UNSCO Socio-Economic Report: Overview of the Palestinian Economy in Q1/2017

Economic activity

Real GDP in the occupied Palestinian territory (oPt) in Q1/2017 remained virtually unchanged from the previous quarter because of no growth in West Bank and a 0.3% growth in the Gaza Strip. Compared to Q1 2016, real GDP in the oPt grew by 0.7% driven by a 0.8% growth rate in the West Bank and a 0.4% growth rate in the Gaza Strip. In Q1/2017 the Gaza economy constituted about 24.7% of the overall Palestinian economy, signifying no significant change from the previous quarter, and the Strip’s real GDP per capita was 46% of the West Bank’s.
In the West Bank, between Q1/2016 and Q1/2017 there was significant expansion in real value added in the transportation and storage sector (8.4%) and the financial and insurance activities (11.4%). There was significant contraction in real value added in agriculture, forestry and fishing (-15.9%), construction (-19.9%) and wholesale and retail trade (-8.7%).
During the same period in the Gaza Strip, the transportation and storage sector grew by 33.3%, wholesale and retail trade, repair of motor vehicles and motorcycles by 17.5%, and financial and insurance activities by 9.7%. Significant contraction was observed in agriculture, forestry and fishing (-25.7%), and construction (-19.9).