Real quarterly GDP in Q3/2014 was lower than in Q2/2014 and Q3/2013. Year-onyear growth was registered only in the West Bank, however, as the economy in the Gaza Strip contracted by 31.8%. In Q3/2014 the Gaza economy constituted only 20% of the overall Palestinian economy, and the Strip’s nominal GDP per capita was less than half the West Bank’s.
Between Q3/2013 and Q3/2014 there was a significant expansion in real value added in services (13.5%), followed by financial and insurance activities (8.7%) and the wholesale and retail trade sector in the West Bank (5%). Decreases in real value added were registered in the mining, manufacturing, electricity and water sector (9.7%), as well as the information and communication sector (7.9%), and transportation and storage (9.7%).
During the same period, in the Gaza Strip significant contractions were registered across all sectors with the exception of public administration and defense, notably in the construction sector (-89.8%%), transportation and storage (-79.4%) as well as agriculture, forestry and fishing (-77.5%).
The services sector constituted the largest one in the West Bank economy in Q3/2014, accounting for 19.3% of GDP. This sector was followed by wholesale and retail trade (17.6%) and mining, manufacturing, electricity and water (16.4%).