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Economic activity
Real quarterly GDP in the occupied Palestinian territory (oPt) in Q4/2014 was higher than in Q3/2014, but lower than in Q4/2013. Year-on-year growth was registered only in the West Bank where the economy expanded by 4.9%. In the Gaza Strip, GDP grew by 18.4% compared to the previous quarter following the end of hostilities, but remained 18.3% below the level of the same quarter in 2013. In Q4/2014 the Gaza economy constituted only 22% of the overall Palestinian economy, and the Strip’s nominal GDP per capita was less than half the West Bank’s.
In the West Bank, between Q4/2013 and Q4/2014 there was a significant expansion in real value added in financial and insurance activities (15.3%), followed by agriculture, forestry and fishing (6.5%) as well as the transportation and storage sector (5.9%). Decreases in real value added were registered primarily in construction sector (-4.2%) as well as the wholesale and retail trade sector (-2.4%).
During the same period in the Gaza Strip, significant contractions were registered across all sectors, notably in the construction sector (-77.1%), agriculture, forestry and fishing (-31%) as well as the wholesale and retail trade sector (-27.4%). Two exceptions were financial and insurance activities (17.3%) as well as public administration and defence (8.8%).
The services sector continues to constitute the largest one in the West Bank economy in Q4/2014, accounting for 18.7% of GDP. This sector was followed by wholesale and retail trade (17.8%) and mining, manufacturing, electricity and water (15.3%).