Overview: Economic progress in the West Bank has been hampered by Israeli military occupation and the effects of the Palestinian uprising. Industries using advanced technology or requiring sizable financial resources have been discouraged by a lack of financial resources and Israeli policy. Capital investment has largely gone into residential housing, not into productive assets that could compete with Israeli industry. A major share of GNP is derived from remittances of workers employed in Israel and neighboring Gulf states but remittances from the Gulf dropped dramatically in the wake of Iraq's invasion of Kuwait in August 1990. Israeli reprisals against Palestinian unrest in the West Bank since 1987 have pushed unemployment up and lowered living standards. The Persian Gulf crisis of 1990-91 also dealt a blow to the economy. Many Palestinians returned from the Gulf, exacerbating unemployment. Export revenues have plunged because of the loss of export markets in Jordan and the Gulf.

GNP: $1.0 billion, per capita $1,000; real growth rate - 15% (1988 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: 40% (1990 est.)

Budget: revenues $47.4 million; expenditures $45.7 million, including capital expenditures of NA (FY86)

Exports: $150 million (f.o.b., 1988 est.); commodities--NA; partners--Jordan, Israel

Imports: $410 million (c.i.f., 1988 est.); commodities--NA; partners--Jordan, Israel

External debt: $NA

Industrial production: growth rate NA%

Electricity: power supplied by Israel

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

Agriculture: olives, citrus and other fruits, vegetables, beef, and dairy products

Economic aid: none

Currency: new Israeli shekel (plural--shekels) and Jordanian dinar (plural--dinars); 1 new Israeli shekel (NIS) = 100 new agorot and 1 Jordanian dinar (JD) = 1,000 fils

Exchange rates: new Israeli shekels (NIS) per US$1--2.35 (May 1991), 2.0161 (1990), 1.9164 (1989), 1.5989 (1988), 1.5946 (1987), 1.4878 (1986), 1.1788 (1985); Jordanian dinars (JD) per US$1--0.6670 (January 1991), 0.6636 (1990), 0.5704 (1989), 0.3709 (1988), 0.3387 (1987), 0.3499 (1986), 0.3940 (1985)

Fiscal year: previously 1 April-31 March; FY91 will be 1 April-31 December and starting 1 January 1992 the fiscal year will conform to the calendar year

NOTE: The information regarding West Bank on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of West Bank Economy 1991 information contained here. All suggestions for corrections of any errors about West Bank Economy 1991 should be addressed to the CIA.