Palestine

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Palestine - In Short.

Overview of Palestine

Inhabited since at least the 15th century B.C., the West Bank has been dominated by many different peoples throughout its history; it was incorporated into the Ottoman Empire in the early 16th century. The West Bank fell to British forces during World War I, becoming part of the British Mandate of Palestine. Following the 1948 Arab-Israeli War, the West Bank was captured by Transjordan (later renamed Jordan), which annexed the West Bank in 1950; it was captured by Israel in the Six-Day War in 1967. Under a series of agreements known as the Oslo accords signed between 1993 and 1999, Israel transferred to the newly created Palestinian Authority (PA) security and civilian responsibility for many Palestinian-populated areas of the West Bank as well as the Gaza Strip. In 2000, a violent intifada or uprising began, and in 2001 negotiations to determine the permanent status of the West Bank and Gaza Strip stalled. Subsequent attempts to re-start direct negotiations have not resulted in progress toward determining final status of the area. Roughly 60% of the West Bank, remains under Israeli civil and military control. In early 2006, the Islamic Resistance Movement (HAMAS) won a majority in the Palestinian Legislative Council (PLC) election. Attempts to form a unity government between Fatah, the dominant Palestinian political faction in the West Bank, and HAMAS failed, leading to violent clashed between their respective supporters and HAMAS’s violent siezure of all military and governmental institutions in the Gaza Strip in June 2007. Since 2007, the PA has administered parts of the West Bank under its control, mainly the major Palestinian population centers and areas immediately surrounding them. Fatah and HAMAS have made several attempts at reconciliation, but the factions have been unable to implement agreements including the latest agreement signed in October 2017. In December 2018, the Palestinian Constitutional Court dissolved the PLC. In 2019, PA President ABBAS renewed his calls for PLC elections.
Value
Country Full Name
Palestine
Country Code
PSE
Region
Middle East & North Africa
Income Group
Lower middle income
Currency Unit
GDP
15561300000
Population
4803269
Land Area
6020
Net National Income Per Capita
GDP per Capita (PPP)
5689.945334

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Palestine - Economic

Economy of Palestine

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.

Unemployment Rate

Inflation Rate

Palestine - GDP Composition

GDP Composiiton & Value Added of Palestine

Last Updated: Jan, 2021, Updated For 2020.

Palestine - GDP, Value Added

Demographics of Palestine

Palestinian settlements are primarily located in the central to western half of the territory; Jewish settlements are found in pockets throughout, particularly in the northeast, north-central, and around Jerusalem
Geographic Location

Middle East, west of Jordan, east of Israel

Races

Palestinian Arab, Jewish, other

Languages

Arabic, Hebrew (spoken by Israeli settlers and many Palestinians), English (widely understood)major-language

Religion

Muslim 80-85% (predominantly Sunni), Jewish 12-14%, Christian 1-2.5% (mainly Greek Orthodox), other, unaffiliated, unspecified <1% (2012 est.)

Dependency & Expectancy of Palestine

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

See Other Countrie Data

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Palestine - Social Media Briefing

Palestine - Social Media & Social Commerce

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Politics & Policies of Palestine

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

AOSIS (observer), Interpol (subbureau), IOC, UPU, WFTU (NGOs)

Import of Palestine

Export of Palestine

Import Destination

Export Destination