West Bank Economy

Is West Bank a wealthy 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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