@West Bank: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 Israeli policies that block the movement of goods and people. 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 workers who commute to jobs in Israel. Worker remittances 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: -6.9% (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: 8.4% (1996 est.)
Labor force: NA by occupation: agriculture 13%, industry 13%, commerce, restaurants, and hotels 12%, construction 8%, other services 54% (1996) note: excluding Israeli settlers
Unemployment rate: 28% (1997 est.)
Budget: revenues: $684 million expenditures: $779 million, including capital expenditures of $NA (1996) note: includes Gaza Strip