Gaza Strip Economy 2016

Gaza Strip Economy 2016

Page last updated on June 22, 2014

Economy - overview:
Israeli security controls imposed since the end of the second intifada have degraded economic conditions in the Gaza Strip, the smaller of the two areas comprising the Palestinian territories. Israeli-imposed border closures, which became more restrictive after HAMAS seized control of the territory in June 2007, have resulted in high unemployment, elevated poverty rates, and a sharp contraction of the private sector that had relied primarily on export markets. Gazans increasingly turned to tunnels that ran under the Egyptian border to bring in fuel, construction materials, and consumer goods. In July 2013, Egyptian authorities began a serious crackdown on the tunnels, causing shortages in Gaza. The population depends on government spending - by both the Palestinian Authority and HAMAS's de facto government - and humanitarian assistance. Changes to Israeli restrictions on imports in 2010 resulted in a rebound in some economic activity, but regular exports from Gaza still are not permitted. Standard-of-living measures remain below levels seen in the mid-1990s.

GDP (purchasing power parity):
see entry for West Bank
[see also: GDP country ranks ]

GDP - real growth rate:
see entry for West Bank
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
see entry for West Bank
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 99.5%
government consumption: 29.5%
investment in fixed capital: 18%
investment in inventories: 0%
exports of goods and services: 14.9%
imports of goods and services: -62%

(2013 est.)

GDP - composition, by sector of origin: see entry for West Bank

Agriculture - products:
olives, fruit, vegetables, flowers; beef, dairy products

textiles, food processing, furniture

Labor force:
348,200 (2010 est.)
country comparison to the world: 161
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.1%
industry: 15.6%
services: 79.3% (2010 est.)

Unemployment rate:
22.5% (2013 est.)
country comparison to the world: 170

23% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
38% (2010 est.)
[see also: Population below poverty line country ranks ]

Budget: see entry for West Bank

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2013 est.)
country comparison to the world: 53

2.8% (2012 est.)
note: includes West Bank
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
see entry for West Bank
[see also: Commercial bank prime lending rate country ranks ]

Stock of broad money:
$2.1 billion (31 December 2013 est.)
country comparison to the world: 148

$1.814 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.248 billion (31 December 2013 est.)
country comparison to the world: 148

$1.042 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Current account balance:
(2011 est.)
[see also: Current account balance country ranks ]

(2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
strawberries, carnations, vegetables (small and irregular shipments, as permitted to transit the Israeli-controlled Kerem Shalom crossing)

see entry for West Bank
[see also: Imports country ranks ]

Imports - commodities:
food, consumer goods
note: Israel permits basic commercial imports through the Kerem Shalom crossing, but many "dual use" goods, such as construction materials and electronics, are smuggled through tunnels beneath Gaza's border with Egypt

Debt - external:
see entry for West Bank
[see also: Debt - external country ranks ]

Exchange rates:
new Israeli shekels (ILS) per US dollar -

3.621 (2012 est.)
3.5781 (2012 est.)
3.739 (2010 est.)
3.9323 (2009)
3.56 (2008)

NOTE: The information regarding Gaza Strip on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gaza Strip Economy 2016 information contained here. All suggestions for corrections of any errors about Gaza Strip Economy 2016 should be addressed to the CIA.

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This page was last modified 04-Feb-16
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