Major Decline in GDP in Q3/2014
Palestinian GDP at constant prices fell significantly by 9.1% from the previous quarter in Q3/2014 to $1,758.3 million. The major reason for this considerable decline was the drop of 28.4% in the Gaza Strip ($344.2 million) at the time of and immediately after the Israeli war on Gaza of last summer. Meanwhile, the West Bank GDP ($1,414.1 million) decreased by 2.7%. In comparison with the corresponding quarter of 2013, real GDP in Q3/2014 dropped by 7.4%. Services remained the largest sector, contributing more than a fifth of Palestinian GDP.
Real GDP per capita declined by 9.8% from Q2/2014 and by 10.1% from Q3/2013. The overall value for Palestine equaled $407.90. In the West Bank, the drop was 3.4% and 1.1%, respectively. In Gaza, GDP per capita declined by as much as 29.0% from the previous quarter and by 34.1% from the third quarter of 2013. Consequently, GDP per capita in the Gaza Strip ($194.70) amounted to only 35% of the value in the West Bank ($556.10).
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