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Gaza Strip:
Economy

Gaza Strip Page


Economy - overview
Definition
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 intifadah 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 continued 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.
GDP (purchasing power parity)
Definition - World rank and map
$5.034 billion (includes West Bank) (2006 est.)
GDP (official exchange rate)
Definition
$5.328 billion (includes West Bank) (2006 est.)
GDP - real growth rate
Definition - World rank and map
-8% (includes West Bank) (2006 est.)
GDP - per capita
Definition - World rank and map
$1,100 (includes West Bank) (2006 est.)
GDP - composition by sector
Definition
agriculture: 8%
industry: 13%
services: 79% (includes West Bank) (2006 est.)
Labor force
Definition
267,000 (2006)
Labor force - by occupation
Definition
agriculture: 12%
industry: 18%
services: 70% (2005)
Unemployment rate
Definition - World rank and map
34.8% (2006)
Population below poverty line
Definition
80% (2007 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
3.6% (includes West Bank) (2006)
Budget
Definition
revenues: $1.149 billion
expenditures: $2.31 billion
note: includes West Bank (2006)
Agriculture - products
Definition
olives, citrus, vegetables; beef, dairy products
Industries
Definition
generally small family businesses that produce textiles, soap, olive-wood carvings, and mother-of-pearl souvenirs; the Israelis had established some small-scale modern industries in an industrial center, but operations ceased prior to Israel's evacuation of Gaza Strip settlements
Industrial production growth rate
Definition - World rank and map
2.4% (includes West Bank) (2005)
Electricity - production
Definition - World rank and map
140,000 kWh (2005)
Electricity - consumption
Definition - World rank and map
230,000 kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
0.2 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
90,000 kWh; note - from Israeli Electric Company (2005)
Exports
Definition - World rank and map
$301 million f.o.b.; (includes West Bank) (2005)
Exports - commodities
Definition
citrus, flowers, textiles
Exports - partners
Definition
Israel, Egypt, West Bank (2006)
Imports
Definition - World rank and map
$2.44 billion c.i.f.; (includes West Bank) (2005)
Imports - commodities
Definition
food, consumer goods, construction materials
Imports - partners
Definition
Israel, Egypt, West Bank (2006)
Debt - external
Definition - World rank and map
$NA
Economic aid - recipient
Definition
$1.4 billion; (includes West Bank) (2006 est.)
Currency (code)
Definition
new Israeli shekel (ILS)
Exchange rates
Definition
new Israeli shekels per US dollar - 4.14 (2007), 4.4565 (2006), 4.4877 (2005), 4.482 (2004), 4.5541 (2003)
Fiscal year
Definition
calendar year


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