Economy of Palestine
Population: 4.57 M (2018)
GDP per Capita: 3,199 USD (2018)
14,620 M.

GDP USD

(2018)

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2,900 M.

EXPORTS USD

(2018)

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8,730 M.

IMPORTS USD

(2018)

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16.21 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 0.91 % (2018)
GDP of 2010 USD USD 12.20 B. (2018)
GDP Current USD USD 14.62 B. (2018)
GDP per Capita Current USD USD 3,199 (2018)
GDP per capita, PPP USD 4,576 (2018)
GDP per Capita, 2010 USD USD 2,680 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 26.19 % (2018)
Government Spending USD 3.83 B. (2018)
Government Debt % GDP 16.21 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 82.03 (2018)
Trade Openness 79.60 % (2018)
Exports of Goods and Services % GDP 19.87 % (2018)
Exports Goods & Services USD 2.90 B. (2018)
Exports Annual Growth 7.88 % (2018)
Imports as % GDP 59.74 % (2018)
Total Imports USD 8.73 B. (2018)
Foreign Direct Investment % GDP 1.80 % (2018)
Foreign Direct Investment USD 0.26 B. (2018)
Current Account Balance % GDP USD -11.35 % (2018)
Current Account Balance USD -1.66 B. (2018)
Trade Balance % GDP -39.87 % (2018)
Trade Balance USD -5.83 B. (2018)
Foreign Exchange Reserves incl Gold USD 0.54 B. (2018)
Remittances % GDP 16.98 % (2018)
Remittances USD 204 M. (2018)
Balance of Payments USD 169 M. (2017)

Labor Market

Indicator Value
Labor Force 1.32 M. (2019)
Unemployment Rate 29.87 % (2019)
Unemployment Rate Females 40.94 % (2019)
Unemployment Rate Males 22.48 % (2019)
Youth Unemployment (ages 15-24) 45.90 % (2019)
Labor Force Participation Rate 45.73 % (2019)
Labor Force (Percent Female) 19.98 % (2019)
Female Labor Force Participation Rate 19.49 % (2019)
Male Labor Force Participation Rate 71.48 % (2019)
Dependent People 72.65 % (2018)

Agriculture Sector

Indicator Value
Forest Area 1.50 % (2016)
Forest Area km² 92 km² (2016)
Agricultural Land 49.32 % (2016)
Agricultural Land km² 2,969 km² (2016)
Employment 6.63 % (2019)
Value added % GDP 3.16 % (2016)
Agriculture Value added USD 0.42 B. (2016)
Crop Production Index 86.80 (2016)
Precipitation 402 mm (2014)
Arable Land 8 % (2016)
Cereal Yield 1,808 kg/hectare (2016)
Food production index 88 (2016)
Rural Population 24 % (2018)
Fertilizer use of Arable Land 88 (2016)
Livestock Production Index 89 (2016)
Economy of Palestine

According to the World Bank and its latest published data, the economy of the Palestine presents a growth rate of 0.91 % (2018) to the previous year.

With a population that reaches 4.57 M (2018) and a gross domestic product of USD 14.62 B. (2018), it translates a Gross Domestic Product per Capita of USD 3,199 placing its inhabitants on the threshold of an Lower middle income country (according to the World Bank's updated classification).

Palestine also has a workforce of 1.32 M. (2019) with an unemployment rate of 29.87 % (2019), where women represent 40.94 % (2019) and men 22.48 % (2019), the unemployment rate for young people between 15-24 years old stood at 45.90 % (2019). The total number of dependent people stands at 72.65 % (2018).

The central government spent 26.19 % (2018) of its gross domestic product that year, which in absolute terms is USD 3.83 B. (2018). Its consolidated public debt reached 16.21 of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Palestine exported USD 2.90 B. (2018), which represents 19.87 % (2018) of its gross domestic product, in that same sense its imports reached USD 8.73 B. (2018) with a direct foreign investment of USD 0.26 B. (2018).

Palestine has a forest area of 92 km² (2016), which represents 1.50 % (2016) of its total area, an average rainfall of 402 mm (2014) per year and a population of 24 % (2018) living in rural areas. With a total area of 2,969 km² (2016) available for agriculture and 6.63 % (2019) of its employments, the agricultural sector contributes to the economy of the Palestine about USD 0.42 B. (2016) (3.16 % (2016) of its GDP).