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  Palestine /
Economy
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Key figures
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GDP: US$12.0 billion
GDP/capita: US$2,900 (World rank: 165)
GDP/sector: Agriculture 9%, Industry 28%, Services 63%
Foreign debts: US$108 million
Foreign debts/GDP: 3.7%
Foreign debts/capita: US$31
Annual growth in GDP: -35%
Trade balance: -68%
Export products: Fruits, flowers.
Annual inflation rate: 1%
Official unemployment: 26%
Population below poverty line: 57%
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International rankings
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Corruption: Not ranked
Investment friendly: 131 of 181 countries
Figures of 2008 |
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The Palestinian infrastructure is mediocre, compared to the Israeli, and on the occupied territories, only Jewish settlers have a standard that can be compared to what is found in their homeland.
Over the 6 years of autonomy there has been some growth in the Palestinian industry, motivated by optimism for the future, but this has been halted by lack of funds and uncertainty about what Palestine is coming to. Still the output of Palestine is almost exclusively from the agriculture sector.
The Palestinian areas have not expanded beyond agriculture, small scale industry, workers living in Palestine but working in Israel, and heavy unemployment.
The living standards are far better in the West Bank than in Gaza, and economic growth is higher here too. The occupied territories had in 1991 3,700 companies, of which 60% had less than 4 employees, and only 8% had more than 10 employees. All these industries worked for the domestic market, producing food stuffs, tobacco products, beverages but there were also some working with wood conversion.
Prospects are that Palestine will depend on foreign aid in many years to come. Palestine economy has for years relied upon using Israeli channels, where produce of Palestine, exported to Israel, is re-exported to other countries.
Jordan is the second most important market for Palestine. These two countries have received 98% of Palestine's export.
Palestine has over the recent years become more and more the victim of corruption and embezzlement at the highest government levels. This has had serious effects on industry and commerce and living standards of ordinary Palestinians.
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By: Tore Kjeilen
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