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PCBS: Performance of the Palestinian Economy, 2012SummaryGross Domestic Product (GDP) 1 inPalestine witnessed remarkablegrowth of 5.9% during 2012. TheGDP per capita increased by 2.7%.Services activity recorded highestgrowth rate in 2012 of 13.2%, followedby construction with 6.5%, andinformation and communication with5.9%. Growth in the Gaza Strip totaled6.6% compared with 5.6% in the WestBank. The services sector contributedthe highest percentage of GrossDomestic Product (GDP) in both theWest Bank and the Gaza Strip.The participation rate in the laborforce increased to 43.6% in 2012compared with 43.0% in 2011. Thisgrowth in participation is attributedto the significant increase in the sizeof the labor force due to workersentering the labor market. In 2012,the number of employees grew by2.5% compared with 2011 to total 858thousand employees compared to 837thousand employees in 2011. Theunemployment rate in Palestineincreased to 23.0% in 2012 comparedwith 20.9% in 2011.Although the nominal daily wageincreased in Palestine in 2012, thereal daily wage fell by 1.4%compared with 2011, demonstratingthe low purchasing power, i.e. anyincrease in nominal pay was less thaninflation in Palestine during thatperiod. The productivity rate inPalestine increased by 1.9% in 2012compared with 2011.Most economic activities in Palestinewitnessed a rise in the number ofemployees by different percentages,with disparities between the WestBank and the Gaza Strip. Transport,storage and communications recordedthe highest rate of growth in thenumber of employees of 8.4% in 2012compared with 2011, and services,building and construction also recordedincreased numbers of employees in2012.The consumer price index inPalestine rose by 2.78% during 2012to 136.40 compared with 132.71 in2011 (base year 2004). The growth inthe consumer price index during 2012was mainly attributed to the increase ofprices in all major groups.Despite the slight rise in povertyrates in Palestine, 25.8% ofindividuals were in poverty in 2011compared with 25.7% in 2010,according to real patterns ofconsumption. The poverty rate inPalestine was inconsistent and stood at17.8% in the West Bank in 2011compared with 38.8% in the GazaStrip.1 The data exclude those parts of Jerusalemannexed by Israel in 1967.
PCBS: Performance of the Palestinian Economy, 2012The current account deficit inPalestine increased during 2012 toUSD 2,814.8 million, the highestsince 2000. This deficit is attributed tothe steady rise in the value of importsof goods and services to Palestine,while Palestinian exports remainedstatic: this increased the trade balancedeficit by 11.4% compared with 2011.Compensations of employees fromabroad fell during 2012 by 16.5%:current transfers and remittancesdecreased by 16.6% to USD 1,649.6million compared to USD 1,976.9million in 2011.external support was USD 775.5million during 2012 compared withUSD 814.8 million in 2011.The Palestinian budget deficitincreased by 13.8% in 2012compared to 2011. This was due to anincrease in government expenses at ahigher rate than the increase ingovernment revenues; total revenuesincreased by 1.4% during 2012 to USD2.1 billion but government expensesincreased by 6.2% over the sameperiod. External financial support tocover the deficit in the Palestinianbudget decreased by 4.8%: total
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Ø£Ø¯Ø§Ø¡ Ø§ÙØ§ÙØªØµØ§Ø¯ Ø§ÙÙÙØ³Ø·ÙÙÙØ 2012 - Palestinian Central Bureau of ...