Gaza Strip Economy

Gaza Strip Economy: A summary of information about Gaza Strip Economy, from government research data as well as independent research and other sources.

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Gaza Strip: Economy

Economy - overview
Economic conditions in the Gaza Strip - under the
responsibility of the Palestinian Authority since the Cairo Agreement
of May 1994 - have deteriorated since the early 1990s. Real per capita
GDP for the West Bank and Gaza Strip (WBGS) declined 36% between 1992
and 1996 owing to the combined effect of falling aggregate incomes and
robust population growth. The downturn in economic activity was
largely the result of Israeli closure policies - the imposition of
generalized border closures in response to security incidents in
Israel - which disrupted previously established labor and commodity
market relationships between Israel and the WBGS. The most serious
negative social effect of this downturn has been the emergence of
chronic unemployment; average unemployment rates in the WBGS during
the 1980s were generally under 5%; by the mid-1990s this level had
risen to over 20%. Since 1997 Israel's use of comprehensive closures
has decreased and, in 1998, Israel implemented new policies to reduce
the impact of closures and other security procedures on the movement
of Palestinian goods and labor. In October 1999, Israel permitted the
opening of a safe passage between the Gaza Strip and the West Bank in
accordance with the 1995 Interim Agreement. These changes to the
conduct of economic activity have fueled a moderate economic recovery
in 1998-99.
GDP
purchasing power parity - $1.17 billion (1999 est.)
GDP - real growth rate
4.6% (1999 est.)
GDP - per capita
purchasing power parity - $1,060 (1999 est.)
GDP - composition by sector
agriculture: 33%
industry: 25%
services: 42% (1995 est., includes West Bank)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
5% (includes West Bank) (1999 est.)
Labor force
NA
Labor force - by occupation
services 66%, industry 21%, agriculture
13% (1996)
Unemployment rate
14.5% (includes West Bank) (1998 est.)
Budget
revenues: $1.6 billion
expenditures: $1.73 billion, including capital expenditures of $NA
note: includes West Bank (1999 est.)
Industries
generally small family businesses that produce textiles,
soap, olive-wood carvings, and mother-of-pearl souvenirs; the Israelis
have established some small-scale modern industries in an industrial
center
Industrial production growth rate
NA%
Electricity - production
0 kWh (1998)
Electricity - consumption
NA kWh
Electricity - imports
NA kWh; note - electricity supplied by Israel
Agriculture - products
olives, citrus, vegetables; beef, dairy
products
Exports
$682 million (includes West Bank) (f.o.b., 1998 est.)
Exports - commodities
citrus, flowers
Exports - partners
Israel, Egypt, West Bank
Imports
$2.5 billion (c.i.f., 1998 est.) (includes West Bank)
Imports - commodities
food, consumer goods, construction materials
Imports - partners
Israel, Egypt, West Bank
Debt - external
$108 million (includes West Bank) (1997 est.)
Economic aid - recipient
$800 million pledged (includes West Bank)
(1999)
Currency
1 new Israeli shekel (NIS) = 100 new agorot
Exchange rates
new Israeli shekels (NIS) per US$1 - 4.2260 (November
1999), 3.8001 (1998), 3.4494 (1997), 3.1917 (1996), 3.0113 (1995)
Fiscal year
calendar year
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