Economy of the State of Palestine

Economy of Palestine
	Ramallah, the financial hub of Palestine
Currency	None de jure. Currencies generally used in Palestine include: Israeli new shekel (ILS; ₪) alongside:; Jordanian dinar (JOD); United States dollar (USD); Egyptian pound (EGP);
Fiscal year	Calendar year
Trade organisations	OIC, Group of 77
Country group	Developing/Emerging; Lower-middle income economy;
Statistics
Population	4,569,087 (2018)
GDP	$10 billion (2012 est.)
GDP growth	1.2% (2017) 0.9% (2018); −2.5% (2019e) 2.1% (2020f);
GDP per capita	$1924 (West Bank); $876 (Gaza);
GDP by sector	agriculture: 5.5%; industry: 23.4%; services: 71.1%; (2014 UN data);
Inflation (CPI)	2.7% (June 2013)
Population below poverty line	25.8% (2011 est.)
Human Development Index	0.690 medium (2018) (119th); 0.597 medium IHDI (2018);
Labour force	1,316,023 (2019); 32.0% employment rate (2018);
Labour force by occupation	Agriculture: 12%; Industry: 23%; Services: 65%; (2008 est.);
Unemployment	27.5% (Q1 2013)
Main industries	Cement, quarrying, textiles, soap, olive-wood carvings, mother-of-pearl souvenirs, food processing
External
Exports	$720 million (2011)
Export goods	Olives, fruit, vegetables, limestone, citrus, flowers, textiles
Main export partners	Israel 86%; Jordan 5.12%; United Arab Emirates 1.45%; United States 1.13%; Saudi Arabia 5.87%; Turkey 4.34% (2023);
Imports	$4.2 billion (2011)
Import goods	Food, consumer goods, construction materials
Main import partners	Israel 38.67%; Turkey 10.5%; China 9.42%; Jordan 5.78%; Germany 5.03% (2021);
Public finances
Government debt	$4.2 billion (June 2013)
Budget balance	$1.3 billion (13% of GDP; 2012 est.)
Revenues	$2.2 billion (2012 est.)
Expenses	$3.54 billion (2012)
Foreign reserves	$464 million (march 2016) (163nd)
	; All values, unless otherwise stated, are in US dollars.

The economy of the State of Palestine refers to the economic activity of the State of Palestine. Palestine receives substantial financial aid from international donors, including governments and international organizations. This aid is crucial for supporting the Palestinian Authority and funding public services and development projects. Palestinians working abroad send money back to their families in Palestine. These remittances provide a significant source of income for many households.

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.

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