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. GDP Annual Growth Rate in Palestine averaged 3.79 percent from 2001 until 2019, 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.

GDP Annual Growth Rate in Palestine is expected to be 0.80 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 2.50 in 12 months time. In the long-term, the Palestine GDP Annual Growth Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.

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Palestine GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.60 2.50 26.03 -21.59 2001 - 2019 percent Quarterly



Calendar GMT Actual Previous Consensus TEForecast
2019-04-01 06:00 AM GDP Growth Rate YoY Q4 3.4% -0.5% 0.5%
2019-07-02 03:00 AM GDP Growth Rate YoY Q1 3.8% 3.4% 1.6%
2019-09-30 11:00 AM GDP Growth Rate YoY Q2 2.5% 3.8% 2.1%
2019-12-24 10:30 AM GDP Growth Rate YoY Q3 -0.6% 2.5% 1.8%
2020-03-31 09:00 AM GDP Growth Rate YoY Q4 -0.6% -0.4%


News Stream
2019-09-30
Palestine GDP Growth Slows to 2.5% YoY in Q2
The Palestine economy advanced 2.5 percent year-on-year in the second quarter of 2019, easing from a 3.8 percent expansion in the previous period. Net foreign trade contributed negatively to growth, as exports advanced 1.5 percent (from 4.2 percent in Q1) while imports rose 4.3 percent (from 10.9 percent in Q1). Meantime, final consumption output increased at a much softer pace (2.8 percent vs 6.8 percent). On the other hand, gross fixed capital formation production advanced faster (3.0 percent vs 0.4 percent). On a quarterly basis, the GDP contracted 2.0 percent, following a 2.5 percent fall in the first quarter of 2018.

2019-07-02
Palestine Q1 GDP Growth Strongest in 5 Quarters
The Palestine economy expanded 3.8 percent year-on-year in the first quarter of 2019, accelerating from a 3.4 percent growth in the previous period. This was the fastest pace of expansion since the fourth quarter of 2017, as private consumption increased faster (11.8 percent vs 11.4 percent in Q4). On the other hand, fixed investment growth slowed sharply (0.4 percent vs 3.4 percent) while government spending continued to contract (-8.7 percent vs -2.9 percent). Net external contributed negatively to GDP growth, as imports jumped 10.9 percent (vs 15.6 percent in Q4) while exports rose at a slower 4.2 percent (vs 12.1 percent in Q4). On a quarterly basis, the GDP shrank 2.5 percent in the first quarter, following a 3.1 percent expansion in the previous period.

2019-04-01
Palestinian Economy Rebounds in Q4
The Palestine economy expanded 3.4 percent year-on-year in the fourth quarter of 2018, rebounding from a 0.5 percent fall in the previous period. Private consumption rebounded sharply (11.4 percent from -0.8 percent in Q3) while fixed investment continued to rise (3.4 percent from 5.1 percent). On the other hand, net external contributed negatively to GDP growth, as export increased by 12.1 percent (from 7.7 percent in Q3) while imports went up at a faster 15.6 (from 7.9 in Q3). Meantime, government spending declined (-2.9 percent from 8.5 percent in Q3). On a quarterly basis, the GDP grew 3 percent, following a 4 percent expansion in the third quarter. For 2018 as a whole, the economy grew 0.90 percent, compared to a 3 percent expansion in 2017.


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.

Palestine GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate -0.60 2.50 26.03 -21.59 percent [+]
GDP 14.50 13.43 14.50 0.18 USD Billion [+]
GDP per capita 2923.40 2923.40 2966.80 879.52 USD [+]
Gross Fixed Capital Formation 989.50 988.80 989.50 365.60 USD million [+]
GDP Constant Prices 3915.30 3434.70 3915.30 778.50 USD Million [+]
GDP From Agriculture 97.40 101.60 124.90 46.80 USD Million [+]
GDP From Construction 221.10 214.40 236.60 16.80 USD Million [+]
GDP From Manufacturing 365.40 360.80 391.10 84.50 USD Million [+]
GDP From Mining 18.90 18.00 18.90 1.00 USD Million [+]
GDP From Public Administration 449.00 464.40 515.20 80.30 USD Million [+]
GDP From Services 724.50 725.20 747.50 200.60 USD Million [+]
GDP From Transport 53.50 63.10 72.70 18.00 USD Million [+]
GDP From Utilities 30.70 40.50 52.60 10.00 USD Million [+]