West Bank Economy Profile 2018

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Economy - overviewIsraeli-Palestinian violence in 2015 exacerbated challenges to economic growth in the West Bank - the larger of the two areas comprising the Palestinian Territories. Increased security restrictions and political instability slowed economic activity, and Israel’s four-month withholding of taxes and other fees it collects on the Palestinian Authority’s (PA) behalf caused the PA to delay salary payments to its employees, which in turn had broader effects on business activity and consumer demand.

Longstanding Israeli closure policies continue to disrupt labor and trade flows and the territory’s industrial capacity, limit imports and exports, and constrain private sector development. The PA for the foreseeable future will continue to rely heavily on donor aid for its budgetary needs and economic activity.
GDP (purchasing power parity)$21.22 billion (2014 est.)
$20.15 billion (2013 est.)
$19.95 billion (2012 est.)
note: data are in 2014 US dollars; includes Gaza Strip
GDP (official exchange rate)$9.828 billion (2014 est.)
note: excludes Gaza Strip
GDP - real growth rate5.3% (2014 est.)
1% (2013 est.)
6% (2012 est.)
note: excludes Gaza Strip
GDP - per capita (PPP)$4,300 (2014 est.)
$4,400 (2013 est.)
$4,600 (2012 est.)
note: includes Gaza Strip
Gross national saving7.8% of GDP (2014 est.)
9.5% of GDP (2013 est.)
5% of GDP (2012 est.)
note: includes Gaza Strip
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: excludes Gaza Strip (2017 est.)
GDP - composition by sectoragriculture: 3%
industry: 21.1%
services: 62.5%
note: excludes Gaza Strip (2017 est.)
Population below poverty line18% (2011 est.)
Labor force1.24 million
note: excludes Gaza Strip (2017 est.)
Labor force - by occupationagriculture: 11.5%
industry: 34.4%
services: 54.1%
note: excludes Gaza Strip (2013 est.)
Unemployment rate26.7% (2017 est.)
26.9% (2016 est.)
note: excludes Gaza Strip
Unemployment, youth ages 15-24total: 40.7%
male: 36.4%
female: 60.8%
note: includes Gaza Strip (2015 est.)
Household income or consumption by percentage sharelowest 10%: 3.2%
highest 10%: 28.2%
note: includes Gaza Strip (2009 est.)
Distribution of family income - Gini index34.5 (2009 est.)
38.7 (2007 est.)
note: includes Gaza Strip
Budgetrevenues: $1.314 billion
expenditures: $1.278 billion
note: includes Palestinian Authority expenditures in the Gaza Strip (2017 est.)
Taxes and other revenues13.4% of GDP (2017 est.)
Budget surplus (+) or deficit (-)0.4% of GDP (2017 est.)
Public debt24.4% of GDP (2014 est.)
23.8% of GDP (2013 est.)
Inflation rate (consumer prices)0.8% (2017 est.)
-0.2% (2016 est.)
note: excludes Gaza Strip
Commercial bank prime lending rate6.7% (31 December 2017 est.)
6.5% (31 December 2016 est.)
Stock of narrow money$382 million (31 December 2017 est.)
$317 million (31 December 2016 est.)
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.)
Market value of publicly traded shares$3.339 billion (31 December 2015 est.)
$3.187 billion (31 December 2014 est.)
$3.247 billion (31 December 2013 est.)
Agriculture - productsolives, citrus fruit, vegetables; beef, dairy products
Industriessmall-scale manufacturing, quarrying, textiles, soap, olive-wood carvings, and mother-of-pearl souvenirs
Industrial production growth rate4%
note: includes Gaza Strip (2017 est.)
Current Account Balance-$1.444 billion (2017 est.)
-$1.348 billion (2016 est.)
Exports$1.955 billion (2017 est.)
$1.827 billion (2016 est.)
note: excludes Gaza Strip
Exports - commoditiesstone, olives, fruit, vegetables, limestone
Imports$6.476 billion (2017 est.)
$6.11 billion (2016 est.)
note: data include the Gaza Strip
Imports - commoditiesfood, consumer goods, construction materials, petroleum, chemicals
Reserves of foreign exchange and gold$312.8 million (31 December 2016 est.)
$583 million (31 December 2015 est.)
Debt - external$1.662 billion (31 March 2016 est.)
$1.467 billion (31 March 2015 est.)
note: data include the Gaza Strip
Exchange ratesnew Israeli shekels (ILS) per US dollar -
3.606 (2017 est.)
3.841 (2016 est.)
3.841 (2015 est.)
3.8869 (2014 est.)
3.5779 (2013 est.)
Fiscal yearcalendar year

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

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