Country name: conventional long form: none conventional short form: Gaza Strip local long form: none local short form: Qita Ghazzah
Economy Gaza Strip
Economy - overview:
High population density, limited land access, and strict internal
and external security controls have kept economic conditions in the
Gaza Strip - the smaller of the two areas under the Palestinian
Authority (PA)- even more degraded than in the West Bank. The
beginning of the second intifadah in September 2000 sparked an
economic downturn, largely the result of Israeli closure policies;
these policies, which were imposed to address security concerns in
Israel, disrupted labor and trade access to and from the Gaza Strip.
In 2001, and even more severely in 2003, Israeli military measures
in PA areas resulted in the destruction of capital, the disruption
of administrative structures, and widespread business closures. The
Israeli withdrawal from the Gaza Strip in September 2005 offered
some medium-term opportunities for economic growth, which have not
yet been realized due to Israeli military activities in the Gaza
Strip in 2006, continued crossings closures, and the international
community's financial embargo of the PA after HAMAS took office in
March 2006.
GDP (purchasing power parity):
$5.327 billion (2005 est.)
GDP (official exchange rate):
NA
GDP - real growth rate:
4.9% (2005 est.)
GDP - per capita (PPP):
$1,500 (2003 est.)
GDP - composition by sector: agriculture: 8% industry: 18.2% services: 73.9% (includes West Bank) (2005 est.)
Labor force: 259,000 (2005)
Labor force - by occupation: agriculture: 12% industry: 18% services: 70% (2005)