Data code: WE
Economy
Economy - overview: Economic progress in the West Bank has been hampered by tight Israeli security restrictions. Industries using advanced technology or requiring sizable investment have been discouraged by a lack of local capital and restrictive Israeli policies. Capital investment consists largely of residential housing, not productive assets that would enable local Palestinian firms to compete with Israeli industry. GDP has been substantially supplemented by remittances of workers employed in Israel. Such transfers from the Persian Gulf states dropped after Iraq invaded Kuwait in August 1990. In the wake of the Persian Gulf crisis, many Palestinians have returned to the West Bank, increasing unemployment, and export revenues have dropped because of the decline of markets in Jordan and the Gulf states. An estimated 147,000 people were in refugee camps in 1996.
GDP: purchasing power parity - $2.8 billion (1996 est.)
GDP - real growth rate: -1% to -2% (1996 est.)
GDP - per capita: purchasing power parity - $1,600 (1996 est.)
GDP - composition by sector: agriculture: 33% industry: 25% services: 42% (1995 est., includes Gaza Strip)
Inflation rate - consumer price index: 11% (1995 est.)
Labor force: NA by occupation: construction 28.2%, agriculture 21.8%, industry 14.5%, commerce, restaurants, and hotels 12.6%, other services 22.9% (1991) note: excluding Israeli settlers
Unemployment rate: 35% to 40% (1996 est.)