West Bank Economy

Is West Bank a rich country?

In 2017, the economic outlook in the West Bank - the larger of the two areas comprising the Palestinian Territories – remained fragile, as security concerns and political friction slowed economic growth. Unemployment in the West Bank remained high at 19.0% in the third quarter of 2017, only slightly better than 19.6% at the same point the previous year, while the labor force participation rate remained flat, year-on-year.

Longstanding Israeli restrictions on imports, exports, and movement of goods and people continue to disrupt labor and trade flows and the territory’s industrial capacity, and constrain private sector development. The PA’s budget benefited from an effort to improve tax collection, coupled with lower spending in 2017, but the PA for the foreseeable future will continue to rely heavily on donor aid for its budgetary needs and infrastructure development.

West Bank Economy Data

What is the GDP of West Bank?

Currency Name and Code ILS; JOD
GDP - Gross Domestic Product (PPP) $25,910,000,000 (USD)
GDP - per capita (PPP) note note: includes Gaza Strip
GDP - note includes Gaza Strip
GDP - official exchange rate $9,828,000,000 (USD)
GDP - official exchange rate note excludes Gaza Strip
GDP - real growth rate 5.1%
GDP - real growth rate note note: excludes Gaza Strip
GDP Per Capita $4,300.00 (USD)
GDP by Sector- agriculture 3.5%
GDP by Sector- Industry 25.2%
GDP by Sector- services 67.8%
GDP By Sector - note note: excludes Gaza Strip
GDP - composition, by end use household consumption: 85.7%

government consumption: 21.9%

investment in fixed capital: 26%

investment in inventories: 2.3%

exports of goods and services: 24.5%

imports of goods and services: -60.4%

note: excludes Gaza Strip
Population Below Poverty Line 46%
Inflation Rate 3.5%
Labor Force 694,000
Labor Force By Occupation- agriculture 16.1%
Labor Force By Occupation- industry 28.4%
Labor Force By Occupation- services 55.5%
Labor Force by Occupation - note includes Gaza Strip
Unemployment Rate 16.5%
Fiscal Year calendar year
Annual Budget $1,870,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -16.6%
Taxes and other revenues - percent of GDP 31.6%
Major 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 Products olives, citrus, vegetables; beef, dairy products
Exchange Rate per US Dollar new Israeli shekel (ILS); Jordanian dinar (JOD)
Commercial Bank Prime Lending Rate 6.8%

Labor Force by Occupation- As reported by West Bank

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