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Palestinian economy declines by 11.5% during 2020 due to COVID

Palestinian economy

The Palestinian economy has recorded a sharp decline of 11.5% during 2020 compared to the previous year, due to the Coronavirus pandemic and its repercussions.

The decline came despite a slight increase in the GDP during the fourth quarter of 2020, by 1%, compared to the third quarter at constant prices, the Palestinian Central Bureau of Statistics (PCBS) said.

Palestinian economy

In a report on the preliminary estimates of the quarterly national accounts for the fourth quarter of 2020, PCBS indicated that the highest rate of increase was in public administration and defense activity at 15%; followed by construction activity at 8%; information and communication by 4%; agriculture, forestry and fishing by 2%; then mining, manufacturing industry, water and electricity by 1%.

On the other hand, it showed a decrease of 12% in GDP in Palestine during the 4th quarter 2020 compared to the 4th quarter 2019 which excludes the seasonal effect, meanwhile the base year is 2015, PCBS said.

PCBS noted that GDP for the 4th quarter 2020 at constant prices was USD 2,924 million for the West Bank and USD 616 million for Gaza Strip.

In the 1st quarter 2020 the emergency status was announced in the West Bank as of March 5th 2020.

This emergency started when Bethlehem Governorate recorded the first infection cases of Covid-19, and followed by government decree that restricts the movement between governorates and cities on March 22nd 2020.

Since the second quarter 2020, the Palestinian territories witnessed many lockdowns and stopped the economic activity.

The Bureau said that during the third and fourth quarters  of 2020 the economic activities start returning back gradually within the Palestinian government procedures.

GDP per Capita for Palestine at constant prices was USD 729 during the 4th quarter 2020, it showed an increase of 0.3% compared to the 3rd quarter 2020, PCBS said.

As for the West Bank it was USD 1,049 at constant prices during the 4th quarter 2020, it showed an increase by 0.2% during the 4th quarter 2020 compared to the 3rd quarter 2020, according to PCBS.

On the other hand, as for the Gaza Strip it was USD 298 during the 4th quarter 2020, and it showed an increase by 1% during the 4th quarter 2020 compared to the 3rd quarter 2020.

Keep reading: Palestine’s Monetary Makes Up For Shortfall

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