10 Shocking Facts About the GDP of State of Palestine That You Need To Know
Gross Domestic Product (GDP) is a crucial economic indicator that represents the total value of goods and services produced within a specific country’s borders in a particular year.
The GDP of a nation is an essential metric that helps measure its economic growth and development.
we will delve into the GDP of the State of Palestine and uncover ten shocking facts that you need to know.
Introduction
The State of Palestine is a small territory in the Middle East with a population of approximately 5 million people.
The region has been the center of conflict between Israel and Palestine for decades, which has significantly affected its economic development. Despite these challenges, the State of Palestine has made significant strides towards improving its economic situation.
What is GDP?
Before we delve into the GDP of the State of Palestine, let’s define what GDP is and how it’s calculated.
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country’s borders in a particular year.
It’s calculated by adding the value of all goods and services produced in a country and subtracting the value of all imported goods and services.
GDP is a crucial economic indicator that helps measure a country’s economic growth and development.
Brief Overview of the State of Palestine
The State of Palestine is a small territory located in the Middle East, bordered by Israel and Egypt.
It has a population of approximately 5 million people, with the majority living in the West Bank and Gaza Strip.
The region has been the center of conflict between Israel and Palestine for decades, which has significantly affected its economic development.
The State of Palestine has been recognized as a non-member observer state by the United Nations since 2012.
Fact #1: The GDP of the State of Palestine is one of the lowest in the world
According to the World Bank, the GDP of the State of Palestine was $14.1 billion in 2020, making it one of the lowest in the world.
The per capita GDP was $2,814 in the world, which is significantly lower than the average for Middle Eastern and North African countries.
The low GDP is largely attributed to the region’s ongoing conflict and political instability, which has hindered economic growth and development.
Fact #2: The economy of the State of Palestine is heavily dependent on foreign aid
The State of Palestine heavily relies on foreign aid to support its economy. According to the World Bank, foreign aid accounts for approximately 15% of the country’s GDP.
The majority of the foreign aid comes from the United States, European Union, and Arab countries.
The dependence on foreign aid highlights the challenges facing the State of Palestine’s economy, which include high unemployment rates, low GDP growth, and limited access to resources.
Fact #3: Agriculture is the largest contributor to the GDP of the State of Palestine
Agriculture is the primary contributor to the State of Palestine’s economy, accounting for approximately 13% of the country’s GDP.
The region’s fertile soil and favorable climate make it suitable for agriculture, and the sector employs approximately 12% of the country’s workforce. The main crops grown in the State of Palestine include olives, citrus fruits, and vegetables.
Fact #4: The services sector is the fastest-growing sector in the State of Palestine
The services sector is the fastest-growing sector in the State of Palestine, accounting for approximately 30% of the country’s GDP.
The sector includes industries such as tourism, finance, and transportation. The growth of the services sector is driven by an increase in foreign investment and a growing demand for services in the region.
Fact #5: Unemployment is a significant challenge in the State of Palestine
Unemployment is a significant challenge in the State of Palestine, with an estimated unemployment rate of 27% in 2020.
The high unemployment rate is largely attributed to the region’s ongoing conflict and political instability, which has hindered economic growth and development.
The lack of job opportunities has resulted in high levels of poverty and social unrest.
Fact #6: The gender pay gap in the State of Palestine is among the widest in the world
The gender pay gap in the State of Palestine is among the widest in the world, with women earning approximately 27% less than men.
The gap is largely attributed to cultural and social norms that limit women’s access to education and job opportunities.
Women are also more likely to work in the informal sector, which typically offers lower wages and limited job security.
Fact #7: The State of Palestine has one of the highest poverty rates in the world
The State of Palestine has one of the highest poverty rates in the world, with approximately 25% of the population living below the poverty line.
The high poverty rates are largely attributed to the region’s ongoing conflict and political instability, which has hindered economic growth and development.
The lack of job opportunities, limited access to resources, and high cost of living have also contributed to the high poverty rates in the region.
Fact #8: The COVID-19 pandemic has worsened the economic situation in the State of Palestine
The COVID-19 pandemic has worsened the economic situation in the State of Palestine, with a significant decline in economic activity and an increase in unemployment rates.
The pandemic has also highlighted the region’s limited access to resources and healthcare infrastructure, which has made it difficult to manage the outbreak.
Fact #9: The State of Palestine has a large trade deficit
The State of Palestine has a large trade deficit, with imports exceeding exports by a significant margin.
The region’s limited access to resources and technology has hindered its ability to produce goods for export, which has resulted in a large trade deficit.
The dependence on imports has also made the region vulnerable to fluctuations
in global commodity prices, which can have a significant impact on the State of Palestine’s economy.
Fact #10: The State of Palestine has the potential for economic growth and development
Despite the challenges facing the State of Palestine’s economy, there is potential for economic growth and development.
The region’s strategic location between Europe, Asia, and Africa, as well as its natural resources and human capital, make it an attractive destination for foreign investment.
The Palestinian Authority has implemented economic reforms aimed at improving the business climate and attracting foreign investment, and there are opportunities for growth in sectors such as renewable energy, tourism, and information technology.
5 FAQs About the GDP of State of Palestine
- What is the GDP of the State of Palestine?
- The GDP of the State of Palestine was estimated at $14.15 billion in 2020.
- What is the primary contributor to the State of Palestine’s economy?
- Agriculture is the primary contributor to the State of Palestine’s economy, accounting for approximately 13% of the country’s GDP.
- What is the unemployment rate in the State of Palestine?
- The unemployment rate in the State of Palestine was estimated at 27% in 2020.
- What is the gender pay gap in the State of Palestine?
- The gender pay gap in the State of Palestine is among the widest in the world, with women earning approximately 27% less than men.
- What sectors have the potential for growth in the State of Palestine?
- Sectors such as renewable energy, tourism, and information technology have the potential for growth in the State of Palestine.
| GDP nominal (2017) | GDP growth rate (2017) |
|---|---|
$14,498,100,000 |
3.14% |
- Nominal (current) Gross Domestic Product (GDP) of the State of Palestine is $14,498,100,000 (USD) as of 2017.
- Real GDP (constant, inflation adjusted) of the State of Palestine reached $12,136,735,452 in 2017.
- GDP Growth Rate in 2017 was 3.14%, representing a change of 369,518,476 US$ over 2016, when Real GDP was $11,767,216,976.
- GDP per Capita in the State of Palestine (with a population of 4,747,227 people in 2017) was $2,557, an increase of $18 from $2,538 in 2016; this represents a change of 0.7% in GDP per capita.
Gross Domestic Product (GDP) of the State of Palestine
| Year | GDP Nominal (Current USD) |
GDP Real (Inflation adj.) |
GDP change |
GDP per capita | Pop. change |
Population |
|---|---|---|---|---|---|---|
| 2017 | $14,498,100,000 | $12,136,735,452 | 3.14% | $2,557 | 2.41 % | 4,747,227 |
| 2016 | $13,425,700,000 | $11,767,216,976 | 4.71% | $2,538 | 2.35 % | 4,635,654 |
| 2015 | $12,673,000,000 | $11,238,079,289 | 3.43% | $2,481 | 2.27 % | 4,529,166 |
| 2014 | $12,715,600,000 | $10,865,529,383 | -0.18% | $2,453 | 2.19 % | 4,428,639 |
| 2013 | $12,476,000,000 | $10,885,328,831 | 2.22% | $2,512 | 2.17 % | 4,333,523 |
| 2012 | $11,279,400,000 | $10,649,191,297 | 6.28% | $2,511 | 2.22 % | 4,241,573 |
| 2011 | $10,465,400,000 | $10,019,539,737 | 12.41% | $2,415 | 2.32 % | 4,149,649 |
| 2010 | $8,913,100,000 | $8,913,100,000 | 8.10% | $2,198 | 2.48 % | 4,055,631 |
| 2009 | $7,268,200,000 | $8,245,305,385 | 8.66% | $2,083 | 2.62 % | 3,957,670 |
| 2008 | $6,673,500,000 | $7,587,992,831 | 6.08% | $1,967 | 2.67 % | 3,856,679 |
| 2007 | $5,505,800,000 | $7,153,132,898 | 6.59% | $1,904 | 2.57 % | 3,756,460 |
| 2006 | $4,910,100,000 | $6,710,848,171 | -3.90% | $1,832 | 2.36 % | 3,662,422 |
| 2005 | $4,831,800,000 | $6,983,236,165 | 10.80% | $1,952 | 2.07 % | 3,577,961 |
| 2004 | $4,329,200,000 | $6,302,630,142 | 10.34% | $1,798 | 1.84 % | 3,505,323 |
See Also:
- Population of State of Palestine
- Demographics of State of Palestine
- World Demographics
- Demographics
- Population
Sources:
- GeoNames
- World Population Prospects: The 2019 Revision – United Nations Population Division
- Organisation for Economic Co-operation and Development (OECD)
- World Urbanization Prospects – Population Division – United Nations
- United Nations Statistics Division
- World Bank