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Indicators of economy in Palestine

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Palestine, on the other hand, reached USD 3,664 per capita, or 18.04 billion USD for the whole country. Palestine is one of the smaller economies and is currently ranked 122. If this is calculated per inhabitant, taking purchasing power parity into account, then Palestine ranks 135th in the list of the richest countries.

Inflation in Palestine in 2021 was around 1.24%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 26, which is rather poor by global standards.


Back to overview: Palestine

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Palestine 2020. Overall, gross domestic product in 2020 fell from 17.13 billion US dollars to 15.53 billion US dollars. With a drop of 9.3 percent, the economy in Palestine suffered more significant losses than other countries. The unemployment rate rose from 25.3 to 25.9 percent. The country's gross debt increased by 21.4 percent. The inflation rate fell from 1.6 percent previously to -0.7 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 18.04 billion US dollars (=105.3% of 2019).

Income and purchasing power

The average monthly income in Palestine is 352 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 82.4 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Palestine than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 66.3 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 Palestine
Total		Palestine
per capita		EU
Total		EU
per capita
GDP18.04 bn USD3,663.97 USD17.177 tn USD33,384.92 USD
Gross national product20.77 bn USD4,219.21 USD16.895 tn USD32,835.37 USD


Development of gross domestic product in billions of USD 1994 - 2021


› Debt budget development
› Development of inflation
› Cost of living in a global comparison


Imports and Exports 2021

 Palestine
Total		Palestine
per capita		EU
Total		EU
per capita
Imports9.15 bn USD1,859.35 USD8.916 tn USD17,329.02 USD
Exports2.65 bn USD538.81 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1995 - 2021

Exports
Imports



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