Economy - overview Economic progress in the West Bank has been hampered by tight Israelisecurity restrictions. Industries using advanced technology or requiring sizableinvestment have been discouraged by a lack of local capital and restrictiveIsraeli policies. Capital investment consists largely of residential housing,not productive assets that would enable local Palestinian firms to competewith Israeli industry. GDP has been substantially supplemented by remittancesof workers employed in Israel. Such transfers from the Persian Gulf statesdropped after Iraq invaded Kuwait in August 1990. In the wake of the PersianGulf crisis, many Palestinians have returned to the West Bank, increasingunemployment, and export revenues have dropped because of the decline of marketsin Jordan and the Gulf states. An estimated 147,000 people were in refugeecamps in 1996.

GDP purchasing power parity - $2.8 billion (1996 est.)

GDP - real growth rate -1% to -2% (1996 est.)

GDP - per capita purchasing power parity - $1,600 (1996 est.)

GDP - composition by sector
agriculture: 33%
industry: 25%
services: 42% (1995 est., includes Gaza Strip)

Inflation rate - consumer price index 11% (1995 est.)

Labor force NA
by occupation: construction 28.2%, agriculture 21.8%, industry 14.5%, commerce, restaurants,and hotels 12.6%, other services 22.9% (1991)
note: excluding Israeli settlers

Unemployment rate 35% to 40% (1996 est.)

Budget
revenues: $684 million
expenditures: $779 million, including capital expenditures of $NA (1996)
note : includes Gaza Strip

Industries generally small family businesses that produce cement, textiles, soap,olive-wood carvings, and mother-of-pearl souvenirs; the Israelis have establishedsome small-scale, modern industries in the settlements and industrial centers

Industrial production growth rate NA%

Electricity - capacity NA kW
note: most electricity imported from Israel; East Jerusalem Electric Companybuys and distributes electricity to Palestinians in East Jerusalem and itsconcession in the West Bank; the Israel Electric Company directly supplieselectricity to most Jewish residents and military facilities; at the sametime, some Palestinian municipalities, such as Nabulus and Janin, generatetheir own electricity from small power plants

Electricity - production NA kWh
note: most electricity imported from Israel; East Jerusalem Electric Companybuys and distributes electricity to Palestinians in East Jerusalem and itsconcession in the West Bank; the Israel Electric Company directly supplieselectricity to most Jewish residents and military facilities; at the sametime, some Palestinian municipalities, such as Nabulus and Janin, generatetheir own electricity from small power plants

Electricity - consumption per capita NA kWh

Agriculture - products olives, citrus and other fruits, vegetables; beef, dairy products

Exports
total value: $235 million (f.o.b., 1996 est.) (includes Gaza Strip)
commodities : olives, fruit, vegetables
partners: Jordan, Israel

Imports
total value: $1.55 billion (c.i.f., 1996 est.) (includes Gaza Strip)
commodities: food, consumer goods, construction materials
partners : Jordan, Israel

Debt - external $NA

Economic aid
recipient: ODA, $NA

Currency 1 new Israeli shekel (NIS) = 100 new agorot; 1 Jordanian dinar (JD)= 1,000 fils

Exchange rates new Israeli shekels (NIS) per US$1 - 3.41 (May 1997), 3.2882 (1996),3.0113 (1995), 3.0111 (1994), 2.8301 (1993), 2.4591 (1992); Jordanian dinars(JD) per US$1 - 0.7090 (January 1997), 0.7090 (1996), 0.7005 (1995), 0.6987(1994), 0.6928 (1993), 0.6797 (1992)

Fiscal year calendar year (since 1 January 1992)

NOTE: The information regarding West Bank on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of West Bank Economy 1997 information contained here. All suggestions for corrections of any errors about West Bank Economy 1997 should be addressed to the CIA.