View source for Economy of Palestine

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{{Infobox economy
| country = Palestine
| image = Ramallah city.jpg
| image_size = 310px
| caption = [[Ramallah]], the financial hub of Palestine
| currency = No official currency. Currencies generally used in Palestine include:
{{plainlist|
* [[Egyptian pound]] (EGP){{Citation needed|date=August 2018}}
* [[Israeli new shekel]] (ILS; ₪)<ref name=Cobham />
* [[Jordanian dinar]] (JOD)<ref name=Cobham />
* [[United States dollar]] (USD)<ref name=Cobham />
}}
| year = [[Calendar year]]
| organs = [[Organisation of Islamic Cooperation|OIC]], [[Group of 77]]
| group = {{plainlist|
*[[Developing country|Developing/Emerging]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref>
*Lower-middle income economy<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
| population = {{increase}} 4,569,087 (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SP.POP.TOTL?locations=PS&most_recent_value_desc=true |title=Population, total - West Bank and Gaza |publisher=[[World Bank]] |website=data.worldbank.org |access-date=5 November 2019}}</ref>
| gdp = $10 billion (2012 est.)
| gdp rank = 
| growth = -32.2% (2024)
(West Bank -21.7%, Gaza -84.7%)<ref name=ilo>{{Cite web |date=2024-10-15 |title=A year of war: Unemployment surges to nearly 80 per cent and GDP contracts by almost 85 per cent in Gaza {{!}} International Labour Organization |url=https://www.ilo.org/resource/news/year-war-unemployment-surges-nearly-80-cent-and-gdp-contracts-almost-85 |access-date=2025-02-09 |website=www.ilo.org |language=en}}</ref>
| per capita = {{plainlist|
*$876 ([[Gaza Strip]])
*$1924 ([[West Bank]])<ref name="Tracking Economic Growth in the West Bank and Gaza since 2007">{{cite web|url=http://www.washingtoninstitute.org/policy-analysis/view/tracking-economic-growth-in-the-west-bank-and-gaza-since-2007 |title=Tracking Economic Growth in the West Bank and Gaza since 2007|publisher=[[Washington Institute for Near East Policy|Washington Institute]] |access-date=12 June 2014}}</ref>}}
| labor = {{plainlist|
*{{increase}} 1,316,023 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=PS&most_recent_value_desc=true |title=Labor force, total - West Bank and Gaza |publisher=[[World Bank]] |website=data.worldbank.org |access-date=5 November 2019}}</ref>
*{{decrease}} 32.0% employment rate (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=PS&most_recent_value_desc=true |title=Employment to population ratio, 15+, total (%) (national estimate) - West Bank and Gaza |publisher=[[World Bank]] |website=data.worldbank.org |access-date=5 November 2019}}</ref>}}
| sectors = {{plainlist|
*Agriculture: 5.5%
*Industry: 23.4%
*Services: 71.1%
*(2014 UN data)<ref>{{Cite web|url=http://data.un.org:80/CountryProfile.aspx?crName=State+of+Palestine|title=UNdata &#124; country profile &#124; State of Palestine|website=data.un.org}}</ref>}}
| inflation = 2.7% (June 2013)<ref>{{cite web|title= Palestinian Consumer Price Index, June 2013|url= http://www.pcbs.gov.ps/site/512/default.aspx?tabID=512&lang=en&ItemID=845&mid=3172&wversion=Staging|access-date= 28 July 2013|archive-date= 1 February 2021|archive-url= https://web.archive.org/web/20210201123024/http://www.pcbs.gov.ps/site/512/default.aspx?tabID=512&lang=en&ItemID=845&mid=3172&wversion=Staging|url-status= dead}}</ref>
| poverty = 
| gini = 
| hdi = {{plainlist|
*{{increase}} 0.690 {{color|darkorange|medium}} (2018)<ref>{{cite web |url=http://hdr.undp.org/en/indicators/137506 |title=Human Development Index (HDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=11 December 2019}}</ref> ([[List of countries by Human Development Index|119th]])
*{{increase}} 0.597 {{color|darkorange|medium}} [[List of countries by inequality-adjusted HDI|IHDI]] (2018)<ref>{{cite web |title=Inequality-adjusted HDI (IHDI) |url=http://hdr.undp.org/en/indicators/138806 |website=hdr.undp.org |publisher=[[United Nations Development Programme|UNDP]] |access-date=22 May 2020}}</ref>}}
| occupations = {{plainlist|
*Agriculture: 12%
*Industry: 23%
*Services: 65%
*(2008 est.)}}
| unemployment = {{decrease}} 51.1% (2024)
(West Bank 34.9%, Gaza 79.7%)
| industries = Cement, quarrying, textiles, soap, olive-wood carvings, mother-of-pearl souvenirs, food processing
| exports = $720 million (2011)<ref name="pcbs3">{{cite web|url=http://www.pcbs.gov.ps/site/512/default.aspx?tabID=512&lang=en&ItemID=788&mid=3171&wversion=Staging|title=PCBS: On the 65th Anniversary of the Palestinian Nakba|access-date=28 July 2013|archive-date=24 November 2020|archive-url=https://web.archive.org/web/20201124123756/http://www.pcbs.gov.ps/site/512/default.aspx?tabID=512&lang=en&ItemID=788&mid=3171&wversion=Staging|url-status=dead}}</ref>
| export-goods = Olives, fruit, vegetables, limestone, citrus, flowers, textiles
| export-partners = {{plainlist|
*{{flag|Israel}} 80.6%
*{{flag|Jordan}} 9.89%
*{{flag|United Arab Emirates}} 1.81%
*{{flag|United States}} 1.49%
*{{flag|Turkey}} 0.96%
*{{flag|Kuwait}} 0.9% (2022)<ref name="OEC">{{cite web |title=Where does Palestine export to? |url=https://oec.world/en/visualize/tree_map/hs92/export/pse/show/all/2022 |publisher=The Observatory of Economic Complexity |access-date=3 August 2024}}</ref>}}
| imports = $4.2 billion (2011)<ref name="pcbs3" />
| import-goods = Food, consumer goods, construction materials
| import-partners = {{plainlist|
*{{flag|Israel}} 56.6%
*{{flag|Turkey}} 5.86%
*{{flag|Egypt}} 5.66%
*{{flag|Jordan}} 4.37%
*{{flag|China}} 3.8%
*{{flag|Germany}} 2.02% (2022)<ref name="OEC" />}}
| debt = $4.2 billion (June 2013)<ref>{{cite web|url=http://english.wafa.ps/index.php?action=detail&id=22600 |title=New Palestinian Government Holds Its First Meeting |url-status=dead |archive-url=https://web.archive.org/web/20150610083920/http://english.wafa.ps/index.php?action=detail&id=22600 |archive-date=10 June 2015 }}</ref>
| revenue = $2.2 billion (2012 est.)
| expenses = $3.54 billion (2012)<ref name=wafa>{{cite web|url=http://english.wafa.ps/index.php?action=detail&id=19516 |title=Abbas Approves 2012 Budget – Wafa.ps |url-status=dead |archive-url=https://web.archive.org/web/20140506183029/http://english.wafa.ps/index.php?action=detail&id=19516 |archive-date=6 May 2014 }}</ref>
| aid = 
| spelling = 
| balance = $1.3 billion (13% of GDP; 2012 est.)<ref name="wafa"/>
| footnotes = <ref name="CIA World Fact Book - Gaza's Economy">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/gaza-strip/ |title=CIA World Fact Book – Gaza's Economy |access-date=12 June 2014}}</ref><ref name="CIA World Fact Book - West Bank's Economy">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/west-bank/ |title=CIA World Fact Book – West Bank's Economy |access-date=12 June 2014}}</ref>
| reserves = $464 million (March 2016)<ref>{{cite web|url=http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/8802.pdf|title=Time Series Data on International Reserves and Foreign Currency Liquidity. Official Reserve Assets|access-date=31 October 2019}}</ref><ref>{{cite web|url=http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/PSE/eng/CURpse.HTM|title=International Reserves and Foreign Currency Liquidity - WEST BANK AND GAZA|website=Imf.org|access-date=31 October 2019}}</ref> ([[List of countries by foreign-exchange reserves|163nd]])
}}
The '''economy of Palestine''' refers to the economic activity of [[Palestine]]. Palestine receives substantial [[International aid to Palestinians|financial aid]] from various [[Donor|international donors]], including [[governments]] and [[international organizations]]. In 2020, the [[Inflation|inflation rate]] was -0.7% and the [[unemployment rate]] was 25.9%.<ref name=":03">{{Cite web |title=Economic Outlook |url=http://www.pipa.ps/page.php?id=1a994fy1743183Y1a994f |access-date=2024-06-02 |website=www.pipa.ps}}</ref> While exports were recorded at [[US$]]1 billion, with an import value of US$6 billion.<ref name=":03" /> Contributors to the national economy is service sector (47%), wholesale and repair (19%), manufacturing (12%), agriculture (7%), finance and banking (3%), construction (5%), information technology (5%) and transportation sector (2%).<ref name=":03" />

This aid is crucial for supporting the [[Palestinian Authority]] and funding public services and development projects. [[Palestinian diaspora|Palestinians working abroad]] send money back to their families in Palestine. These [[remittance]]s provide a significant source of income for many households. Palestinian economy relies heavily on donations and international aid from various sources, including [[UNRWA]], Qatar, Turkey, the European Union, and non-governmental organizations.<ref>{{Cite web |date=2024-01-29 |title=Palestine* - European Commission |url=https://civil-protection-humanitarian-aid.ec.europa.eu/where/middle-east-and-northern-africa/palestine_en |access-date=2024-02-27 |website=civil-protection-humanitarian-aid.ec.europa.eu |language=en}}</ref><ref>{{Cite web |title=Political Economy of Foreign Aid in the Occupied Palestinian Territories: A Conceptual Framing – Peace Research Institute Oslo (PRIO) |url=https://www.prio.org/publications/12927 |access-date=2024-03-10 |website=www.prio.org |language=en}}</ref> Contribution to the economy also comes from remittances sent by the [[Palestinian diaspora]].<ref>{{Cite web |title=Palestinian Expatriates |url=https://thisweekinpalestine.com/palestinian-expatriates/ |access-date=2024-02-27 |website=This Week in Palestine |language=en-US}}</ref><ref name="Labadi-2018">{{Cite journal |last=Labadi |first=Taher |date=2018-12-05 |title=The Palestinian Diaspora and the State-Building Process |url=https://www.arab-reform.net/publication/the-palestinian-diaspora-and-the-state-building-process/ |journal=Arab Reform Initiative |language=en}}</ref> [[Gazans]] experience additional difficulties as they are subjected to a siege, with Israel controlling the movement of people and goods in and out of Gaza. Nonetheless, there are limited business opportunities{{Clarification needed|date=October 2025}} available in Gaza. Contrastingly, the West Bank provides Palestinians with more diverse opportunities.<ref>{{Cite journal |last1=<!-- "Prepared By" --> Ajamieh |first1=Yazan |last2=Bassanetti |first2=Antonio |last3=Laursen |first3=Thomas |last4=Qassis |first4=Hania |date=11–13 September 2023 <!-- PDF says "September 11, 2023" but website says "Publication Date: 13 Sep 2023 " --> |title=West Bank and Gaza: Selected Issues |url=https://www.elibrary.imf.org/view/journals/002/2023/327/article-A001-en.xml <!-- see also https://www.elibrary.imf.org/view/journals/002/2023/327/002.2023.issue-327-en.xml?cid=539154-com-dsp-crossref --> |journal=IMF Staff Country Reports |publisher=International Monetary Fund |pages=3, 5, 6 |language=en |volume=(20)23 |issue=327 |doi=10.5089/9798400253843.002 <!-- was at 10.5089/9798400253843.002.A001 --> |isbn=9798400253843 |issn=1934-7685 |id=[[Google Books]] [https://www.google.com/books/edition/West_Bank_and_Gaza/WTHYEAAAQBAJ WTHYEAAAQBAJ]. |quote=While Israeli-imposed restrictions on access and movement of labor and goods severely hinder trade outcomes and productive capacity in both West Bank and Gaza, restrictions are far more severe for Gaza. [...] In Gaza, the only dynamic sectors were services, (re)construction, trade, and agriculture [...] Compared to Gaza, the West Bank experienced significantly higher labor demand, benefitting from improved access to employment in Israel and the settlements.|doi-access=free }}</ref> Some individuals own businesses in tourism-driven areas such as [[Bethlehem]] and Jerusalem, as tourism serves as a significant source of income.<ref>{{Cite web |last=<!-- admin2 --> |date=2022-09-28 |title=Tourism in Palestine in figures |url=https://middleeast-business.com/tourism-in-palestine-in-figures/ |archive-url=https://web.archive.org/web/20220928122931/https://middleeast-business.com/tourism-in-palestine-in-figures/ |archive-date=2022-09-28 |access-date=2024-02-28 |website=Middle East Business News and Magazine |language=en-US}}</ref><ref>{{Cite web |last=Bukhari |first=Allia |date=25 November 2021 |orig-date=updated 3 May 2023 <!-- `"datePublished":"2021-11-25T13:54:13.000Z","dateModified":"2023-05-03T11:10:08.600Z"`, `\"publishedAt\":\"2021-11-25T13:54:13.000Z\",\"createdAt\":\"2021-11-25T12:19:31.000Z\",\"updatedAt\":\"2023-05-03T11:10:08.600Z\"` --> |title=How Israel damages Palestine's economy by limiting tourism in Jerusalem |url=https://www.trtworld.com/magazine/how-israel-damages-palestine-s-economy-by-limiting-tourism-in-jerusalem-52010 |access-date=2024-02-28 |website=TRT World |language=en}}</ref> Others engage in various types of enterprises in cities like [[Ramallah]] and [[Hebron]], ranging from trading to construction and IT services.<ref>{{Cite web |title=Hebron, the wealthiest, most high-tech Palestinian Authority City |url=http://hebron.org.il/history/403 |access-date=2024-02-28 |website=the Jewish Community of Hebron |date=6 April 2016 |language=en}}</ref><ref>{{Cite news |date=2014-06-06 |title=Could Ramallah become an Arab World tech hub? |url=https://www.bbc.com/news/technology-27729793 |access-date=2024-02-28 |work=BBC News |language=en-GB}}</ref> Furthermore, approximately 100,000 Palestinians find [[Palestinian workers in Israel|employment in Israeli companies]] as low-cost labor, earning significantly less than the average Israeli worker.

While trade is restricted due to political factors, Palestine does engage in some export activities. Palestinian products, such as agricultural goods and traditional crafts, are exported to regional and international markets. Despite the challenges, tourism plays a role in the Palestinian economy. The historical and cultural significance of places like Bethlehem and Jerusalem draws tourists. Agriculture remains a crucial sector, with Palestinians cultivating crops, producing olive oil, and raising livestock. Some Palestinians work in various service industries, including education, healthcare, and technology. Palestine hosts numerous international non-governmental organizations (NGOs) and humanitarian agencies, which contribute to the local economy and provide employment.

==History==
GDP per capita in the Palestinian territories rose by 7% per year from 1968 to 1980 but slowed during the 1980s. Between 1970 and 1991 life expectancy rose from 56 to 66 years, infant mortality per 1,000 fell from 95 to 42, households with electricity rose from 30% to 85%, households with safe water rose from 15% to 90%, households with a refrigerator rose from 11% to 85%, and households with a washing machine rose from 23% in 1980 to 61% in 1991.<ref>{{Cite report |url=http://documents.worldbank.org/curated/en/869901468780572753 <!-- redirects to https://documents.worldbank.org/en/publication/documents-reports/documentdetail/869901468780572753 --> |title=Developing the Occupied Territories: An Investment in Peace |date=September 1993 |publisher=The World Bank |location=Washington, D.C. |volume=1: Overview |page=[https://documents1.worldbank.org/curated/en/869901468780572753/pdf/Overview.pdf#page=15 5] |isbn=0-8213-2688-0 <!-- or 0-8213-2694-5 (6-vol. set) --> |id=Report Number 12360 |access-date=2014-06-12 |archive-url=https://web.archive.org/web/20110606215552id_/http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/1993/09/01/000009265_3970311123238/Rendered/PDF/multi0page.pdf#page=15 |archive-date=2011-06-06 |url-status=live |chapter=Box 2.1: Occupied Territories—Key Socioeconomic Indicators |department=<!-- within "II. Past Developments and Current Constraints", but the template puts this in a stupid place --> |others=<!-- |agency= isn't available for this template --> Sources: "Statistical Abstracts of Israel, Central Bureau of Statistics, various issues. Mission estimates." |orig-date=Third printing October 1994. Disclosure Date: 1 July 2010.}}</ref>

Economic conditions in the West Bank and Gaza Strip, where economic activity was governed by the Paris Economic Protocol of April 1994 between [[Israel]] and the Palestinian Authority, deteriorated in the early 1990s. Real per capita GDP for the West Bank and Gaza Strip (WBGS) declined 36.1% between 1992 and 1996 owing to the combined effect of falling aggregate incomes and robust population growth. The downturn in economic activity was due to Israeli closure policies in response to terrorist attacks in Israel, which disrupted previously established labor and commodity market relationships. The most serious effect was the emergence of chronic unemployment. Average unemployment rates in the 1980s were generally under 5%; while by the mid-1990s it had risen to over 20%. After 1997, Israel's use of comprehensive closures decreased and new policies were implemented. In October 1999, Israel permitted the opening of a safe passage between the West Bank and the Gaza Strip in accordance with the 1995 Interim Agreement. These changes in the conduct of economic activity fueled a moderate economic recovery in 1998–99.

As a result of the Israeli blockade, 85% of factories were shut or operated at less than 20% capacity. It is estimated that Israeli businesses lost $2 million a day from the closure while Gaza lost approximately $1 million a day.<ref>{{cite web |url=https://www.nytimes.com/2007/09/19/world/middleeast/19gaza.html?hp=&pagewanted=all|title=Isolation of Gaza Chokes Off Trade|date=19 September 2007|work=The New York Times|access-date=12 June 2014}}</ref> The World Bank estimated the [[List of countries by GDP (nominal)|nominal GDP]] of the territories at US$4,007,000 and of Israel at US$161,822,000. [[List of countries by GDP (nominal) per capita|Per capita]] these numbers are respectively US$1,036 and US$22,563 per year.

===Prosperity===
During the [[Recession of 1937–1938|worldwide recession of the 1930s]], [[Palestine (region)|Palestine]], including its Arab population, suffered severe economic hardships.<ref name=":3">{{Cite web |last=Ufheil-Somers |first=Amanda |date=1986-09-15 |title=The Exile Bourgeoisie of Palestine |url=https://merip.org/1986/09/the-exile-bourgeoisie-of-palestine/ |access-date=2024-07-09 |website=MERIP |language=en-US}}</ref> The global economic downturn had an impact on the region, leading to economic decline and increased unemployment.<ref name=":3" /> However, by the end of [[World War II]], Palestine had experienced a significant level of prosperity and was considered one of the most advanced countries in the [[Middle East]] in terms of economic development.<ref name=":3" /> This prosperity was attributed to several factors.<ref name=":3" /> Firstly, during the war, Palestine served as a center of British communications, which brought numerous benefits to the economy.<ref name=":3" /> The region benefited from contracts in transport, military construction, and supply, as well as the establishment of a large oil refinery in [[Haifa]].<ref name=":3" /> These activities created employment opportunities and stimulated economic growth.<ref name=":3" /> Additionally, agricultural exports, particularly citrus fruit, saw a marked increase during this period.<ref name=":3" /> The disruption of supplies from other parts of the Mediterranean due to the war, especially the actions of the Germans, created a higher demand for Palestinian citrus products.<ref name=":3" /> This presented an opportunity for both Arab and Jewish citrus producers to take advantage of the increased demand and contribute to the economic growth.<ref name=":3" /> Although many contracts awarded by the British Mandatory authorities during this period went to the new Jewish immigrants, Arab Palestinians also benefited from the economic opportunities.<ref name=":3" /> Arab Palestinians were able to provide cheaper labor, which made them attractive for employment in various sectors.<ref name=":3" /> They found employment in the railroads, large military construction projects, and government departments like the police.<ref name=":3" />

During the war, Palestine experienced a period of economic prosperity, which coincided with new forms of investment and trade that connected the region and its entrepreneurs to the global market.<ref name=":3" /> The profits generated during this time were invested in various financial instruments such as shares, government bonds, and commodity stocks. After the dispersion of people in 1948, some individuals were able to recover a portion of their wealth through these investments.<ref name=":3" /> The passage suggests that data collected by the Mandatory government provides estimates of the wealth held in Palestine during that period.<ref name=":3" /> According to the data, the total ownership of capital in the country in 1945 amounted to 281 million Palestinian pounds.<ref name=":3" /> Of this total, approximately 47 percent (132.6 million pounds) was owned by the Arab community.<ref name=":3" /> The majority of this wealth (74.8 million pounds) was invested in rural landholdings that could not be transferred abroad.<ref name=":3" /> However, there were other assets, such as investments in foreign stocks and shares, which were in a form that could be recovered by those who went into exile.<ref name=":3" /> These foreign liquid assets amounted to just over 39 million pounds.<ref name=":3" /> Additionally, Arab banks in Palestine held 7 million pounds in bank deposits, and another 3 million pounds were deposited in the [[Ottoman Bank]] or the local branch of [[Barclays|Barclays Bank]], some of which was recovered through international litigation in the early 1950s.<ref name=":3" />

A significant portion of the bank deposits held in Arab banks in Palestine, amounting to approximately 10 million pounds, was transferred to Jordan.<ref name=":3" /> This transfer occurred as a result of the mass displacement of Palestinians during the 1948–1949 Arab-Israeli war, with many [[Palestinians in Jordan|seeking refuge]] in [[Jordan]].<ref name=":3" /> Furthermore, it mentions that at least 1.5 million pounds in the form of banknotes was brought into the country prior to the abolition of the Palestinian currency.<ref name=":3" /> This indicates that individuals who left Palestine took physical banknotes with them as they sought refuge or migrated to other regions.<ref name=":3" /> At least 1.5 million pounds in the form of banknotes was transferred to [[Syria]].<ref name=":3" /> Smaller amounts being sent to [[Egypt]] and [[Iraq]].<ref name=":3" /> These transfers suggest that some individuals who left Palestine took physical banknotes with them to these countries.<ref name=":3" />

===Economic rise (1970—2000)===
{{Multiple image
| image1            = Temple Mount2(js).jpg
| caption1          = [[East Jerusalem]] in 1993, the year of [[Oslo Accords]]
| image2            = Gaza Harbor - panoramio.jpg
| caption2          = Modern buildings in [[Gaza City|Gaza]] before intifada in 2000
| width             = 200
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}}
During the 1970s and subsequent years, a considerable number of Palestinians sought employment opportunities in Israel.<ref name=":02">{{Cite web |title=Palestinian economy and prospects for regional cooperation - UNCTAD study |url=https://www.un.org/unispal/document/auto-insert-186101/ |access-date=2024-01-11 |website=Question of Palestine |language=en-US}}</ref> This labor integration provided income and remittances, which had positive effects on the Palestinian economy.<ref name=":02" /> Palestinian workers played a significant role in various sectors of the Israeli economy, such as construction, agriculture, and manufacturing.<ref name=":02" /> While there were some economic benefits from labor integration, the overall economic disparities between Israel and the occupied Palestinian territories persisted. Palestinians faced limited access to resources, markets, and capital, which hindered their economic development.<ref name=":02" />

Integration into the Israeli labor market provided Palestinians with access to job opportunities that were not readily available in the occupied territories. Palestinians found employment in various sectors, including construction, agriculture, manufacturing, and services. This helped alleviate unemployment and provided a source of income for Palestinian workers and their families. The General Federation of Trade Unions, representing Palestinian workers, was founded to advocate for their rights and interests.

Palestinian exports peaked in 1981 followed by a decline through the 1990s. In the same time period imports nearly doubled, increasing a trade deficit of 35% of GDP in 1981 to a deficit of 45% of GDP in 1996.<ref name=":02" /> The first Intifada, a Palestinian uprising against Israeli occupation, which took place from 1987 to 1993, had a profound impact on the Palestinian economy.<ref name=":02" /> The Intifada led to widespread disruptions, closures, and restrictions imposed by Israel, which greatly affected economic activities and livelihoods. In 1991, the invasion of Kuwait and resulting Gulf War affected the Palestinian economy. The Madrid Conference, held that same year, improved economic collaboration between the Arab countries and Israel.<ref name=":02" />

The Oslo Accords, signed in the 1990s, led to the establishment of the Palestinian Authority (PA) and limited self-governance in parts of the West Bank and Gaza. The PA took on responsibilities in areas such as trade, investment, and public services.<ref name=":02" /> However, the overall impact on the Palestinian economy was mixed, as the peace process faced setbacks and the Israeli occupation persisted.<ref name=":02" /> In 1994, The Paris Protocol was signed, outlining economic relations between Israel and the PA, including provisions for labor movement and employment. Next year, the Israeli government imposed restrictions on the movement of Palestinian workers within Israel due to security concerns.<ref name=":02" /> The PA assumed control over some economic sectors, including tourism, trade, and investment by 1995.<ref name=":02" /> Until 1999 the Palestinian economy experienced a period of relative growth and stability with increased international aid and improved economic indicators.<ref name=":02" />

For 30 years, Israel permitted thousands of Palestinians to enter the country each day to work in construction, agriculture and other blue-collar jobs. During this period, the Palestinian economy was significantly greater than the majority of Arab states.<ref>Karsh, Efraim.  [https://besacenter.org/perspectives-papers/its-not-the-economy-stupid/ "It’s Not the Economy, Stupid."] ''Begin-Sadat Center for Strategic Studies''.  4 June 2018.</ref> Until the mid-1990s, up to 150,000 people—about a fifth of the Palestinian labor force—entered Israel each day. After Palestinians unleashed a wave of suicide bombings, the idea of separation from the Palestinians took root in Israel. Israel found itself starved for labor, and gradually replaced most of the Palestinians with migrants from Thailand, Romania and elsewhere.<ref>{{Cite news |last=Federman |first=Josef |date=April 10, 2005 <!-- Factiva: "PD: 10 April 2005; ET: 15:33"; Nexis Uni: "April 10, 2005, Sunday, BC cycle" --> |title=Israel aims to end decades-long reliance on Palestinian laborers |id=<nowiki>RF: "7", IPC: "tagdstab | sel9---- | catf", IPD: "Financial/Business | Israel Closing the Door | D89CNV201".</nowiki> {{Factiva|APRS000020050410e14a003zn}}. {{NewsBank text|109B37D02FFFBD90}}. [[Nexis Uni]] [https://advance.lexis.com/api/document?collection=news&id=urn%3acontentItem%3a4FXD-0G60-009F-R40V-00000-00 {{small|4FXD-0G60-009F-R40V-00000-00}}]. |agency=Associated Press}}<!-- was republished by the Chicago Sun-Times on 11 April 2005 at http://findarticles.com/p/articles/mi_qn4155/is_20050411/ai_n14594533 -->

</ref><ref>{{cite web |last=Buck |first=Tobias |date=18 December 2007 <!-- "December 18, 2007 3:05 am", "All times are London time" --> |title=Tel Aviv exchange aiming for a bigger league |url=https://www.ft.com/content/6c17e9d6-acd6-11dc-b51b-0000779fd2ac |url-status=dead |archive-url=https://archive.today/20150506230530/http://www.ft.com/cms/s/0/6c17e9d6-acd6-11dc-b51b-0000779fd2ac.html |archive-date=6 May 2015 |access-date=27 March 2011 |website=FT.com}}</ref>

===Intifada and recovery (2000–present)===
In 2005, the PNA Ministry of Finance cited the [[Israeli West Bank barrier]], whose construction began in the second half of 2002, as one reason for the depressed Palestinian economic activity.<ref>{{cite web|url=http://www.mof.gov.ps/english/Press_Coverage/press%20release.pdf|title=Press Release|url-status=dead|archive-url=https://web.archive.org/web/20060219150428/http://www.mof.gov.ps/english/Press_Coverage/press%20release.pdf|archive-date=2006-02-19|access-date=12 June 2014}}</ref> Real GDP growth in the West Bank declined substantially in 2000, 2001, and 2002, and increased modestly in 2003 and 2004.<ref>{{cite web|url=http://www.strategypage.com/qnd/israel/articles/20051212.aspx|title=Israel: Battling the Bombers|publisher=Strategypage.com|access-date=12 June 2014}}</ref> The World Bank attributed the modest economic growth since 2003 to "diminished levels of violence, fewer curfews, and more predictable (albeit still intense) closures, as well as adaptation by Palestinian business to the contours of a constrained West Bank economy". Under a "disengagement scenario" the Bank predicted a real growth rate of −0.2% in 2006 and −0.6% in 2007.<ref>{{cite web|url=http://siteresources.worldbank.org/INTWESTBANKGAZA/Data%20and%20Reference/20732511/WBGUpdate-Nov.2005.pdf|title=West Bank and Gaza Update, World Bank Group, November 2005|access-date=12 June 2014}}</ref>

In the wake of [[Israel's unilateral disengagement plan|Israel's unilateral disengagement from Gaza]], there were shortages of bread and basic supplies due to closure of the al Mentar/Karni border-crossing into Israel. Israel's offer to open other crossings was turned down by the Hamas-run Palestinian authority.<ref>{{cite news|url=https://www.boston.com/news/world/articles/2006/06/05/palestinian_goods_begin_steady_flow_into_israel/?page=2|title=Palestinian goods begin steady flow into Israel|last=Cambanis|first=Thanassis|date=5 June 2006|publisher=The Boston Globe}}</ref>

Following the [[2006 Palestinian legislative election|January 2006 legislative elections]], decisively won by [[Hamas]], the [[Quartet on the Middle East|Quartet]] (apart from Russia) cut all funds to the [[Palestinian Authority]] led by [[Prime minister of the PA|prime minister]] [[Ismail Haniyah]] (Hamas). The PA had a monthly cash deficit of $60 million-$70 million after it received $50 million – $55 million a month from Israel in taxes and customs duties collected by Israeli officials at the borders. After the elections, the Palestinian stock market fell about 20%, and the PA exhausted its borrowing capacity with local banks.<ref>{{cite news|url=https://www.nytimes.com/2006/02/14/international/middleeast/14mideast.html?ei=5094&en=d28cff5caa1702fa&hp=&ex=1139979600&partner=homepage&pagewanted=print|title=U.S. and Israelis Are Said to Talk of Hamas Ouster|last=Erlanger|first=Steven|date=14 February 2006|work=The New York Times|access-date=12 June 2014}}</ref> Israel ceased transferring $55 million in tax receipts to the PA. These funds accounted for a third of the PA's budget and paid the wages of 160,000 Palestinian civil servants (among them 60,000 security and police officers). The United States and the European Union halted direct aid to the PA, while the US imposed a financial blockade on PA's banks, impeding the transfer of some of the [[Arab League]]'s funds (e.g. [[Saudi Arabia]] and [[Qatar]]).<ref name="LemondeA">{{Cite news|url=http://www.lemonde.fr/proche-orient/article/2006/05/09/le-quartet-cherche-une-solution-a-la-banqueroute-palestinienne_769645_3218.html|title=Le Quartet cherche une solution à la banqueroute palestinienne|date=9 May 2006|work=[[Le Monde]]|language=fr|access-date=12 June 2014}}</ref> In May 2006, hundreds of Palestinians demonstrated in Gaza and the West Bank demanding payment of their wages. Tension between Hamas and [[Fatah]] rose as a result of this "economic squeeze" on the PA.<ref name="BBC8">{{Cite news |url=https://news.bbc.co.uk/2/hi/middle_east/4983510.stm|title=Three die in Fatah-Hamas clashes|date=8 May 2006|work=BBC News|access-date=12 June 2014}}</ref>

In 2009, the Israeli military removed its checkpoint at the entrance of Jenin in a series of reductions in security measures.<ref>{{cite news|url=https://www.nytimes.com/2009/07/17/world/middleeast/17westbank.html?_r=1|title=Signs of hope emerge in the West Bank|work=[[The New York Times]]|date=16 July 2009 |access-date=12 June 2014|last1=Bronner |first1=Ethan }}</ref>
In September 2012, EU activists stated that the Palestinian economy "lost access to 40% of the West Bank, 82% of its groundwater and more than two-thirds of its grazing land" due to the occupation and settlement construction.<ref name="SpiegelSC">{{cite news|url=http://www.spiegel.de/international/world/eu-activists-demand-an-end-to-imports-from-israeli-settlements-a-864355.html|title=Activists Seek Ban on Trade with Israeli Settlers|last=Sydow|first=Christoph|date=30 October 2012|newspaper=Spiegel|access-date=12 June 2014}}</ref>

The first planned Palestinian city named [[Rawabi]] is under construction north of [[Ramallah]], with the help of funds from Qatar.<ref>{{cite web |url=https://www.theguardian.com/world/2009/sep/08/new-palestinian-city-west-bank|title=New Palestinian city to be built|date=8 September 2009|author=Rory McCarthy|website=[[TheGuardian.com]] |access-date=12 June 2014}}</ref> In 2013, commercial trade between Israel and the Palestinian territories was valued at US$20 billion annually.<ref name="ynetnews.com">{{cite news|url=http://www.ynetnews.com/articles/0,7340,L-4361410,00.html|title=Israeli–Palestinian business arbitration center established|date=28 March 2013|author=Hadar Kane, Calcalist|newspaper=Ynetnews |access-date=12 June 2014}}</ref>

==Sectors==

===Agriculture===
{{main|Agriculture in Palestine}}
Agriculture is a mainstay in the economy. The production of agricultural goods supports the population's sustenance needs and fuels Palestine's export economy.<ref name="CERP Memo">{{cite news |date=2012 |title=Agriculture in Palestine: a post-Oslo Analysis |url=http://thecepr.org/images/stories/pdf/memo%20agriculture.pdf |url-status=dead |archive-url=https://web.archive.org/web/20150904044734/http://thecepr.org/images/stories/pdf/memo%20agriculture.pdf |archive-date=4 September 2015 |access-date=24 April 2014}}</ref> According to the Council for European Palestinian Relations, the agricultural sector formally employs 13.4% of the population and informally employs 90% of the population.<ref name="CERP Memo" /> Around 183,000 hectares of land in the Palestinian territories are cultivated, of which around half is used for [[Olive production in Palestine|olive production]].<ref name="Paltrade">{{cite book |url=https://www.paltrade.org/upload/multimedia/admin/2014/10/5448e7bfb7b6d.pdf |title=The State of Palestine National Export Strategy: Olive Oil |date=2014 |publisher=ITC and Paltrade |access-date=24 March 2016 |archive-url=https://web.archive.org/web/20160405064326/https://www.paltrade.org/upload/multimedia/admin/2014/10/5448e7bfb7b6d.pdf |archive-date=5 April 2016 |url-status=dead}}</ref> Olive products earn more in export income than any other agricultural crop.<ref name="Paltrade" />

Over the past 10 years, unemployment rates in Palestine have increased and the agricultural sector became the most impoverished sector in Palestine.

Palestinian agriculture suffers from numerous problems, blockades to exportation of produce and importation of necessary inputs, widespread confiscation of land for nature reserves as well as military and settler use, confiscation and destruction of wells, and physical barriers within the West Bank.<ref name="National Land Bans">{{cite news |date=8 October 2013 |title=Palestinians lose billions to Israeli land bans, says World Bank report |url=http://www.thenational.ae/world/middle-east/palestinians-lose-billions-to-israeli-land-bans-says-world-bank-report |access-date=13 April 2014 |newspaper=The National}}</ref> Because the root of the conflict is with land, the disputes between Israel and Palestine are well-manifested in the agriculture of Palestine.

===High tech===
During the 2000s, a [[high-tech]] sector emerged in the Palestinian territories, supported by its proximity to Israel, and by 2013, 4,500 Palestinians worked in the IT sector, specializing in software outsourcing (including outsourced work from [[List of companies of Israel|Israeli companies]]), telecommunication development and manufacturing equipment.<ref>[https://www.forbes.com/sites/richardbehar/2013/07/24/peace-through-profits-a-private-sector-detente-is-drawing-israelis-palestinians-closer/ Peace Through Profits? Inside The Secret Tech Ventures That Are Reshaping The Israeli–Arab–Palestinian World], ''Forbes'', 12 August 2013</ref> The Palestinian IT sector grew from 0.8% of GDP in 2008 to 5% in 2010.<ref>[http://www.globes.co.il/serveen/globes/docview.asp?did=1000741788&fid=1724 Palestinian high tech flourishing] {{webarchive|url=https://web.archive.org/web/20120718044920/http://www.globes.co.il/serveen/globes/docview.asp?did=1000741788&fid=1724|date=18 July 2012}}, ''Globes'', 17 April 2012</ref> The industry has seen a 64% increase in foreign business since 2009. The majority of Palestinian IT companies are concerted in the city of [[Ramallah]] north of [[Jerusalem]].<ref>[https://www.theguardian.com/world/2012/jul/31/palestinian-tech-startups-hope-economy Palestinian tech startups offer hope to struggling economy], Phoebe Greenwood, ''The Guardian'', Tuesday 31 July 2012</ref><ref>[https://www.nytimes.com/2012/07/30/world/middleeast/palestinians-building-tech-hub-in-west-bank.html West Bank’s Emerging Silicon Valley Evades Issues of Borders], 29 July 2012, ''The New York Times''</ref>

Since 2010, Israeli high-tech companies have begun to employ Palestinian engineers. To date, most of them are outsourced workers, but [[Mellanox]], a computer hardware firm, plans to hire 15–20 Palestinian engineers as regular employees.<ref>{{cite web |author=Tali Heruti-Sover |date=7 November 2010 |title=High-tech company aims to be first Israeli firm to hire Palestinian engineers |url=https://www.haaretz.com/themarker/high-tech-company-aims-to-be-first-israeli-firm-to-hire-palestinian-engineers-1.323311 |url-status=dead |archive-url=https://web.archive.org/web/20101110053726/http://www.haaretz.com/themarker/high-tech-company-aims-to-be-first-israeli-firm-to-hire-palestinian-engineers-1.323311 |archive-date=2010-11-10 |access-date=12 June 2014}}</ref> Joint economic cooperation between Israelis and Palestinians officials has experienced growth over the past years. Starting in 2008, [[Cisco Systems]] began a concerted effort to jump-start the nascent Palestinian IT sector with a holistic ecosystem approach, encompassing [[venture capital]], [[private equity]], [[capacity building]] and direct outsourcing to Palestinian companies. The company invested $15 million toward that end and drew in other major international investors and donors, including Microsoft, HP and Google. The Palestinian IT sector has since grown from 0.8% of GDP in 2008 to 5% in 2010.<ref>{{Cite web |last1=White |first1=Jenna |last2=Saul |first2=Jason |last3=Davenport |first3=Cheryl |date=11 June 2012 <!-- cover page says "Prepared by Mission Measurement 6/11/2012"; PDF metadata has Create Date "2012:06:12 20:20:26-04:00" and Modify Date and Metadata Date "2012:06:12 20:20:53-04:00"; HTTP headers include "x-archive-orig-last-modified: Tue, 07 Aug 2012 17:18:24 GMT" --> |title=Cisco Pioneers Market Development Approach in Palestine |url=http://missionmeasurement.com:80/uploads/documents/Cisco_Pioneers_Market_Development_Approach_in_Palestine_-_White_Paper_by_Mission_Measurement.pdf |url-status=dead |archiveurl=https://web.archive.org/web/20140912181802id_/http://missionmeasurement.com/uploads/documents/Cisco_Pioneers_Market_Development_Approach_in_Palestine_-_White_Paper_by_Mission_Measurement.pdf#page=5 |archivedate=12 September 2014 |publisher=Mission Measurement |page=3 |publication-place=Chicago <!-- "This case study was prepared by Mission Measurement, a Chicago-based strategy consulting firm on behalf of Cisco." -->}}</ref>

In May 2018, the [[World Bank]] published a major report into the Palestinian technology sector entitled, "Tech startup ecosystem in West Bank and Gaza."<ref name=":1">{{Cite web |date=1 May 2018 |title=Tech startup ecosystem in West Bank and Gaza : findings and recommendations |url=http://documents.worldbank.org/curated/en/715581526049753145/pdf/126144-replacement-WBG-ecosystem-mapping-digital.pdf |access-date=23 July 2018 |website=www.worldbank.org |page=9}}</ref> According to the report, as of early 2017, there were 241 active tech [[Startup company|start-ups]] in Palestinian Territories, which has created a total of 1,247 jobs.<ref name=":1" /> The report also recorded 51 active investors in Palestinian tech companies (around 75 percent [[angel investor]]s and 25 percent [[Venture Capital Firm|venture capital firms]]). Among the major VC firms listed are Sadara Ventures, Ibtikar Fund and Oasis500.<ref name=":1" /> Venture capital firms reported having invested just under US$150 million in over 40 Palestinian tech companies by 2017. The report also recorded 20 [[Startup accelerator|start-up accelerator]] programs, 19 of which are in the West Bank, and one, [[Gaza Sky Geeks]], in the Gaza Strip.<ref name=":1" /> Today Palestine is known as the "Silicon Valley of the NGOs".{{Citation needed|reason=Who says this?|date=May 2024}}

===Traditional industries===
{{main|Palestinian handicrafts}}

A wide variety of handicrafts, many of which have been produced by [[Arab]]s in [[Palestine (region)|Palestine]] for hundreds of years, continue to be produced today. Palestinian handicrafts include [[embroidery]] work, [[pottery]]-making, [[soap]]-making, [[Glass production|glass-making]], [[weaving]], and [[olive]]-wood and [[Mother of Pearl]] carvings, among others.<ref name="Jacobs">Jacobs et al., 1998, p. 72.</ref><ref name="Karmi">[[Ghada Karmi]], 2005, p. 18.</ref> Some Palestinian cities in the [[West Bank]], particularly [[Bethlehem]], [[Hebron]] and [[Nablus]] have gained renown for specializing in the production of a particular handicraft, with the sale and export of such items forming a key part of each city's economy.

Stonecutting is a traditional source of income for the Palestinian economy. The annual average output per worker in the stone industry is higher than in any other sector. There are 650 stone production outlets in the West Bank, 138 of them in [[Beit Fajjar]]. The quarried material is cut into a rich range of pink, sand, golden, and off-white bricks and tiles known as [[Jerusalem stone]].<ref>{{cite journal |author=The Christian Science Monitor |date=4 January 2000 |title=Palestinians' stones cut both ways |url=https://www.csmonitor.com/2000/0104/p6s1.html |journal=The Christian Science Monitor |access-date=4 March 2015}}</ref>

===Tourism===
{{main|Tourism in Palestine}}
[[File:Jacir palace.JPG|left|thumb|[[Jacir Palace|Intercontinental Jacir Palace]] in [[Bethlehem]]]]
In 2010, 4.6 million people visited the Palestinian territories, compared to 2.6 million in 2009. Of that number, 2.2 million were foreign tourists while 2.7 million were domestic.<ref name="PCBS">{{cite news |last=M'aan |date=26 September 2011 |title=PCBS: Marked increase in West Bank tourism in 2010 |url=http://www.maannews.net/eng/ViewDetails.aspx?ID=423693 |url-status=dead |archive-url=https://web.archive.org/web/20130618070556/http://www.maannews.net/eng/ViewDetails.aspx?ID=423693 |archive-date=18 June 2013 |access-date=10 October 2012 |work=M'aan}}</ref> This number of international visits is misleading, however, since most tourists come for only a few hours or as part of a day trip itinerary. In the last quarter of 2012 over 150,000 guests stayed in West Bank hotels; 40% were European and 9% were from the United States and Canada.<ref>{{cite press release |title=Europeans Dominate Visitor Arrivals to Palestine in 2012 |url=http://www.travel-impact-newswire.com/2013/03/europeans-dominate-visitor-arrivals-to-palestine-in-2012/#story3 |access-date=22 April 2018 |website=travel-impact-newswire.com}}</ref> Major travel guides write recently that "the West Bank is not the easiest place in which to travel but the effort is richly rewarded."<ref name=":0">Israel and the Palestinian Territories. p254. Lonely Planet Publications. 2012</ref>

The Palestinian Authority and [[Israeli Tourism Ministry|Israeli tourism ministries]] have attempted to work together on tourism in the [[Palestinian territories]] in a Joint Committee.<ref name="hospitality">{{cite book |last=Enz |first=Cathy A. |url=https://books.google.com/books?id=x77o93fmiKQC&pg=PA273 |title=Hospitality Strategic Management: Concepts and Cases |publisher=John Wiley and Sons |year=2009 |isbn=978-0-470-08359-8 |edition=2 |page=273}}</ref> Recent cooperation to share access to foreign tourists has not proven successful in Palestine for many reasons relating to the occupation.<ref>{{cite web |date=18 December 2012 |title=Destination Palestine: Tourism's Denied Potential |url=http://english.pnn.ps/index.php/national/3396-destination-palestine-tourisms-denied-potential |archive-url=https://web.archive.org/web/20130724192233/http://english.pnn.ps/index.php/national/3396-destination-palestine-tourisms-denied-potential |archive-date=24 July 2013 |access-date=7 March 2014 |publisher=Palestine News Network}}</ref> Israel controls the movement of tourists into the West Bank.<ref name="politics">{{cite news |last=Kaufman |first=David |author2=Marisa S. Katz |date=16 April 2006 |title=In the West Bank, Politics and Tourism Remain Bound Together Inextricably |url=https://www.nytimes.com/2006/04/16/travel/16westbank.html |access-date=2 July 2010 |work=The New York Times}}</ref> Foreign tourism is presently restricted to East Jerusalem and the [[West Bank]], following the August 2013 indefinite closing of the [[Rafah crossing]] located between Egypt and the [[Hamas]] controlled [[Gaza Strip]].<ref name="push">{{cite web |last1=Gur |first1=Haviv Rettig |title=Egypt shutters Gaza border crossing 'indefinitely' - The Times of Israel |url=http://www.timesofisrael.com/egypt-shutters-gaza-border-crossing-indefinitely/ |access-date=4 March 2015 |work=The Times of Israel |date=15 August 2013 }}</ref> There is essentially no tourist flow to Gaza since 2005 because of the ongoing Israeli military land, air, and sea blockade.

In 2013 Palestinian Authority Tourism minister [[Rula Ma'ay'a]] stated that her government aims to encourage international visits to Palestine, but the occupation is the main factor preventing the tourism sector from becoming a major income source to Palestinians.<ref>{{cite web |title=Palestine News & Info Agency - WAFA - Tourism in Palestine an Act of Solidarity, says Minister of Tourism |url=http://english.wafa.ps/index.php?action%3Ddetail%26id%3D22622 |url-status=dead |archive-url=https://web.archive.org/web/20131127151421/http://english.wafa.ps/index.php?action=detail&id=22622 |archive-date=27 November 2013 |access-date=2013-09-16}}</ref> There are no visa conditions imposed on foreign nationals other than those imposed by&nbsp;the visa policy of Israel. Access to&nbsp;Jerusalem&nbsp;and the&nbsp;West Bank&nbsp;is controlled by the Government of Israel and access to&nbsp;Gaza&nbsp;is controlled by&nbsp;Hamas. Entry to the occupied Palestinian territories requires only a valid international passport but entry to Israel may be denied for Palestinians or Arabic visitors. In October 2009, a new project got underway promoting tourism and travel between the two areas. New business efforts and tourist attractions have been initiated in Jenin.

A large number of international brands operates their hotels in the Palestinian territories of both the West Bank and the Gaza Strip. These include [[Jacir Palace|Intercontinental Jacir Palace]], [[Seven Arches Hotel|Seven Arches Hotel Intercontinental]], [[Marriott Hotels & Resorts|Marriott Gaza]] (later Al-Mashtal) and [[Millennium Palestine Ramallah Hotel]].<ref>{{Cite web |date=2011-07-07 |title=Gaza's five-star hotel attempts to rise above rubble |url=https://www.nbcnews.com/id/wbna43677672 |archive-url=https://web.archive.org/web/20240302172225/https://www.nbcnews.com/id/wbna43677672 |url-status=dead |archive-date=2 March 2024 |access-date=2024-03-02 |website=NBC News |language=en}}</ref> In 1995, [[Marriott International]] proposed to construct a business center-cum-luxury hotel in Gaza. The project was later changed to another hotel, in the same city.

===Oil and gas===
{{Main|Energy in Palestine}}

The presence of [[oil and gas reserves]] in [[Palestine]] has become a contentious issue, with some advocates suggesting that these fossil fuel resources are influencing [[Israeli invasion of Palestine|Israel's attacks on the region]].<ref name=":2">{{Cite web |last=Atmos |date=2023-11-29 |title='This Genocide Is About Oil' |url=https://atmos.earth/this-genocide-is-about-oil/ |access-date=2024-03-02 |website=Atmos |language=en}}</ref> According to a 2019 U.N. report, it is estimated that over 3 billion barrels of oil exist off the coast and beneath the [[Occupied territories of Palestine|occupied lands of Palestine]].<ref name=":2" /> Additionally, the [[Levant Quartet|Levant Basin]] in the [[Mediterranean Sea|Mediterranean]] is believed to hold around 1.7 billion barrels of oil, with another 1.5 billion barrels estimated to lie beneath the [[Occupied West Bank|occupied]] [[West Bank]] area.<ref name=":2" /> However, under [[Israeli-occupied territories|Israeli occupation]], [[Palestinians]] are not allowed to drill for oil and gas or develop their independent energy systems, including [[solar energy]].<ref name=":2" /> Meanwhile, [[Israel]] has been actively claiming these resources for itself, approving licenses for companies to explore for more offshore gas fields.<ref name=":2" /> The [[Israeli government]] is also interested in building a [[pipeline]] to export gas to [[European nations]], particularly as [[Europe]] seeks alternative energy providers due to the ongoing [[Russo-Ukrainian War|conflict between Russia and Ukraine]].<ref name=":2" />

Many advocates argue that foreign interests in extracting these resources from Palestinian lands are contributing to the potential [[Palestinian genocide accusation|genocide faced by Palestinians]].<ref name=":2" /> Throughout history, [[foreign policy]] in the [[Middle East]] has often revolved around fossil fuels, and this situation seems no different.<ref name=":2" /> The [[Israeli–Palestinian conflict|struggle]] between [[Israelis]] and [[Palestinians]] dates back to colonial times, with tensions and conflicts fueled by the desire for community, safety, and control of the land.<ref name=":2" /> The discovery of oil in the region further complicated the situation, as world powers sought to secure access to this crucial commodity.<ref name=":2" /> The intertwined history of oil and the creation of modern [[Middle east|Middle Eastern states]] makes it difficult to separate conflicts in the region from the influence of oil and gas resources.<ref name=":2" /> The presence of billions of barrels of oil in Palestine, combined with the geopolitical interests of various actors, adds another layer of complexity to the [[Israel–Palestine conflict]].<ref name=":2" /> When it comes to the presence of oil and gas reserves in Palestine, there is an ongoing conflict between Israel and Palestine over the ownership and exploitation of these resources.<ref name=":2" /> In 1999, a [[Gaza Marine|gas field]] was discovered about 20 miles off the coast of [[Gaza Strip|Gaza]].<ref name=":2" /> However, negotiations between Israel and Palestine to divide these resources were disrupted by the [[Second Intifada]], or Palestinian uprisings, which began in 2000.<ref name=":2" />

Under [[international law]], the oil and gas resources in Palestine should belong to the occupied territory and not the occupying power (Israel).<ref name=":2" /> However, [[Israel]] has been benefiting from the oil and gas reserves beneath Palestinian lands and waters.<ref name=":2" /> Palestine has been unable to access these resources, resulting in a loss of billions of dollars of economic potential.<ref name=":2" /> Moreover, there are concerns about the environmental impact of [[Extraction of petroleum|fossil fuel extraction]], and Palestinian activists are pushing for a focus on renewable energy instead.<ref name=":2" /> The international community's complicity in the ongoing Israeli occupation and the [[conflict in Gaza]] is seen by some as intricately tied to capitalist interests and the pursuit of profit.<ref name=":2" /> The history of colonialism and the extraction of oil resources in the Middle East is seen as part of the wider context of the Israel-Palestine conflict.<ref name=":2" /> While some argue that fossil fuels have a marginal role in the conflict, others believe that religious ideology, geopolitical strategies, and access to trading routes play a bigger role.<ref name=":2" /> Overall, the conflict in Palestine and the pursuit of oil and gas resources have deep historical and geopolitical roots that contribute to the ongoing tensions in the region.<ref name=":2" />

Palestine holds massive potential reserves of oil and gas.<ref name="Kennedy-2023">{{Cite web |title=Offshore Gas Field Could Help Gaza Recovery |url=https://oilprice.com/Energy/Natural-Gas/Offshore-Gas-Field-Could-Help-Gaza-Recovery.html |access-date=2024-03-10 |website=OilPrice.com}}</ref> Over {{convert|3|Goilbbl|m3}} of oil are estimated to exist off the coast and beneath occupied Palestinian lands.<ref name="Kennedy-2023" /><ref name="Atmos-2023">{{Cite web |last=Atmos |date=2023-11-29 |title=This Genocide Is About Oil |url=https://atmos.earth/this-genocide-is-about-oil/ |access-date=2024-03-10 |website=Atmos}}</ref> The Levant Basin holds around {{convert|1.7|Goilbbl|m3}} of oil, with another {{convert|1.5|Goilbbl|m3}} barrels beneath the occupied West Bank area.<ref name="Atmos-2023" /> Around {{convert|2|Goilbbl|m3}} of oil reserves are believed to exist in shore of the Gaza Strip.<ref name="Atmos-2023" /><ref name="Massader-2108">{{Cite web |title=West Bank Oil Field |url=https://www.massader.ps/en/project/1518343496 |access-date=2024-03-23 |website=massader.ps}}</ref> According to a report by the [[UNCTAD]], around {{convert|1250|Goilbbl|m3}} of oil reserves are in the occupied Palestinian territory of the West Bank, probably the [[Meged oil field]]. As per the Palestinian Authority, 80% of this oil field falls under the lands owned by Palestinians.

Masadder, a subsidiary of the [[Palestine Investment Fund]] is developing the oilfield in the West Bank.<ref name="Massader-2108" /> Block-1 field, which spans an area of {{Convert|432|km2|sqmi}} from northwest Ramallah to Qalqilya in Palestine, has significant potential for recoverable [[hydrocarbon resources]].<ref name="Massader-2108" /><ref name="Saglam-2023">{{Cite web |last=Saglam |first=Muhdan |date=2023-10-26 |title=Is Israel attacking Gaza for oil and gas? – Muhdan Saglam |url=https://www.gerceknews.com/article/is-israel-attacking-gaza-for-oil-and-gas-222425 |access-date=2024-03-23 |website=Gercek News |archive-date=3 February 2024 |archive-url=https://web.archive.org/web/20240203131526/https://www.gerceknews.com/article/is-israel-attacking-gaza-for-oil-and-gas-222425 |url-status=dead }}</ref> It is estimated to have a P90 (a level of certainty) of {{convert|0.03|Goilbbl|m3}} of recoverable oil and {{convert|6000000000|cuft|m3}}.<ref name="Massader-2108" /> The estimated cost for the development of the field is $390 million, and it will be carried out under a production sharing agreement with the [[Government of Palestine]].<ref name="Massader-2108" /><ref name="massader.ps">{{Cite web |title=Palestine Natural Resources Overview |url=https://www.massader.ps/en/page/1512912516 |access-date=2024-03-23 |website=massader.ps}}</ref><ref>{{Cite web |title=Offshore Gas Field Could Help Gaza Recovery |url=https://oilprice.com/Energy/Natural-Gas/Offshore-Gas-Field-Could-Help-Gaza-Recovery.html |access-date=2024-03-23 |website=OilPrice.com}}</ref> Currently, an initial pre-exploration work program is underway to prepare for designing an exploration plan for approval, which will precede the full-fledged development of the field.<ref name="Massader-2108" />

[[Natural gas in the Gaza Strip|Natural gas in Palestine]] is mostly found in Gaza Strip.<ref name="massader.ps" /> [[Gaza Marine]] is a [[natural gas field]], located around {{Convert|32|km|mi}} from the coast of the territory in the Mediterranean shore.<ref>{{Cite web |title=Gaza: Gas Rich but in Ruins |url=https://www.aljazeera.com/program/pinch-point/2024/4/8/gaza-gas-rich-but-in-ruins |access-date=2024-04-12 |publisher=Al Jazeera}}</ref> It holds gas reserves ranging between {{convert|28|e9m3|abbr=off}} to {{convert|32|e9m3|abbr=off}}.<ref>{{Cite web |title=Offshore Gas Field Could Help Gaza Recovery |url=https://oilprice.com/Energy/Natural-Gas/Offshore-Gas-Field-Could-Help-Gaza-Recovery.html |access-date=2024-04-12 |website=OilPrice.com}}</ref> These estimates far exceed the needs of the [[Energy in Palestine|Palestinian territories in energy]].<ref>{{Cite web |title=Gaza Marine: Natural gas extraction in tumultuous times? |url=https://www.brookings.edu/articles/gaza-marine-natural-gas-extraction-in-tumultuous-times/ |access-date=2024-04-12 |website=Brookings}}</ref> The gas field was discovered by the [[British Gas Group]] in 1999.<ref>{{Cite web |last=Robbins |first=Elizabeth |date=2023-06-18 |title=Israel Green-Lights Gaza Offshore Gas Development |url=https://www.fdd.org/analysis/2023/06/18/israel-green-lights-gaza-offshore-gas-development/ |access-date=2024-04-12 |website=FDD}}</ref> Upon the discovery of the gas field, it was lauded by Yasser Arafat as a "Gift from God". A regional cooperation between the [[Palestinian Authority]], Israel and Egypt were signed for developing the field and Hamas also gave approval to the Palestinian Authority.<ref>{{Cite web |date=2022-10-18 |title=Gaza offshore gas project: Agreement expected by year-end |url=https://arab.news/njuhk |access-date=2024-04-12 |website=Arab News}}</ref><ref name="Gaza">{{Cite news |last=Gaza |first=Sally Ibrahim ــ |date=2023-06-20 |title=Exclusive: Hamas 'allows development of gas field off Gaza' |url=https://www.newarab.com/news/exclusive-hamas-allows-development-gas-field-gaza |access-date=2024-04-12 |newspaper=The New Arab}}</ref> However, since the ongoing [[Gaza war]], this project have been delayed.<ref name="Gaza" />

==Infrastructure==

===Communications===
{{main|Communications in Palestine}}

The World Bank estimated in 2016 that restrictive measures placed by Israel on telecommunication operators in the West Bank have had a notable negative impact on the development of the Palestinian telecommunications networks, which is sustaining losses in the range of $1 billion. These restrictive measures include the denial to operate in 60% of the West Bank under Israeli military administration (Area C), limitations on the importation of technology for ICT companies, requiring Palestinian operators to access international links via a company with Israeli registration, delaying in the provision of mobile broadband, the failure to set in place an independent regulator for the sector in the territories, and Israeli operators who lack appropriate authorizations who continue to operate in the Palestinian market.<ref>[http://www.worldbank.org/en/news/press-release/2016/03/31/lifting-restrictions-and-promoting-better-regulation-to-unleash-the-potential-of-the-digital-economy-in-palestine 'Lifting Restrictions and Promoting Better Regulation to Unleash the Potential of the Digital Economy in Palestine,'] [[World Bank]] 31 March 2016.</ref>

===Transport===
{{main|Transport in Palestine}}

===Water supply and sanitation===
{{main|Water supply and sanitation in Palestine}}

==By sub-region==

===West Bank===
In 2007, the economy in the West Bank improved gradually. Economic growth reached about 4–5% and unemployment dropped about 3%. Israeli figures indicated that wages in the West Bank rose more than 20% in 2008 and trade rose about 35%. Tourism in Bethlehem increased to about twice its previous levels, and tourism increased by 50% in [[Jericho]].<ref name="NYTimes 1208">{{cite web|url=https://www.nytimes.com/2008/12/24/world/middleeast/24bethlehem.html?pagewanted=all|title=Palestinians Work to Jolt West Bank Back to Life|date=24 December 2008|work=The New York Times|author=Isabel Kershner and Ethan Bronner|access-date=12 June 2014}}</ref> Life expectancy is 73.4, placing the territories [[Life Expectancy by Country|77th in the world]], compared with a life expectancy of 72.5 in [[Jordan]], 71.8 in [[Turkey]], and 80.7 in [[Israel]].<ref>{{cite web|url=https://www.un.org/esa/population/publications/wpp2006/WPP2006_Highlights_rev.pdf|title=United Nations World Population Prospects: 2006 revision – Table A.17 for 2005–2010|access-date=12 June 2014}}</ref> Car sales in 2008 were double those of 2007.<ref>Critical on this: [[Adam Hanieh]]: Class and State in the West Bank. Neoliberalism under Occupation. In: Adam Hanieh, Lineages ef Revolt. Issues of Contemporary Capitalism in the Middle East, Haymerked Books, 2013.</ref> The [[International Monetary Fund]] report for the West Bank forecast a 7% growth rate for 2009.

The [[Bethlehem Governorate|Bethlehem]] Small Enterprise Center opened in early 2008. Funded by Germany, the center has helped to promote computer literacy and marketing skills.<ref name="NYTimes 1208" />
[[File:Bethlehem-street2.JPG|thumb|200px|View of Bethlehem]]

In 2009, efforts continued to build Palestinian local institutions and governments from the ground up. Much of this work was done by [[Tony Blair]] and US General [[Keith Dayton]]. Some analysts saw this as a more substantial way to lay a groundwork for viable institutions and for local peace.<ref>[https://www.welt.de/english-news/article3758363/Building-Palestine-from-the-bottom-up.html Building Palestine from the bottom up], by Shlomo Avineri, Welt Online, 5/18/09.</ref> In August 2009, a state of the art web-based system for tracking goods coming in and out of the area by Palestinian customs was launched in partnership with the [[United Nations Conference on Trade and Development]].<ref>{{cite web|url=http://www.bi-me.com/main.php?id=39577&t=1&c=125&cg=2&mset=1031|title=Palestinian economy set to benefit from new online customs system - Business Intelligence Middle East - bi-me.com - News, analysis, reports|access-date=4 March 2015|archive-url=https://web.archive.org/web/20110707233739/http://www.bi-me.com/main.php?id=39577&t=1&c=125&cg=2&mset=1031|archive-date=7 July 2011|url-status=dead}}</ref>

In 2009, an economic "boom" began with growth reaching 8 percent, higher than in Israel or the West. However, with inflation around 9.9% that same year, real economic growth is actually negative insofar as purchasing power has decreased.  Tourism to Bethlehem, which had doubled to 1 million in 2008, rose to nearly 1.5 million in 2009. New car imports increased by 44 percent. New shopping malls opened in Jenin and Nablus. As an outcome of the [[Palestine Investment Conference]], Palestinian developers are planning to build the first modern Palestinian city, [[Rawabi]].<ref>[http://www.ameinfo.com/157738.html Qatari Diar CEO signs development partnership at Palestine Investment Conference in Bethlehem] {{webarchive|url=https://web.archive.org/web/20110606233513/http://www.ameinfo.com/157738.html |date=6 June 2011 }} ''[[AMEinfo.com]]'', 22 May 2008</ref><ref>{{cite web|url=http://www.ameinfo.com/220307.html |title=Construction begins on Rawabi, the first Palestinian planned city |date=5 January 2010 |publisher=[[AMEinfo.com]] |url-status=dead |access-date=12 June 2014 |archive-url=https://web.archive.org/web/20130209141603/http://www.ameinfo.com/220307.html |archive-date=9 February 2013 }}</ref>

[[File:Bank Of Palestine - Ramallah.jpg|thumb|right|[[Bank of Palestine]], Ramallah]]

In 2010, [[Ramallah]] was described as a hub of the economic activity thanks to improved security within the city, successful battle against corruption and large consumer base.<ref>{{cite web|url=https://www.jpost.com/Magazine/Features/Palestines-new-bride|title=Magazine &#124; Features|date=20 August 2010|publisher=Jpost.com|author=KHALED ABU TOAMEH|access-date=12 June 2014}}</ref>

In 2011, the Palestinian Planning Minister said that GDP growth was expected to reach 9%, rising to 10% in 2012 and 12% in 2013.<ref name="haaretz.com">{{cite web|url=https://www.haaretz.com/print-edition/news/fayyad-seeks-5-billion-to-develop-new-palestinian-state-infrastructure-1.355848|title=Fayyad seeks $5 billion to develop new Palestinian state infrastructure|date=14 April 2011|work=Haaretz.com|access-date=4 March 2015}}</ref>

===East Jerusalem===
[[East Jerusalem]] was once the business and shopping hub of the West Bank. However, since the advent of Israeli security checkpoints and the separation barrier starting over a decade ago, it has become isolated from its customer base leading to serious economic decline.<ref name="FdBL">{{cite news|url=http://forward.com/articles/158914/east-jerusalem-suffers-economic-tailspin/?p=all|title=East Jerusalem Suffers Economic Tailspin|last=Lynfield|first=Ben|date=13 July 2012|newspaper=Forward|access-date=12 June 2014}}</ref> According to [[Hanna Siniora]] of the Palestinian-American Chamber of Commerce, the turning point was 1993. He states that since then East Jerusalem has become a closed city through isolation from the rest of the West Bank causing a loss of 50% of its business between 1993 and 2001.<ref name="PIJHS">{{cite journal|last=Siniora|first=Hanna|year=2001|title=The Declining Economy of East Jerusalem|url=http://www.pij.org/details.php?id=179|journal=The Palestine-Israel Journal|volume=8|issue=1}}</ref>

According to a 2012 report by the Association for Civil Rights in Israel and interviews conducted by the Forward, the decline of the economy in East Jerusalem has led to unprecedented levels of poverty, with 80% of the Palestinian population living below the poverty line. The main cause is seen as the political and physical barriers separating it from the rest of the West Bank. The ACRI report attributing the problem to "'the cumulative effects of annexation, neglect, rights violations and the completion of the separation barrier."<ref name="FdBL" /> Another contributing factor to the economic decline is the housing situation.<ref name="FdBL" /> The Israeli government has facilitated extensive construction for Israeli settler neighborhoods, but has severely restricted development and building for the Palestinian population.<ref name="FdBL" />

===Gaza Strip===
{{main|Economy of the Gaza Strip}}
[[File:Gaza City.JPG|300px|thumb| Gaza City]]
According to [[CIA]]'s ''[[The World Factbook]]'', Israel's closure policy, which was extended when the Hamas administration [[Gaza Strip under Hamas|came to power]] in 2007, was responsible for high levels of poverty and unemployment and a significant decline of the private sector which was heavily reliant upon export markets. Israel blamed Hamas for taking actions that led to the closure policy. A large part of the population is dependent on humanitarian assistance, primarily from the [[United Nations|UN]] agencies.<ref name="CIAFB">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/gaza-strip/|title=Gaza Strip|publisher=Central Intelligence Agency (US)|work=CIA World Fact Book|access-date=12 June 2014}}</ref>

An easing of Israel's closure policy in 2010 resulted in an improvement in some economic indicators, but regular exports from the Gaza Strip were still prohibited.<ref name="CIAFB" /> According to the [[Israeli Defense Forces]], the economy improved in 2011, with a drop in unemployment and an increase in GDP. New malls have opened, local industry is developing and the economic upswing has led to the construction of hotels and a rise in the import of cars.<ref>[http://www.idf.il/1283-12586-en/Dover.aspx Economic improvement in the Gaza Strip] {{webarchive|url=https://web.archive.org/web/20140714213821/http://www.idf.il/1283-12586-en/Dover.aspx |date=14 July 2014 }}</ref> Wide-scale development has been made possible by the unhindered movement of goods into Gaza through the [[Kerem Shalom Crossing]] and tunnels between the Gaza Strip and Egypt. The current rate of trucks entering Gaza through Kerem Shalom is 250 trucks per day. This figure fluctuates depending on the level of interference with goods being brought into Gaza from Egypt through tunnels. The increase in building activity has led to a shortage of construction workers. To make up for the deficit, young people are being sent to learn the trade in Turkey.<ref>{{cite web|url=https://www.haaretz.com/news/features/egypt-s-holy-war-against-sinai-jihadists-leaves-many-questions-unanswered.premium-1.462551|title=Egypt's holy war against Sinai jihadists leaves many questions unanswered|date=4 September 2012|work=Haaretz.com|access-date=4 March 2015}}</ref>

==Currency==
{{further|Palestine pound}}

Under the [[Protocol on Economic Relations]], the Palestinians are not allowed to independently introduce a separate Palestinian currency. Instead, the [[Israeli new shekel]] is the main currency of the Palestinian territories.<ref>[http://www.mfa.gov.il/mfa/foreignpolicy/peace/guide/pages/gaza-jericho%20agreement%20annex%20iv%20-%20economic%20protoco.aspx Annex IV - ''Protocol on Economic Relations between the Government of the State of Israel and the P.L.O., representing the Palestinian people'']. Israel MFA, 29 April 1994</ref> In the West Bank the [[Jordanian dinar]] is also used.<ref name=Zacharia>{{Cite news |issn=0190-8286 |last=Zacharia |first=Janine |title=Palestinian officials think about replacing Israeli shekel with Palestine pound |access-date=2018-08-22 |date=2010-05-31 |url=https://www.washingtonpost.com/wp-dyn/content/article/2010/05/29/AR2010052903131.html |newspaper=The Washington Post}}</ref> The shekel is used for most transactions, especially retail, while the dinar is used more for savings and [[durable good]]s transactions.<ref name=Cobham>{{Cite book |publisher=Routledge |isbn=9780415327619 |editor=David Cobham |editor2=Nu'man Kanafani |last=Cobham |first=David |title=The Economics of Palestine: Economic Policy and Institutional Reform for a Viable Palestine State |chapter=Alternative currency arrangements for a new Palestinian state |location=London |date=2004-09-15 |url=http://fmwww.bc.edu/repec/mmfc04/13.pdf |access-date=2018-08-22}}</ref> The [[United States dollar]] is also sometimes used for savings and for purchasing foreign goods.<ref name=Cobham /> The dollar is used by the overwhelming majority of transactions overseen by the [[Palestinian Monetary Authority]] (that functions as Palestine's [[central bank]]), which only represent a fraction of the transactions conducted in Palestine or by Palestinians.<ref name=Lauria>{{Cite web |last=Lauria |first=Joe |title=Getting Money in Gaza: An Interview With Palestine's Central Banker |work=Huffington Post |access-date=2018-08-22 |date=2014-08-09 |url=https://www.huffingtonpost.com/joe-lauria/getting-money-in-gaza-an-_b_5664160.html}}</ref>

In the Gaza Strip, the shekel is also the main currency,<ref>{{cite web |title=Palestinian Territories > Gaza Strip > Currency |url=https://www.lonelyplanet.com/palestinian-territories/gaza-strip/stats/currency/a/nar/568f7753-dae8-4834-986a-eca8c6320e1e/1318877 |website=Lonely Planet |access-date=22 August 2018}}</ref> though it is in short supply due to the [[blockade of the Gaza Strip]] by the PA, Israel and Egypt.

Because the Palestinian Monetary Authority does not issue its own currency, it is therefore unable to pursue an independent and effective [[monetary policy]].<ref name=Naqib>{{cite report |last=Naqib |first=Fadle M. |date=October 2002 |title=Economic Aspects of the Palestinian-Israeli Conflict |url=https://www.peacepalacelibrary.nl/ebooks/files/dp2002-100.pdf |archive-url=https://web.archive.org/web/20180823005817/https://www.peacepalacelibrary.nl/ebooks/files/dp2002-100.pdf |url-status=dead |archive-date=23 August 2018 |publisher=UNU World Institute for Development Economics Research (UNU/WIDER) |page=13 |docket=Discussion Paper No. 2002/100 |access-date=22 August 2018 |issn=1609-5774 }}</ref> At the same time, the use of multiple currencies increases the costs and creates inconvenience arising from fluctuating exchange rates.<ref name=Naqib />

==Taxation==
{{main|Taxation in Palestine}}

Taxation in the Palestinian territories is a complex system which may involve payment to the [[Palestinian Authority]] (PA) and/or [[Israel]]. In 2005, the PA collected approximately $34 million per month from taxes and other charges, while Israel collected about $75 million per month in [[tariff]]s on foreign imports and [[value added tax]]es (VAT) on Israeli goods and services and on average retained about $15 million for the payment of water and power bills of Palestinians, while forwarding the other $60 million to the PA.<ref name="backgrounder">{{citation|title=Backgrounder: the Shrinking PA Budget|date=21 April 2006|url=http://www.cfr.org/publication/10499/hamas_and_the_shrinking_pa_budget.html|last1=Pan|first1=Esther|publisher=[[Council on Foreign Relations]]|url-status=dead|archive-url=https://web.archive.org/web/20100910080306/http://www.cfr.org/publication/10499/hamas_and_the_shrinking_pa_budget.html|archive-date=10 September 2010}}</ref> Israeli collected funds account for about two-thirds of the PA's self-generated revenue,<ref name="unfreeze">{{cite news|url=https://www.theguardian.com/world/2011/nov/30/israel-unfreezes-palestinian-taxes|title=Israel unfreezes Palestinian Authority tax millions|last=Sherwood|first=Harriet|date=30 November 2011|work=[[The Guardian]]}}</ref> which [[Reuters]] put at $100 million in December 2012.<ref name="Israel to withhold">{{cite news|url=https://www.reuters.com/article/us-palestinians-israel-funds-idUSBRE8BB09V20121212|title=Israel to withhold Palestinian funds until March|last=Williams|first=Dan|date=12 December 2012|publisher=Reuters|access-date=12 December 2012|archive-date=13 December 2012|archive-url=https://web.archive.org/web/20121213165059/http://www.reuters.com/article/2012/12/12/us-palestinians-israel-funds-idUSBRE8BB09V20121212|url-status=live}}</ref> Since the [[2006 Palestinian legislative election]] and the formation of a Hamas government in the PA, Israel has regularly withheld the taxes it owes the PA.<ref name="backgrounder" /><ref name="Israel to withhold" /><ref name="disregard">{{citation|title=Israel withholds Palestinian tax money amid EU row|date=4 June 2008|url=http://uk.reuters.com/article/idUKL0491746320080604|archive-url=https://web.archive.org/web/20160109082730/http://uk.reuters.com/article/idUKL0491746320080604|url-status=dead|archive-date=9 January 2016|last1=Entous|first1=Adam|publisher=[[Reuters]]}}</ref><ref name="undermine">{{citation|title=Israel cuts off Palestinian tax funds as relations hit new low|date=7 June 2008|url=https://www.independent.co.uk/news/world/middle-east/israel-cuts-off-palestinian-tax-funds-as-relations-hit-new-low-842092.html|last1=Macintyre|first1=Donald|work=[[The Independent]]|access-date=26 August 2017|archive-date=3 July 2018|archive-url=https://web.archive.org/web/20180703031847/https://www.independent.co.uk/news/world/middle-east/israel-cuts-off-palestinian-tax-funds-as-relations-hit-new-low-842092.html|url-status=dead}}</ref>

==Employment==
According to the [[Council for European Palestinian Relations]], the agricultural sector formally employs 13.4% of the population and informally employs 90% of the population.<ref name="CERP Memo" /> Over the past 10 years, unemployment rates in Palestine have increased and the agricultural sector became the most impoverished sector in Palestine. Unemployment rates peaked in 2008 when they reached 41% in Gaza.<ref name="Unemployment and economic sectors">{{cite book|url=http://siteresources.worldbank.org/INTMENA/Resources/Poverty_and_Inclusion_in_the_West_Bank_and_Gaza_Chapter3.pdf|title=Coping with Conflict: Poverty and Inclusion in the West Bank and Gaza|pages=37–61|chapter=Poverty and the Labor Market: A Sheer Lack of Jobs?|access-date=28 April 2014}}</ref>

===By Israelis===
High unemployment in the Palestinian economy led about 100,000 Palestinians to work in Israel. By March 2014, about 45,000 permits were issued for work in Israel with further 25,000 issued for work in West Bank settlements. It is estimated 35,000 Palestinian work through illegal channels and without a permit. Recently{{when|date=January 2019}} the quota for permits has increased and minimum age for obtaining one was reduced from 26 to 24. Sectors in which Palestinians are employed include construction, manufacturing, commerce and agriculture.<ref name="ILO">{{cite web|url=http://www.ilo.org/wcmsp5/groups/public/---ed_norm/---relconf/documents/meetingdocument/wcms_242965.pdf|title=The situation of workers of the occupied Arab territories|publisher=[[International Labour Office]]|access-date=25 February 2015}}</ref>

As of 2013, average daily wages in Israel and the settlements is nearly 2.2 times higher than in the private sector in the West Bank and over 4 times that in Gaza. As of 2022, Palestinian monthly minimum wage is [[Israeli new shekel|₪]]1,450, almost a quarter of the Israeli minimum wage of [[Israeli new shekel|₪]]5,300. In the West Bank, Israeli labour laws are partially applied through military enactments, and a ruling of the [[Supreme Court of Israel]] of 2007 apply the law for work done inside Israeli settlements. Yet, there have been incidents where Israeli employers did not fulfill their legal obligations to the employees by refusing to provide a paycheck or hide the number of work hours to avoid labour laws such as minimum wage or social security benefits.<ref name="ILO" /><ref>{{cite web|url=http://www.pcbs.gov.ps/site/512/default.aspx?tabID=512&lang=en&ItemID=1318&mid=3171&wversion=Staging|title=Press Release on the Results of the Labour Force Survey (October - December, 2014)|date=12 February 2015|publisher=[[Palestinian Central Bureau of Statistics]]|access-date=2 March 2015|archive-date=23 December 2021|archive-url=https://web.archive.org/web/20211223050506/https://www.pcbs.gov.ps/site/512/default.aspx?tabID=512&lang=en&ItemID=1318&mid=3171&wversion=Staging|url-status=dead}}</ref>

In 2014, an article published in the weekly economic supplement of [[Al-Hayat Al-Jadida]], the [[Palestinian Authority]]'s official daily, praised Israeli treatment of Palestinian workers. With having added benefits such as transportation, medical and pensions, Palestinians are quick to leave their Palestinian employers and work for Israelis, whenever they have the opportunity to do so. Safety rules are enforced strictly by Israeli Workers' Union and physical examinations are done by doctors. The PA has passed labour laws but do not enforce rules such as the minimum wage, annual vacations, sick leave or extra payments for overtime work.<ref name="PMW">{{cite web|url=http://www.palwatch.org/main.aspx?fi=157&doc_id=12696|title=Official PA daily lauds Israel's treatment of Palestinian workers|date=23 September 2014|publisher=[[Palestinian Media Watch]]}}</ref><ref name="i24news">{{cite news|url=http://www.i24news.tv/en/news/international/middle-east/44941-140924-palestinian-workers-treated-better-in-israel|title=Palestinian workers treated better in Israel|date=24 September 2014|publisher=[[i24news]]|url-status=dead|archive-url=https://web.archive.org/web/20141223043434/http://www.i24news.tv/en/news/international/middle-east/44941-140924-palestinian-workers-treated-better-in-israel|archive-date=23 December 2014}}</ref><ref>{{Cite news |date=21–27 September 2014 <!-- "ﺍﻻﺣﺪ 21 ﺍﻳﻠﻮﻝ 2014 - ﺍﻟﺴﺒﺖ  27 ﺍﻳﻠﻮﻝ 2014" --> |title=ﻣﺎ ﻳﺘﻘﺎﺿﺎﻩ ﺍﻟﻌﺎﻣﻞ ﻟﺪﻯ ﺍﻟﻤﺴﺘﺨﺪﻡ ﺍﻟﻔﻠﺴﻄﻴﻨﻲ ﻻ ﻳﺘﻌﺪﻯ ﻧﺼﻒ ﻣﺎ ﻳﺘﻘﺎﺿﺎﻩ ﻣﻦ ﻳﻌﻤﻞ ﻟﺪﻯ ﺍﻻﺳﺮﺍﺋﻴﻠﻲ |url=http://www.alhayat-j.com/sooq/HayatWaSouq169.pdf |archive-url=https://web.archive.org/web/20150225000520/http://www.alhayat-j.com/sooq/HayatWaSouq169.pdf |archive-date=2015-02-25 |work=⁧⁩حياة وسوق |publisher=⁧ﺻﺤﻴﻔﺔ ﺍﻟﺤﻴﺎﺓ ﺍﻟﺠﺪﻳﺪﺓ⁩ <!-- "⁧ﻣﻠﺤﻖ ﺍﻗﺘﺼﺎﺩﻱ ﺃﺳﺒﻮﻋﻲ ﻳﺼﺪﺭ ﻋﻦ ﺻﺤﻴﻔﺔ ﺍﻟﺤﻴﺎﺓ ﺍﻟﺠﺪﻳﺪﺓ⁩" --> |page=3 |volume=4 |issue=169 <!-- "ﺍﻟﺴﻨﺔ ﺍﻟﺮﺍﺑﻌﺔ / ﺍﻟﻌﺪﺩ (169)" -->}}</ref>

==Foreign aid==
{{main|International aid to Palestinians}}
In 2008, the West Bank and Gaza economies were heavily reliant on foreign aid which stood at 1.8 billion{{clarify|date=October 2016}}. Approximately 30% of the GDP, or US$487 per Palestinian per year came from aid. Foreign aid provided essential services for nearly half of the Palestinian people, and allowed the Palestinian Authority to operate and pay its estimated 140,000 employees.<ref>{{Cite web|url=http://www.phrmg.org/Palestinian%20worker%20rights.pdf|archiveurl=https://web.archive.org/web/20110610105618/http://www.phrmg.org/Palestinian%20worker%20rights.pdf|url-status=dead|title=Palestinian Workers Rights|archivedate=10 June 2011}}</ref>

In 2010, Arab states cut financial aid to the [[Palestinian Authority]]. According to the Palestinian Finance Ministry, the PA received $583.5 million in budget support by August 2010, of which only 22 percent came from Arab states. The remainder was from international donors, including the European Union and the United States. [[Salah Rafat]], a member of the PLO Executive Committee, urged the Arab countries to honor their financial pledges.<ref>{{cite news|url=https://www.haaretz.com/news/international/palestinian-authority-faces-cash-crunch-as-arab-states-cut-aid-1.309025|title=Palestinian Authority Faces Cash Crunch as Arab States Cut Aid|agency=Reuters|date=19 August 2010|access-date=22 April 2018|newspaper=Haaretz}}</ref>

In April 2011, [[Salam Fayyad]] met with Western donors in Brussels and requested $5 billion in aid.<ref name="haaretz.com"/>

As part of a 2013 effort to inspire peace talks between Israelis and Palestinians, US Secretary of State [[John Kerry]] proposed a $4 billion plan of private investment in the Palestinian economy.<ref>{{cite news |last1=Mohammed |first1=Arshad |title=Kerry backs private West Bank economic plan, but little detail |url=https://www.reuters.com/article/uk-palestinians-israel-kerry-idUKBRE94P0EN20130526 |access-date=15 May 2021 |work=Reuters |date=26 May 2013}}</ref> The plan was described as having the potential to significantly grow the economy of the West Bank, but no specifics were provided as to what projects were envisioned, who would invest the money, or what modifications might be required in Israel's restrictions on the West Bank for the plan to work.<ref name=irishtimes>{{cite news |title=Kerry pushes $4 billion West Bank investment plan |url=https://www.irishtimes.com/news/world/middle-east/kerry-pushes-4-billion-west-bank-investment-plan-1.1407583 |access-date=15 May 2021 |newspaper=The Irish Times |date=27 May 2013}}</ref> The proposal was coordinated in association with the Quartet, a Middle East peacemaking group comprising the United States, Russia, the European Union and the United Nations, for which former UK Prime Minister [[Tony Blair]] served as an envoy. The Palestinian Authority responded by indicating that it would not trade its political aspirations for economic aid, but was assured that the plan was meant as a complement to negotiations, and not as a substitute.<ref>{{cite news |last1=Ghalizi |first1=Said |title=Palestinians say Kerry's $4 billion aid offer a 'bribe' to give up on statehood |url=https://www.pri.org/stories/2013-06-03/palestinians-say-kerrys-4-billion-aid-offer-bribe-give-statehood |access-date=3 June 2013 |work=The World |date=3 June 2013}}</ref><ref name=irishtimes /> Peace talks failed for unrelated reasons<ref>{{cite magazine |last1=Avishai |first1=Bernard |title=Where Is the Kerry Plan for Peace? |url=https://www.newyorker.com/news/news-desk/where-is-the-kerry-plan-for-peace |access-date=15 May 2021 |magazine=The New Yorker |publisher=Condé Nast |date=11 April 2014}}</ref> without any implementation of the proposal.

==Israeli–Palestinian relations==
{{further|Israel–Palestine relations}}

===Commerce===

Olives of Peace is a joint Israeli–Palestinian business venture to sell olive oil. Through this project, Israelis and Palestinians have carried out joint training sessions and planning.<ref>{{Cite web |last=Tsafrir |first=Katja |date=26 October 2008 |title=Israel-Palestinian cooperation a decision that makes sense from the economic point of view |url=http://www.kas.de/proj/home/pub/24/2/dokument_id-14899/index.html |url-status=dead |archive-url=https://archive.today/20120905104259/http://www.kas.de/israel/en/publications/14899/ |archive-date=2012-09-05 |publisher=Konrad-Adenauer-Stiftung (KAS) |department=Event contributions}}<!-- a previous version of this citation stated "a political foundations in germany for Mideast dialogue and cooperation" --></ref> The oil is sold under the brand name "Olives of Peace."<ref>[http://www.ynetnews.com/articles/0,7340,L-3378893,00.html New joint Israeli-Palestinian olive oil brand launched], Ynet news, Published:  03.20.07.</ref><ref>{{cite web |url=https://www.jpost.com/Israel/Jenin-now-open-to-Arab-Israeli-and-foreign-tourists |title=Jenin now open to Arab-Israeli and foreign tourists |author=Ron Friedman |publisher=jpost.com |date=9 October 2009 |access-date=12 June 2014}}</ref> The two regions are planning a joint industrial zone which would bridge the border. Palestinians would produce locally made handicrafts and sell them through Gilboa to other regions of the world. Another possible project is a joint language center, where Israelis and Palestinians would teach each other Arabic and Hebrew, as well as aspects of their cultural heritage.<ref>{{cite web |url=https://fr.jpost.com/servlet/Satellite?cid=1255547725256&pagename=JPost%2FJPArticle%2FPrinter |title=Mutually assured prosperity |author=ROon Friedman |publisher=jpost.com |date=15 October 2009 |url-status=dead |archive-url=https://web.archive.org/web/20110916025829/http://fr.jpost.com/servlet/Satellite?cid=1255547725256&pagename=JPost%2FJPArticle%2FPrinter |archive-date=2011-09-16 |access-date=12 June 2014}}</ref>

In 2011, bilateral trade between Israel and the Palestinian-ruled areas reached $4.3 billion, with Israeli exports to the PA amounting to $3.5 billion and Palestinian exports to Israel amounting to $816 million. According to Nader Tamimi, chair of the Association of Traditional Industries in the PA, there are regular interactions between Palestinian and Israeli businessmen.<ref name="yementimes.com">{{cite web |author=O’Sullivan |first=Arieh |date=30 May 2012 |title=Israel Increasing Imports From Palestinian Areas: Conference aimed at fostering better business ties |url=http://www.yementimes.com/en/1576/report/912/Israel-Increasing-Imports-From-Palestinian-Areas-Conference-aimed-at-fostering-better-business-ties.htm |url-status=dead |archive-url=https://web.archive.org/web/20140611235400/http://yementimes.com/en/1576/report/912/Israel-Increasing-Imports-From-Palestinian-Areas-Conference-aimed-at-fostering-better-business-ties.htm |archive-date=11 June 2014 |access-date=12 June 2014 |website=Yemen Times |agency=The Media Line |department=Report}}</ref>

At a conference hosted by the Faculty of Business and Management at [[Ben-Gurion University of the Negev]] in 2012, Israeli and Palestinian trade experts met to discuss ways of promoting cross-border business interactions.<ref name="yementimes.com"/>

In 2013, commercial trade between Israel and the Palestinian Authority were valued at US$20 billion annually.<ref name="ynetnews.com"/> The continuously increasing transactions led to the creation of the joint Palestinian and Israeli initiative, the Jerusalem Arbitration Center (JAC). The center will specialize as an independent institution focusing on business arbitration between Israelis and Palestinians.<ref name="ynetnews.com"/><ref>{{cite web |last=Azulai |first=Yuval |date=27 March 2013 <!-- "27 March 13 16:36, Yuval Azulai", "Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2013  © Copyright of Globes Publisher Itonut (1983) Ltd. 2013" --> |title=Turkish billionaire to chair Israel-PA business arbitration center |url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000832677&fid=1725 |url-status=dead |archive-url=https://archive.today/20130702093418/http://www.globes.co.il/serveen/globes/docview.asp?did=1000832677&fid=1725 |archive-date=2 July 2013 |access-date=12 June 2014 |website=Globes}}</ref>

Due to the clearance crisis with Israel, the Palestinian economy was severely hit in terms of public finances, according to the [[World Bank]]'s report in 2019. World Bank Acting Country Director for West Bank Gaza Anna Bjerde said, "The economy, which in 2018 saw no real growth, is now facing a severe fiscal shock because of the standoff over clearance revenue transfers." The report states, "Against a background of declining aid flows, the recent standoff stemmed from Israel’s unilateral deduction of US$138 million from the PA’s clearance revenues in 2019 to offset estimated payouts to Palestinian martyrs and prisoners' families."<ref>{{cite web|url=https://www.middleeastmonitor.com/20190418-world-bank-palestinian-economy-on-the-verge-of-collapsing/|title=World Bank: Palestinian economy on the verge of collapsing|date=18 April 2019 |publisher=Middle East Monitor|access-date=18 April 2019}}</ref>

===Conflict===
{{See also|Israeli–Palestinian conflict#Agriculture}}

In 2006, the unity of the Palestinian economy was fractured following [[Fatah–Hamas conflict|Fatah-Hamas split]] prompting Israel to sever direct ties between the West Bank and Gaza. The following war in 2008–2009 destroyed most of the economic infrastructure of the Gaza Strip and left the Palestinian economy without any remaining activity and $1.4 billion in debt.<ref name="Davis 2013">{{cite book |last=Davis |first=Rochelle |title=Palestine and the Palestinians in the 21st century |date=2013|publisher=Indiana University Press |location=Indianapolis}}</ref> The [[Oslo Accords]] in 1993 aimed to prevent this, but was unable to keep the Palestinian economy from fluctuating. Currently, the Palestinian economy lives on foreign aid and customs revenue between Israel and Palestine. However, Israeli restrictions continue to hamper and fragment the Palestinian economy.<ref name="Davis 2013" /> By 2008, 71% of the Gaza Strip's population was unemployed.<ref name="Davis 2013" /> The import and export prosperity in Palestine was impacted by the border restrictions and constant Israeli control in the West Bank and Gaza, which also weakened the industrial and agricultural sectors.<ref name="Palestine recovery plan">{{cite news|agency=Agence France-Presse |title=Palestinian Economic Recovery Plan Takes Shape|url=http://www.thenational.ae/news/world/middle-east/palestinian-economic-recovery-plan-takes-shape|access-date=14 April 2014|newspaper=The National|date=12 July 2013}}</ref> In order for the Palestinian economy to prosper, the restrictions on Palestinian land must be removed.<ref name="National Land Bans" /> In the West Bank, the Israeli restrictions caused the Palestinian economy to lose $3.4bn (35% of the annual GDP), according to ''[[The Guardian]]'' and a [[World Bank]] report.<ref name="Guardian Blog">{{cite news|last=Chalabi|first=Mona|title=How Does Palestine's Economy Work? |url=https://www.theguardian.com/news/datablog/2013/oct/14/palestine-economy-how-does-it-work|access-date=30 April 2014|newspaper=The Guardian|date=14 October 2013}}</ref>

{| class="wikitable"
|-
! Unemployment in Gaza and the West Bank<ref name="Unemployment and economic sectors"/>
!2000
!2001
!2002
!2003
!2004
!2005
!2006
!2007
!2008
|-
|Percentage
| 12.5%
| 21%
| 32%
| 26%
| 27.5%
| 24.5%
| 23%
| 21.5%
| 26.5%
|}

== Macroeconomic data ==
The following table shows the main economic indicators in 1994–2023. Inflation below 5% is in green.<ref>{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=534,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,GGXWDG_NGDP,&sy=1980&ey=2000&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=2025-01-23 |website=IMF |language=en}}</ref>{{static row numbers}}{{sticky header}}
{| class="wikitable sortable sticky-header" style="text-align:center;"
!Year
!GDP<br /><small>(in bn. US$PPP)</small>
!GDP per capita<br /><small>(in US$ PPP)</small>
!GDP<br /><small>(in bn. US$ nominal)</small>
!GDP per capita<br /><small>(in US$ nominal)</small>
!GDP growth<br /><small>(real)</small>
!Inflation rate<br /><small>(in Percent)</small>
!Unemployment<br /><small>(in Percent)</small>
!Government debt<br /><small>(in % of GDP)</small>
|-
|1994
|5.85
|2,524
|2.84
|1,227
|n/a
|n/a
|18.6%
|n/a
|-
|1995
|{{increase}}6.40
|{{increase}}2,575
|{{increase}}3.28
|{{increase}}1,322
|{{increase}}7.1%
|n/a
|{{IncreaseNegative}}18.7%
|n/a
|-
|1996
|{{increase}}6.59
|{{decrease}}2,506
|{{increase}}3.41
|{{decrease}}1,296
|{{increase}}1.2%
|n/a
|{{IncreaseNegative}}23.5%
|n/a
|-
|1997
|{{increase}}7.69
|{{increase}}2,763
|{{increase}}3.76
|{{increase}}1,351
|{{increase}}14.7%
|{{IncreaseNegative}}7.6%
|{{Decreasepositive}}20.1%
|n/a
|-
|1998
|{{increase}}8.89
|{{increase}}3,096
|{{increase}}4.07
|{{increase}}1,417
|{{increase}}14.3%
|{{IncreaseNegative}}5.6%
|{{Decreasepositive}}14.2%
|n/a
|-
|1999
|{{increase}}9.76
|{{increase}}3,295
|{{increase}}4.27
|{{increase}}1,442
|{{increase}}8.3%
|{{IncreaseNegative}}5.5%
|{{Decreasepositive}}11.8%
|n/a
|-
|2000
|{{decrease}}9.13
|{{decrease}}2,990
|{{increase}}4.31
|{{decrease}}1,413
| {{decrease}}−8.6%
|{{increase}}2.8%
|{{IncreaseNegative}}14.3%
|20.0%
|-
|2001
|{{decrease}}8.47
|{{decrease}}2,697
|{{decrease}}4.00
|{{decrease}}1,276
| {{decrease}}−9.3%
|{{increase}}1.2%
|{{IncreaseNegative}}25.3%
|{{IncreaseNegative}}22.2%
|-
|2002
|{{decrease}}7.52
|{{decrease}}2,333
|{{decrease}}3.56
|{{decrease}}1,103
| {{decrease}}−12.5%
|{{IncreaseNegative}}5.7%
|{{IncreaseNegative}}31.2%
|{{Decreasepositive}}20.9%
|-
|2003
|{{increase}}8.75
|{{increase}}2,639
|{{increase}}3.97
|{{increase}}1,197
|{{increase}}14.0%
|{{increase}}4.4%
|{{Decreasepositive}}25.5%
|{{Decreasepositive}}20.7%
|-
|2004
|{{increase}}10.95
|{{increase}}3,214
|{{increase}}4.60
|{{increase}}1,351
|{{increase}}21.9%
|{{increase}}3.0%
|{{IncreaseNegative}}26.8%
|{{IncreaseNegative}}21.1%
|-
|2005
|{{increase}}12.57
|{{increase}}3,583
|{{increase}}5.13
|{{increase}}1,461
|{{increase}}11.3%
|{{IncreaseNegative}}5.3%
|{{Decreasepositive}}23.5%
|{{IncreaseNegative}}24.0%
|-
|2006
|{{increase}}12.83
|{{decrease}}3,552
|{{increase}}5.35
|{{increase}}1,481
| {{decrease}}−1.0%
|{{increase}}3.8%
|{{IncreaseNegative}}23.7%
|{{Decreasepositive}}19.3%
|-
|2007
|{{increase}}13.68
|{{increase}}3,677
|{{increase}}5.82
|{{increase}}1,564
|{{increase}}3.8%
|{{increase}}1.9%
|{{Decreasepositive}}21.7%
|{{IncreaseNegative}}23.7%
|-
|2008
|{{increase}}14.97
|{{increase}}3,919
|{{increase}}7.31
|{{increase}}1,913
|{{increase}}7.4%
|{{IncreaseNegative}}9.9%
|{{IncreaseNegative}}26.6%
|{{Decreasepositive}}23.0%
|-
|2009
|{{increase}}16.36
|{{increase}}4,171
|{{increase}}8.09
|{{increase}}2,062
|{{increase}}8.6%
|{{increase}}2.8%
|{{Decreasepositive}}24.5%
|{{IncreaseNegative}}24.0%
|-
|2010
|{{increase}}17.52
|{{increase}}4,354
|{{increase}}9.68
|{{increase}}2,406
|{{increase}}5.8%
|{{increase}}3.8%
|{{Decreasepositive}}23.7%
|{{Decreasepositive}}22.7%
|-
|2011
|{{increase}}19.59
|{{increase}}4,750
|{{increase}}11.19
|{{increase}}2,712
|{{increase}}9.6%
|{{increase}}2.9%
|{{Decreasepositive}}20.9%
|{{IncreaseNegative}}26.3%
|-
|2012
|{{increase}}21.18
|{{increase}}5,010
|{{increase}}12.21
|{{increase}}2,889
|{{increase}}6.1%
|{{increase}}2.8%
|{{IncreaseNegative}}23.0%
|{{IncreaseNegative}}29.8%
|-
|2013
|{{increase}}22.55
|{{increase}}5,210
|{{increase}}13.52
|{{increase}}3,123
|{{increase}}4.7%
|{{increase}}1.7%
|{{IncreaseNegative}}23.4%
|{{IncreaseNegative}}30.2%
|-
|2014
|{{increase}}22.91
|{{decrease}}5,171
|{{increase}}13.99
|{{increase}}3,159
| {{decrease}}−0.2%
|{{increase}}1.7%
|{{IncreaseNegative}}26.9%
|{{IncreaseNegative}}34.0%
|-
|2015
|{{increase}}23.98
|{{increase}}5,293
|{{increase}}13.97
|{{decrease}}3,084
|{{increase}}3.7%
|{{increase}}1.4%
|{{Decreasepositive}}25.9%
|{{IncreaseNegative}}37.1%
|-
|2016
|{{increase}}26.35
|{{increase}}5,689
|{{increase}}15.41
|{{increase}}3,326
|{{increase}}8.9%
| {{Decreasepositive}}−0.2%
|{{IncreaseNegative}}26.9%
|{{Decreasepositive}}31.0%
|-
|2017
|{{increase}}27.20
|{{increase}}5,747
|{{increase}}16.13
|{{increase}}3,407
|{{increase}}1.4%
|{{increase}}0.2%
|{{Decreasepositive}}25.5%
|{{IncreaseNegative}}31.8%
|-
|2018
|{{increase}}28.40
|{{increase}}5,851
|{{increase}}16.28
|{{decrease}}3,353
|{{increase}}1.2%
| {{Decreasepositive}}−0.2%
|{{IncreaseNegative}}26.3%
|{{IncreaseNegative}}33.1%
|-
|2019
|{{increase}}30.49
|{{increase}}6,127
|{{increase}}17.13
|{{increase}}3,443
|{{increase}}1.4%
|{{increase}}1.6%
|{{Decreasepositive}}25.4%
|{{IncreaseNegative}}34.5%
|-
|2020
|{{decrease}}28.61
|{{decrease}}5,608
|{{decrease}}15.53
|{{decrease}}3,045
| {{decrease}}−11.3%
| {{Decreasepositive}}−0.7%
|{{IncreaseNegative}}25.9%
|{{IncreaseNegative}}47.1%
|-
|2021
|{{decrease}}27.88
|{{decrease}}5,333
|{{increase}}18.11
|{{increase}}3,464
|{{increase}}7.0%
|{{increase}}1.2%
|{{IncreaseNegative}}26.4%
|{{IncreaseNegative}}50.2%
|-
|2022
|{{increase}}31.09
|{{increase}}5,805
|{{increase}}19.17
|{{increase}}3,579
|{{increase}}4.1%
|{{increase}}3.7%
|{{Decreasepositive}}24.4%
|{{Decreasepositive}}47.1%
|-
|2023
|{{decrease}}30.46
|{{decrease}}5,562
|{{decrease}}17.42
|{{decrease}}3,181
| {{decrease}}−5.4%
|{{IncreaseNegative}}5.9%
|n/a
|49.7%
|}

==Development indicators==

'''School enrollment, primary (%) gross:''' 94% in 2012<ref name=WB>{{cite web|title=Development indicators|url=http://data.worldbank.org/country/west-bank-gaza/|website=The World Bank|access-date=8 December 2014}}</ref>

'''{{CO2}} Emission (metric tons per capita):'''  0.6 in 2010<ref name=WB/>

'''Poverty rate:'''  25.8% in 2011<ref name=WB/>

'''Improved water source rural:''' 82% in 2012<ref name=WB/>

'''Life expectancy at birth total years:''' 73 in 2012<ref name=WB/>

'''GNI per capita (current US $):''' $2,810 in 2012<ref name=WB/>

'''Population:''' 4,169,509 in 2013<ref name=WB/>
==See also==
*[[Blockade of the Gaza Strip]]
* [[List of banks in Palestine]]

==References==
{{reflist|colwidth=30em}}

==External links==
* [http://www.meed.com/countries/other/gaza/-west-bank/ MEED – Middle East Business intelligence since 1957]
* [http://thepalestinepapers.com/files/131.PDF Meeting Minutes of the Palestinian Reform Task Force, 10 July 2002] {{Webarchive|url=https://web.archive.org/web/20150120193647/http://thepalestinepapers.com/files/131.PDF |date=20 January 2015 }}

{{Economy of Palestine}}
{{Asia topic|Economy of}}
{{Palestine topics}}

[[Category:Economy of Palestine| ]]