GDP in Palestine increased by 1% during third quarter

RAMALLAH: Preliminary estimates for Gross Domestic Product (GDP) at constant prices showed an increase of GDP in Palestine by 1% during the 3rd quarter of 2023 compared to the previous quarter of the same year, today said the Palestinian Central Bureau of Statistics (PCBS). The increase was mainly in Mining, Manufacturing, Electricity and Water by 6%, Construction by 5%, Information and Communication Activities by 3%, Financial and Insurance Activities by 2%, and Services by 0.3%, while there was a decrease in Agriculture, Forestry and Fishing by 10%, Public Administration and Defense by 6%, Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles by 4%, and Transportation and Storage by 0.3%. On the other hand, the preliminary estimates showed an increase of 3% in Palestine during the 3rd quarter of 2023 compared to the 3rd quarter of 2022 at constant prices, which excludes the seasonal effect and was $3,346 million for the West Bank and $672 million for Gaza Strip. GDP per Capita for Palestin e at constant prices was $773 during the 3rd quarter of 2023, an increase of 0.5% compared to the 2nd quarter of 2023. In the West Bank, it was $1,129 at constant prices, a decrease of 0.1%, while for the Gaza Strip, it was $301, an increase of 4% compared to the 2nd quarter of 2023. Source: Palestine News and Information Agency – WAFA