According to preliminary results recently published by the PCBS, real GDP increased by 6.8% in the last quarter of 2014, compared to the previous quarter. However, it is important to note that this rise does not mark real growth but only partial recovery after the 9.1% drop in Q3/2014 as a direct result of the Israeli war on the Gaza Strip in the summer of 2014. The Q4/2014 level of $1,878.6 million marked a 1.1% decline from the corresponding quarter of 2013.
In the West Bank quarterly GDP at constant prices reached $1,470.9 million, which was 4.0% higher than in the previous quarter and 4.9% more than in Q4/2013. Meanwhile, in Gaza GDP ($407.7 million) increased by as much as 18.5% from Q3 but still remained 18.3% below the Q4/2013 level.
Considering the natural population growth, real GDP per capita growth from the previous quarter was less considerable. The overall GDP per capita for Palestine rose by 6.1% to $432.6 in Q4/2014: by 3.3% in the West Bank (to $574.6) and by 17.5% in the Gaza Strip (to $228.7)
The preliminary results actually show that annual real GDP contracted by 0.4% in 2014, while annual real GDP per capita declined by as much as 3.3%.
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