Basic Country Facts

Economy Economic overview: In 1991 roughly 40% of Gaza Strip workers were employed across the border by Israeli industrial, construction, and agricultural enterprises, with worker remittances supplementing GDP by roughly 50%. Gaza has depended upon Israel for nearly 90% of its external trade. Aggravating the impact of Israeli military administration, unrest in the territory from 1988 to 1993 (intifadah) raised unemployment and lowered the standard of living of Gazans. The Persian Gulf crisis and its aftershocks also dealt blows to Gaza since August 1990. Worker remittances from the Gulf states have dropped, unemployment has increased, and exports have fallen. The withdrawal of Israel from the Gaza Strip in May 1994 has brought a new set of adjustment problems. The stringent border restrictions have held back economic growth in 1995 and 1996. GDP: purchasing power parity - $1 billion (1995 est.) GDP real growth rate: 3%-4% (1995 est.) GDP per capita: $1,200 (1995 est.) GDP composition by sector: agriculture: 33% industry: 7% services: 60% (1995 est., includes West Bank) Inflation rate (consumer prices): 14% (1995 est.) Labor force: NA by occupation: construction 33.4%, agriculture 20.0%, commerce, restaurants, and hotels 14.9%, industry 10.0%, other services 21.7% (1991) note: excluding Israeli settlers Unemployment rate: 30%-45% (1995 est.) Budget: $NA Industries: generally small family businesses that produce textiles, soap, olive-wood carvings, and mother-of-pearl souvenirs; the Israelis have established some small-scale modern industries in an industrial center Industrial production growth rate: NA% Electricity: power supplied by Israel Agriculture: olives, citrus, other fruits, vegetables; beef, dairy products Exports: $49 million (f.o.b., 1994 est.) commodities: citrus partners: Israel, Egypt Imports: $339 million (c.i.f., 1994 est.) commodities: food, consumer goods, construction materials partners: Israel, Egypt External debt: $NA Economic aid: recipient: ODA, $NA note: $410 million (est.) disbursed from international aid pledges in 1995 (includes aid to West Bank) Currency: 1 new Israeli shekel (NIS) = 100 new agorot Exchange rates: new Israeli shekels (NIS) per US$1 - 3.1295 (January 1996), 3.0113 (1995), 3.0111 (1994), 2.8301 (1993), 2.4591 (1992), 2.2791 (1991) Fiscal year: calendar year (since 1 January 1992)