Gaza Strip Economy Profile 2018

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Economy - overviewIsraeli security measures and Israeli-Palestinian violence continue to degrade economic conditions in the Gaza Strip, the smaller of the two areas comprising the Palestinian territories. Israeli-imposed border controls became more restrictive after HAMAS seized control of the territory in June 2007. They have produced high unemployment, elevated poverty rates, and a sharp contraction of the private sector, which had relied primarily on export markets.

Egypt’s ongoing crackdown on the Gaza Strip’s extensive tunnel-based smuggling network has exacerbated fuel, construction material, and consumer goods shortages in the territory. The 51-day conflict in July 2014 that HAMAS and other Gaza-based militant groups fought with Israel further depressed the Gaza Strip’s already aid-dependent economy. Donor support for reconstruction and relaxed Israeli import restrictions in 2014 and 2015 have fallen short of postconflict needs, with almost 100,000 people remaining internally displaced because their homes have yet to be rebuilt or repaired.
GDP (purchasing power parity)see entry for the West Bank
GDP (official exchange rate)$2.938 billion (2014 est.)
note: excludes the West Bank
GDP - real growth rate-15.2% (2014 est.)
5.6% (2013)
7% (2012)
note: excludes the West Bank
GDP - per capita (PPP)see entry for the the West Bank
GDP - composition, by end usehousehold consumption: 91.3%
government consumption: 26.7%
investment in fixed capital: 23%
investment in inventories: 0%
exports of goods and services: 20%
imports of goods and services: -61%
note: data exclude the West Bank (2017 est.)
GDP - composition by sectoragriculture: 3%
industry: 21.1%
services: 62.5%
note: data exclude the West Bank (2017 est.)
Population below poverty line30%
note: data exclude the West Bank (2011 est.)
Labor force1.24 million
note: excludes the West Bank (2017 est.)
Labor force - by occupationagriculture: 5.2%
industry: 10%
services: 84.8%
note: data exclude the West Bank (2015 est.)
Unemployment rate26.7% (2017 est.)
26.9% (2016 est.)
note: data exclude the West Bank
Unemployment, youth ages 15-24total: 40.7%
male: 36.4%
female: 60.8%
note: includes the West Bank (2015 est.)
Budgetsee entry for the West Bank (2017 est.)
Inflation rate (consumer prices)0.8% (2017 est.)
-0.2% (2016 est.)
note: 2.9% excludes the West Bank
Commercial bank prime lending ratesee entry for the West Bank
Stock of narrow moneysee entry for the West Bank
Stock of broad money$2.901 billion (31 December 2017 est.)
$2.538 billion (31 December 2016 est.)
Stock of domestic credit$2.041 billion (31 December 2017 est.)
$1.712 billion (31 December 2016 est.)
Agriculture - productsolives, fruit, vegetables, flowers; beef, dairy products
Industriestextiles, food processing, furniture
Industrial production growth rate4%
note: see entry for the West Bank (2017 est.)
Current Account Balance-$1.444 billion (2017 est.)
-$1.348 billion (2016 est.)
note: excludes the West Bank
Exports$1.955 billion (2017 est.)
$1.827 billion (2016 est.)
Exports - commoditiesstrawberries, carnations, vegetables, fish (small and irregular shipments, as permitted to transit the Israeli-controlled Kerem Shalom crossing)
Importssee entry for the West Bank
Imports - commoditiesfood, consumer goods, fuel
Reserves of foreign exchange and gold$312.8 million (31 December 2016 est.)
$583 million (31 December 2015 est.)
Debt - externalsee entry for the West Bank
Exchange ratessee entry for the West Bank
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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