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West Bank:
Economy

West Bank Page


Economy - overview
Definition
The West Bank - the larger of the two areas comprising the Palestinian Authority (PA) - has experienced a general decline in economic conditions since the second intifada began in September 2000. The downturn has been largely a result of Israeli closure policies - the imposition of closures and access restrictions in response to security concerns in Israel - which disrupted labor and trading relationships. In 2001, and even more severely in 2002, Israeli military measures in PA areas resulted in the destruction of capital, the disruption of administrative structures, and widespread business closures. International aid of at least $1.14 billion to the West Bank and Gaza Strip in 2004 prevented the complete collapse of the economy and allowed some reforms in the government's financial operations. In 2005, high unemployment and limited trade opportunities - due to continued closures both within the West Bank and externally - stymied growth. Israel's and the international community's financial embargo of the PA when HAMAS ran the PA during March 2006 - June 2007 has interrupted the provision of PA social services and the payment of PA salaries. Since June the Fayyad government in the West Bank has restarted salary payments and the provision of services but would be unable to operate absent high levels of international assistance.
GDP (purchasing power parity)
Definition - World rank and map
$5.034 billion (includes Gaza Strip) (2006 est.)
GDP (official exchange rate)
Definition
$5.328 billion (includes Gaza Strip) (2006 est.)
GDP - real growth rate
Definition - World rank and map
-8% (includes Gaza Strip) (2006 est.)
GDP - per capita
Definition - World rank and map
$1,100 (includes Gaza Strip) (2006 est.)
GDP - composition by sector
Definition
agriculture: 8%
industry: 13%
services: 79% (includes Gaza Strip) (2006 est.)
Labor force
Definition
605,000 (2006)
Labor force - by occupation
Definition
agriculture: 18%
industry: 15%
services: 67% (2006)
Unemployment rate
Definition - World rank and map
18.6% (2006)
Population below poverty line
Definition
46% (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 Gaza Strip) (2006)
Budget
Definition
revenues: $1.149 billion
expenditures: $2.31 billion
note: includes Gaza Strip (2006)
Agriculture - products
Definition
olives, citrus, vegetables; beef, dairy products
Industries
Definition
generally small family businesses that produce cement, textiles, soap, olive-wood carvings, and mother-of-pearl souvenirs; the Israelis have established some small-scale, modern industries in the settlements and industrial centers
Industrial production growth rate
Definition - World rank and map
2.4% (includes Gaza Strip) (2005)
Electricity - production
Definition - World rank and map
NA kWh; note - most electricity imported from Israel; East Jerusalem Electric Company buys and distributes electricity to Palestinians in East Jerusalem and its concession in the West Bank; the Israel Electric Company directly supplies electricity to most Jewish residents and military facilities; some Palestinian municipalities, such as Nablus and Janin, generate their own electricity from small power plants
Electricity - consumption
Definition - World rank and map
NA kWh
Electricity - imports
Definition
NA kWh
Exports
Definition - World rank and map
$301 million f.o.b.; (includes Gaza Strip) (2005)
Exports - commodities
Definition
olives, fruit, vegetables, limestone
Exports - partners
Definition
Israel, Jordan, Gaza Strip (2006)
Imports
Definition - World rank and map
$2.44 billion c.i.f.; (includes Gaza Strip) (2005)
Imports - commodities
Definition
food, consumer goods, construction materials
Imports - partners
Definition
Israel, Jordan, Gaza Strip (2006)
Debt - external
Definition - World rank and map
$NA
Market value of publicly traded shares
Definition
$4.461 billion (2005)
Economic aid - recipient
Definition
$1.4 billion; (includes Gaza Strip) (2006 est.)
Currency (code)
Definition
new Israeli shekel (ILS); Jordanian dinar (JOD)
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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