Economy - overview Economic progress in the Gaza Strip has been hampered by tight Israelisecurity restrictions. In 1991 roughly 40% of Gaza Strip workers were employedacross the border by Israeli industrial, construction, and agricultural enterprises,with worker remittances supplementing GDP by roughly 50%. Gaza has dependedupon Israel for nearly 90% of its external trade. The Persian Gulf crisisand its aftershocks has dealt blows to Gaza since August 1990. Worker remittancesfrom the Gulf states have dropped, unemployment and popular unrest have increased,and living standards have fallen. The withdrawal of Israel from the Gaza Stripin May 1994 has added to the set of adjustment problems. This series of disruptionshas meant a sharp decline in employment in Israel since 1991 and a drop inGDP as a whole. An estimated 378,000 persons were in refugee camps in 1996.

GDP purchasing power parity - $1 billion (1996 est.)

GDP - real growth rate -1% to -2% (1996 est.)

GDP - per capita purchasing power parity - $1,100 (1996 est.)

GDP - composition by sector
agriculture : 33%
industry: 25%
services: 42% (1995 est., includes West Bank)

Inflation rate - consumer price index 11% (1995 est.)

Labor force NA
by occupation: construction 33.4%, agriculture 20.0%, commerce, restaurants, and hotels14.9%, industry 10.0%, other services 21.7% (1991)
note: excluding Israeli settlers

Unemployment rate 35% to 40% (1996 est.)

Budget
revenues: $684 million
expenditures : $779 million, including capital expenditures of $NA (1996)
note: includes West Bank

Industries generally small family businesses that produce textiles, soap, olive-woodcarvings, and mother-of-pearl souvenirs; the Israelis have established somesmall-scale modern industries in an industrial center

Industrial production growth rate NA%

Electricity - capacity NA kW
note: electricity supplied by Israel

Electricity - production NA kWh
note : electricity supplied by Israel

Electricity - consumption per capita NA kWh

Agriculture - products olives, citrus, other fruits, vegetables; beef, dairy products

Exports
total value: $235 million (f.o.b., 1996 est.) (includes West Bank)
commodities: citrus
partners: Israel, Egypt, West Bank

Imports
total value : $1.55 billion (c.i.f., 1996 est.) (includes West Bank)
commodities: food, consumer goods, construction materials
partners: Israel, Egypt, West Bank

Debt - external $NA

Economic aid
recipient: ODA, $NA

Currency 1 new Israeli shekel (NIS) = 100 new agorot

Exchange rates new Israeli shekels (NIS) per US$1 - 3.41 (May 1997), 3.2882 (1996),3.0113 (1995), 3.0111 (1994), 2.8301 (1993), 2.4591 (1992)

Fiscal year calendar year (since 1 January 1992)

NOTE: The information regarding Gaza Strip on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gaza Strip Economy 1997 information contained here. All suggestions for corrections of any errors about Gaza Strip Economy 1997 should be addressed to the CIA.