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. source: Palestinian Central Bureau of Statistics
GDP Annual Growth Rate in Palestine averaged 2.95 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 May of 2021.
GDP Annual Growth Rate in Palestine is expected to be 2.50 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 6.50 in 12 months time. 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.