstay in the economy. The production of agricultural goods supports the population's sustenance needs and fuels Palestine's export economy. According to the Council for European Palestinian Relations, the agricultural sector formally employs 13.4% of the population and informally employs 90% of the population. Around 183,000 hectares of land in the Palestinian territories are cultivated, of which around half is used for olive production. Olive products earn more in export income than any other agricultural crop.
Over the past 10 years, unemployment rates in Palestine have increased and the agricultural sector became the most impoverished sector in Palestine.
Palestinian agriculture suffers from numerous problems, blockades to exportation of produce and importation of necessary inputs, widespread confiscation of land for nature reserves as well as military and settler use, confiscation and destruction of wells, and physical barriers within the West Bank. Because the root of the conflict is with land, the disputes between Israel and Palestine are well-manifested in the agriculture of Palestine.
In 2010, 4.6 million people visited the Palestinian territories, compared to 2.6 million in 2009. Of that number, 2.2 million were foreign tourists while 2.7 million were domestic. This number of international visits is misleading, however, since most tourists come for only a few hours or as part of a day trip itinerary. In the last quarter of 2012 over 150,000 guests stayed in West Bank hotels; 40% were European and 9% were from the United States and Canada. Major travel guides write recently that "the West Bank is not the easiest place in which to travel but the effort is richly rewarded."
The Palestinian Authority and Israeli tourism ministries have attempted to work together on tourism in the Palestinian territories in a Joint Committee. Recent cooperation to share access to foreign tourists has not proven successful in Palestine for many reasons relating to the occupation. Israel controls the movement of tourists into the West Bank. Foreign tourism is presently restricted to East Jerusalem and the West Bank, following the August 2013 indefinite closing of the Rafah crossing located between Egypt and the Hamas controlled Gaza Strip. There is essentially no tourist flow to Gaza since 2005 because of the ongoing Israeli military land, air, and sea blockade.
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Wikipedia