Gaza Strip Economy

Is Gaza Strip a rich 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?

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
Currency Code new Israeli shekel (ILS)
Commercial Bank Prime Lending Rate - note see entry for West Bank

Labor Force by Occupation- As reported by Gaza Strip

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