The Economy of West Bank
The Economy of West Bank
NA Economy
Economy - overview: 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 interrupted the provision of PA social services and the payment of PA salaries. Since then 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:
GDP - real growth rate: 0.8% (2008 est.)
GDP - per capita:
GDP - composition by sector: agriculture: 8% industry: 13% services: 79% (includes Gaza Strip) (2007 est.)
Population below poverty line:
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: 605,000 (2006)
Labor force - by occupation: agriculture: 17% industry: 15% services: 68% (June 2008)
Unemployment rate: 16.3% (June 2008)
Budget: revenues: $1.149 billion expenditures: $2.31 billion note: includes Gaza Strip (2006)
Industries: cement, quarrying, 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: 2.4% (includes Gaza Strip) (2005)
Electricity - production: 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 - production by source:
Electricity - consumption: NA kWh
Electricity - exports:
Electricity - imports: NA kWh
Oil - production:
Oil - consumption:
Oil - exports:
Oil - imports:
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: olives, citrus, vegetables; beef, dairy products
Exports: $339 million f.o.b. note: includes Gaza Strip (2006)
Exports - commodities: olives, fruit, vegetables, limestone
Exports - partners:
Imports: $1.3 billion c.i.f.; (includes Gaza Strip) (2006)
Imports - commodities: food, consumer goods, construction materials
Imports - partners:
Debt - external: $1.3 billion (2007 est.)
Economic aid - recipient:
Currency:
Currency code:
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)
Fiscal year: