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GDP down by 4.6% in West Bank and by 6.1% in Gaza Strip in first quarter 2020 – PCBS

RAMALLAH, Preliminary estimates of quarterly national accounts for the first quarter 2020 showed that Gross Domestic Product (GDP) at constant prices decreased by 4.6% in the West Bank and by 6.1% in the Gaza Strip when compared to the fourth quarter of 2019, today said the Palestinian Central Bureau of Statistics (PCBS).

Estimates at constant prices showed a decrease of 4.9% in Palestine during the 1st quarter 2020 compared to the 4th quarter 2019 at constant prices, mainly in Agriculture and fishing by 9%, Mining, Manufacturing, Electricity and Water by 9%, Construction 21%, Information and Communication 5%, Public Administration and Defense by 6%.

On the other hand, it showed a decrease of 3.4% in GDP in Palestine during the 1st quarter 2020 compared to the 1st quarter 2019, which excludes the seasonal effect. GDP for the 1st quarter 2020 at constant prices was $3,150 million for the West Bank and $670 million for Gaza Strip.

GDP per Capita for Palestine at constant prices was $802 during the 1st quarter 2020, a decrease of 6% compared to the 4th quarter 2019, said the PCBS.

As for the West Bank it was $1,151 at constant prices, a decrease by 5%, while for Gaza Strip it was $331, a decrease by 7%, during the 1st quarter 2020 compared to the 4th quarter 2019.

It is worth mentioning that at the first quarter of 2020 the Palestinian government announced an emergency plan in the West Bank as of March 5 after Bethlehem Governorate recorded the first infection cases of Covid-19, and followed by government restrictions on movement between governorates and cities on March 22.

 

Source: Palestinian News & Info Agency