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Indicators of economy in Palestine

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Palestine reached 3.240 US dollars per inhabitant, or 15.56 bn US Dollar in the whole country. Palestine is one of the smaller economies and is currently ranked 123. If this is calculated per inhabitant taking into account the purchasing power parity, then Palestine is in the list of the world's richest countries in place 136.

Inflation in Palestine was in 2021 at around 1.24%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 100.0% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: West Bank

Impact of the Covid-19 pandemic in 2020

The consequences of the Covid pandemic were not insignificant in West Bank 2020. Overall, gross domestic product in 2020 fell from 17.13 billion US Dollar auf 15.56 billion US Dollar. With a drop of 9.2 percent, the economy in West Bank suffered more significant losses than other countries.. The unemployment rate rose from 25.3 to 25.9 percent. The inflation rate has fallen from 1.6 percent previously to -0.7 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 West Bank
Total
West Bank
per capita
EU
Total
EU
per capita
GDP15.56 bn USD3,239.73 USD15,291.93 tn USD29,692.11 USD
Gross national product17.80 bn USD3,706.35 USD15,330.84 tn USD29,767.66 USD


Development of the Gross domestic product in billion US Dollar 1994 - 2020



Im- and Exports 2020

 West Bank
Total
West Bank
per capita
EU
Total
EU
per capita
Imports9.15 bn USD1,905.60 USD7,340.01 bn USD14,251.98 USD
Exports2.65 bn USD552.22 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in million US dollars 1995 - 2020

Exports
Imports



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