Palestinian GDP shrinks by over 11%
Palestinian Central Bureau of Statistics (PCBS) reported Sunday that the GDP declined in the Fourth Quarter 2006, by 11.6% compared with the third Quarter 2006.
In a press release issued Sunday, PCBS said that the preliminary estimates at constant prices for the fourth quarter of 2006 shows continuous decreases in the performance of the economy in Remaining West Bank and Gaza Strip. It added that the GDP estimates decreased during the third quarter of 2006 by 6.9% based on the second revision for the data, the fourth quarter shows a continuous decrease by 11.6% compared with the third quarter of the same year, and showed a decrease of 21.2% compared to the fourth quarter of the year 2005 at constant prices.
The estimates refer also to decreases in the main economic activities within the available short term indicators for each activity. There were decreases in the Mining, Manufacturing, Electricity and water supply activity, Construction, Wholesale and Retail trade, Transport, Community, social and personal services, Real estate, Education, Hotels and Restaurants, Health and social work in addition to the Public administration and defense.
In addition, the preliminary estimates for the Gross Domestic Product per capita for Remaining West Bank and Gaza Strip during the fourth quarter 2006 was US$246.7 which declined by 12.4% compared to the third quarter of the same year, while it showed a decrease of 23.8% compared to the same quarter of the year 2005, PCBS said.
As for the contribution for economic activity to Quarterly GDP, PCBS stated that the percentage contribution were affected in short term (compared with third quarter 2006 and parallel quarter of the year 2005), Construction activity decreased from (2.5%) in the fourth quarter of 2005 to (2.4%) in the third quarter of 2006, then it increased to (2.7%) in the fourth quarter of 2006.