one
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 intifada 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, but continued
Israeli-imposed crossings closures, which became more restrictive
after Hamas violently took over the territory in June 2007, have
resulted in widespread private sector layoffs and shortages of most
goods.

GDP (purchasing power parity):

$5.034 billion (includes West Bank) (2006 est.)

GDP (official exchange rate):

$5.328 billion (includes West Bank) (2006 est.)

GDP - real growth rate:

-8% (includes West Bank) (2006 est.)

GDP - per capita (PPP):

$1,100 (includes West Bank) (2006 est.)

GDP - composition by sector:

agriculture: 8%
industry: 13%
services: 79% (includes West Bank) (2006 est.)

Labor force:

267,000 (2006)

Labor force - by occupation:

agriculture: 12%
industry: 18%
services: 70% (2005)

Unemployment rate:

34.8% (2006)

Population below poverty line:

80% (2007 est.)

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Budget:

revenues: $1.149 billion
expenditures: $2.31 billion
note: includes West Bank (2006)

Fiscal year:

calendar year

Inflation rate (consumer prices):

3.6% (includes West Bank) (2006)

Commercial bank prime lending rate:

7.73% (31 December 2006)

Stock of money:

$1.574 billion (31 December 2007)

Stock of quasi money:

$3.048 billion (31 December 2007)

Stock of domestic credit:

$1.455 billion (31 December 2007)

Agriculture - products:

olives, citrus, vegetables; beef, dairy products

Industries:

generally