Palestinian economy records remarkable growth in 1999

The U.N. special coordinator to the Palestinian government Terje Larsen announced that the Palestinian economy has considerably improved during 1999, unemployment was slashed and revenues increased.

Larsen's report on the Palestinian Economy showed a 4.5% economic growth in Palestine during 1999 compared to 4.1% in 1998.

The UN report, broadcast by the Radio of Palestine, stated that 47,000 new jobs were generated during the first half of last year but there was a drop in private investments and exports, as a result of the Israeli restrictions.

Palestinian Minister of Finance Mohammed Al-Nashashibi said that there was a $50 million budget deficit in 1999, pointing out that this year's budget includes local revenues worth $964 million, in addition to grants worth $400 million to finance development projects.

Al-Nashashibi met on Sunday speaker of the Palestinian Legislative Council, Ahmad Kuraie' (Abu Alaa), and members of the financial and budget committee of the council.