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West Bank Economy |
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Economy - overview:the west bank - the larger of the two areas under the palestinian authority (pa)- has experienced a general decline in economic growth and a degradation in economic conditions made worse since the second intifadah began in september 2000. the downturn has been largely the result of the israeli closure policies - the imposition of border closures in response to security incidents in israel - which disrupted labor and commodity market relationships. in 2001. and even more severely in 2002. israeli military measures in pa areas resulted in the destruction of much capital plant. the disruption of administrative structure. and widespread business closures. including the gaza strip. the un estimates that more than 100.000 palestinians out of the 125.000 who used to work in israeli settlements. or in joint industrial zones. have lost their jobs. international aid of $2 billion to the west bank and gaza strip in 2004 prevented the complete collapse of the economy and allowed some reforms in the government's financial operations. in 2005 high unemployment and limited trade opportunities. due to continued closures both within the west bank and externally. have stymied growth.
GDP (purchasing power parity)
: $1.8 billion (2003 est.)
Inflation rate: 2.2% (includes gaza strip) (2001 est.)
Labor force
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614.000 (april-june 2005)
Industries: generally small family businesses that produce cement. textiles. soap. olive-wood carvings. and mother-of-pearl souvenirs; the israelis have established some small-scale. modern industries in the settlements and industrial centers |
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 West Bank More Facts |
Electricity - production:
na kwh; note - most electricity imported from israel; east jerusalem electric company buys and distributes electricity to palestinians in east jerusalem and its concession in the west bank; the israel electric company directly supplies electricity to most jewish residents and military facilities; some palestinian municipalities. such as nablus and janin. generate their own electricity from small power plants
Oil - production: NA
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West Bank More Facts |
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Exports:
$270 million f.o.b.. includes gaza strip (2003)
Imports
: $1.952 billion c.i.f.. includes gaza strip (2003)
Currency (code)
: new israeli shekel (ils); jordanian dinar (jod)
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