Palestine GDP Annual Growth Rate
The Gross Domestic Product (GDP) in Palestine expanded 7.10 percent in the first quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Palestine averaged 4.46 Percent from 2001 until 2014, 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 reported by the Palestinian Central Bureau of Statistics.
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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 (nearly 83 percent of GDP). Palestine remains heavily dependent on foreign aid to support the government’s budget and fund infrastructure development. Nonetheless, in recent months, Palestinian National Authority's efforts to ease tensions with Israel have resulted in growth returning to Palestine. Yet, the growth cannot be sustainable without addressing security problems and high unemployment rate among young people. This page provides - Palestine GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.