Gaza Strip Economy
Is Gaza Strip a wealthy country?
Movement and access restrictions, violent attacks, and the slow pace of post-conflict reconstruction continue to degrade economic conditions in the Gaza Strip, the smaller of the two areas comprising the Palestinian territories. Israeli controls became more restrictive after HAMAS seized control of the territory in June 2007. Under Hamas control, Gaza has suffered from rising unemployment, elevated poverty rates, and a sharp contraction of the private sector, which had relied primarily on export markets.
Since April 2017, the Palestinian Authority has reduced payments for electricity supplied to Gaza and cut salaries for its employees there, exacerbating poor economic conditions. Since 2014, Egypt’s crackdown on the Gaza Strip’s extensive tunnel-based smuggling network has exacerbated fuel, construction material, and consumer goods shortages in the territory. Donor support for reconstruction following the 51-day conflict in 2014 between Israel and HAMAS and other Gaza-based militant groups has fallen short of post-conflict needs.
Gaza Strip Economy Data
What is the GDP of Gaza Strip?
| Currency Name and Code | ILS |
| GDP - Gross Domestic Product (PPP) | $0 (USD) |
| GDP - per capita (PPP) note | note: see entry for West Bank |
| GDP - note | see entry for West Bank |
| GDP - official exchange rate | $2,938,000,000 (USD) |
| GDP - official exchange rate note | note: excludes West Bank |
| GDP - real growth rate | -15% |
| GDP - real growth rate note | note: data exclude West Bank |
| GDP Per Capita | $0.00 (USD) |
| GDP by Sector- agriculture | 4% |
| GDP by Sector- Industry | 20.2% |
| GDP by Sector- services | 75.8% |
| GDP By Sector - note | note: data exclude West Bank |
| Population Below Poverty Line | 70% |
| Inflation Rate | 3.5% |
| Labor Force | 339,000 |
| Labor Force By Occupation- agriculture | 5.1% |
| Labor Force By Occupation- industry | 15.6% |
| Labor Force By Occupation- services | 79.3% |
| Unemployment Rate | 40% |
| Fiscal Year | calendar year |
| Annual Budget | $1,870,000,000 (USD) |
| Major Industries | generally small family businesses that produce textiles, soap, olive-wood carvings, and mother-of-pearl souvenirs; the Israelis have established some small-scale modern industries in an industrial center |
| Agriculture Products | olives, citrus, vegetables; beef, dairy products |
| Exchange Rate per US Dollar | new Israeli shekel (ILS) |
| Commercial Bank Prime Lending Rate - note | see entry for West Bank |