West Bank - Economy

People	West Bank
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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 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):	$5.034 billion (includes Gaza Strip) (2006 est.)
GDP (official exchange rate):	$5.328 billion (includes Gaza Strip) (2006 est.)
GDP - real growth rate:	-8% (includes Gaza Strip) (2006 est.)
GDP - per capita (PPP):	$1,100 (includes Gaza Strip) (2006 est.)
GDP - composition by sector:	agriculture: 8% industry: 13% services: 79% (includes Gaza Strip) (2006 est.)
Investment (gross fixed):	void
Population below poverty line:	46% (2007 est.)
Household income or consumption by percentage share:	lowest 10%: NA% highest 10%: NA%
Distribution of family income - Gini index:	void
Inflation rate (consumer prices):	3.6% (includes Gaza Strip) (2006)
Labor force:	605,000 (2006)
Labor force participation rate:	23.16 % of population
Labor force - by occupation:	agriculture: 18% industry: 15% services: 67% (2006)
Unemployment rate:	18.6% (2006)
Budget:	revenues: $1.149 billion expenditures: $2.31 billion note: includes Gaza Strip (2006)
Budget revenues per capita:	440 USD per capita
Public debt:	void
Industries:	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:	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 per capita:	void
Electricity - consumption:	NA kWh
Electricity - consumption - per capita:	void
Electricity - exports:	void
Electricity - imports:	NA kWh
Oil - production:	void
Oil - production per capita:	void
Oil - consumption:	void
Oil - consumption - per capita:	void
Oil - exports:	void
Oil - imports:	void
Oil - proved reserves:	void
Natural gas - production:	void
Natural gas - production per capita:	void
Natural gas - consumption:	void
Natural gas - consumption - per capita:	void
Natural gas - exports:	void
Natural gas - imports:	void
Natural gas - proved reserves:	void
Agriculture - products:	olives, citrus, vegetables; beef, dairy products
Current account balance:	void
Current account balance - per capita:	void
Exports:	$301 million f.o.b.; (includes Gaza Strip) (2005)
Exports per capita:	116 USD per capita
Exports - commodities:	olives, fruit, vegetables, limestone
Exports - partners:	Israel, Jordan, Gaza Strip (2006)
Imports:	$2.44 billion c.i.f.; (includes Gaza Strip) (2005)
Imports per capita:	935 USD per capita
Imports - commodities:	food, consumer goods, construction materials
Imports - partners:	Israel, Jordan, Gaza Strip (2006)
Reserves of foreign exchange and gold:	void
Reserves of foreign exchange and gold - per capita:	void
Debt - external:	$NA
Debt - external - per capita:	void
Stock of direct foreign investment - at home:	void
Stock of direct foreign investment - abroad:	void
Market value of publicly traded shares:	$4.461 billion (2005)
Economic aid - donor:	void
Economic aid - recipient:	$1.4 billion; (includes Gaza Strip) (2006 est.)
Economic aid - recipient per capita:	537 USD per capita
Currency (code):	new Israeli shekel (ILS); Jordanian dinar (JOD)
Exchange rates:	new Israeli shekels per US dollar - 4.14 (2007), 4.4565 (2006), 4.4877 (2005), 4.482 (2004), 4.5541 (2003)
Fiscal year:	calendar year

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This page was last updated on 5 May, 2008

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