Palestine's economy rebounded by 19 percent year-on-year in Q2 of 2021, following a 6 percent contraction in the previous period. It was the strongest economic expansion since available records began in 2001, reflecting a low base effect stemming from last year’s Covid-19 restrictions. On a quarterly basis, GDP increased 4 percent in Q2, mainly driven by transportation & storage, wholesale & retail trade, and repair of motor vehicles & motorcycles. source: Palestinian Central Bureau of Statistics

GDP Annual Growth Rate in Palestine averaged 3.04 percent from 2001 until 2021, 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 2021.

GDP Annual Growth Rate in Palestine is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Palestine GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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Palestine GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2020-06-30 06:30 AM Q1 -3.4% -1.8% -2.2%
2021-03-31 09:20 AM Q4 -12.2% -10.8% -16%
2021-06-30 09:00 AM Q1 -6.0% -12.2% 2.5%
2021-09-30 09:00 AM Q2 19% -6.0% 13%
2021-12-28 09:00 AM Q3 19%


News Stream
Palestine GDP Expands at Record Pace
Palestine's economy rebounded by 19 percent year-on-year in Q2 of 2021, following a 6 percent contraction in the previous period. It was the strongest economic expansion since available records began in 2001, reflecting a low base effect stemming from last year’s Covid-19 restrictions. On a quarterly basis, GDP increased 4 percent in Q2, mainly driven by transportation & storage, wholesale & retail trade, and repair of motor vehicles & motorcycles.
2021-10-01
Palestine Economy Remains Stuck in Recession
The Palestine GDP contracted 12.2 percent year-on-year in the fourth quarter of 2020, following a downwardly revised 10.8 percent decline in the previous period, a preliminary estimate showed. It was the sixth consecutive quarter of economic contraction heightened by a prolonged pandemic crisis. Household consumption (-14 percent vs -13.8 percent in Q3) and fixed investment (-20.7 percent vs -26.6 percent) remained depressed. Meanwhile, government spending increased markedly (8.7 percent vs -0.2 percent). On the other hand, exports grew 2.7 percent (vs 2.4 percent in Q3) while imports slumped 4.8 percent (vs -15.8 percent in Q3). Considering the full year of 2020, the Palestinian economy witnessed a sharp decline of 11.5 percent.
2021-03-31

Palestine Last Unit Reference Previous Highest Lowest
GDP Annual Growth Rate 19.00 percent Jun/21 -6.00 26.03 -21.59
GDP From Manufacturing 391.50 USD Million Jun/21 391.50 463.40 140.50
GDP From Construction 151.10 USD Million Jun/21 154.30 300.80 21.80
GDP From Agriculture 238.20 USD Million Jun/21 234.10 334.90 79.30
GDP From Utilities 35.90 USD Million Jun/21 36.50 51.00 12.40
GDP From Transport 61.30 USD Million Jun/21 55.90 79.70 25.00
GDP From Services 691.70 USD Million Jun/21 675.10 795.30 333.00
GDP From Public Administration 462.10 USD Million Jun/21 459.80 565.00 157.80
Gross Fixed Capital Formation 802.90 USD million Mar/21 779.30 983.20 365.60
GDP From Mining 13.70 USD Million Mar/21 12.70 18.50 1.40
GDP Constant Prices 3607.50 USD Million Mar/21 3540.60 4089.70 778.50


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.