Palestine's economy shrank by 3.4 percent year-on-year in the first quarter of 2020, the most since the third quarter of 2014 and compared to a 1.8 percent contraction in the previous period. The Palestinian government has imposed a two-month coronavirus lockdown in the occupied West Bank since mid-March, forcing many businesses to halt activity. On a quarterly basis, the GDP shrank by 4.9 percent.

GDP Annual Growth Rate in Palestine averaged 3.62 percent from 2001 until 2020, reaching an all time high of 26.03 percent in the third quarter of 2003 and a record low of -21.59 percent in the fourth quarter of 2006. This page provides the latest reported value for - Palestine GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Palestine GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Annual Growth Rate in Palestine is expected to be -6.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Palestine to stand at 7.50 in 12 months time. In the long-term, the Palestine GDP Annual Growth Rate is projected to trend around 4.50 percent in 2021 and 2.00 percent in 2022, according to our econometric models.

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Palestine GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.40 -1.80 26.03 -21.59 2001 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-09-30 11:00 AM YoY Q2 2.5% 3.8% 2.1%
2019-12-24 10:30 AM YoY Q3 -0.6% 2.5% 1.8%
2020-03-31 09:00 AM YoY Q4 -1.8% -0.6% -0.4%
2020-06-30 06:30 AM YoY Q1 -3.4% -1.8% -2.2%
2020-10-26 09:00 AM YoY Q2 -3.4% -11.5%
2020-12-30 09:00 AM YoY Q3 -6.2%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Palestine GDP Contracts Most in Over 5 Years
Palestine's economy shrank by 3.4 percent year-on-year in the first quarter of 2020, the most since the third quarter of 2014 and compared to a 1.8 percent contraction in the previous period. The Palestinian government has imposed a two-month coronavirus lockdown in the occupied West Bank since mid-March, forcing many businesses to halt activity. On a quarterly basis, the GDP shrank by 4.9 percent.
2020-06-30
Palestine Economy Enters Recession in Q4
The Palestine GDP contracted 1.8 percent in the fourth quarter of 2019, following a 0.6 percent decline in the previous period, a preliminary estimate showed. Household consumption (-0.6 percent vs 0.5 percent in Q3); government spending (-7 percent vs 5.7 percent) and fixed investment (-6.5 percent vs -5.1 percent) posted decreases. On the other hand, exports grew 0.9 percent (vs 0.2 percent in Q3) while imports tumbled 8 percent (vs -0.2 percent in Q3). Considering the full year of 2019, the economy advanced 0.9 percent over a year ago.
2020-03-31
Palestinian Economy Contracts in Q3
The Palestine economy contracted 0.6 percent in the third quarter of 2019, after a 2.5 percent expansion in the previous period, a preliminary estimate showed. It was the first contraction in economy since the third quarter 2018. On a quarterly basis, the GDP expanded 1.0 percent, after a 2.0 percent drop in the second quarter of 2019.
2019-12-24

Palestine GDP Annual Growth Rate
The Palestinian territories (West Bank and Gaza) have been occupied by Israel since the Six-Day war in 1967. As such, Palestinian economy is dependent on Israel as it controls the movement of goods and labour and retains customs revenues. As a result, production capacity and access to natural resources has been significantly reduced and services are by far the most important sector of the economy accounting for nearly 83 percent of GDP. Palestine remains heavily dependent on foreign aid to support the government’s budget and fund infrastructure development.