The Gross Domestic Product (GDP) in Palestine was worth 17.40 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Palestine represents 0.02 percent of the world economy. This dataset provides - Palestine GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The gross domestic product in current prices in Palestine continuously increased between 2015 and 2023 by in total 3.88 billion U.S. dollars. This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

The Gross Domestic Product (GDP) in Palestine contracted 1 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - Palestine GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about State of Palestine (West Bank and Gaza) GDP Per Capita

• State of Palestine (West Bank and Gaza) Gross Domestic Product (GDP) per Capita reached 3,458.500 USD in Dec 2023, compared with 3,800.000 USD in Dec 2022.
• State of Palestine (West Bank and Gaza) GDP Per Capita data is updated yearly, available from Dec 1994 to Dec 2023, with an average number of 2,114.550 USD.
• The data reached an all-time high of 3,800.000 USD in Dec 2022 and a record low of 1,181.800 in Dec 2002.
• The Palestinian Central Bureau of Statistics provides annual GDP per Capita in USD.

Related information about State of Palestine (West Bank and Gaza) GDP Per Capita data

• In the latest reports, State of Palestine (West Bank and Gaza) GDP expanded 3.483 % YoY in Sep 2024.
• State of Palestine (West Bank and Gaza) Nominal GDP reached 4.693 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) fell 6.040 % in Mar 2023.
• Gross Savings Rate of State of Palestine (West Bank and Gaza) was measured at 1.335 % in Sep 2024.

The growth of the real gross domestic product in Palestine was forecast to drop to -4.56 percentage points in 2023. However these estimates have not yet been adjusted to account for the impact of the 2023 Israel-Hamas War. As described by the International Monetary Fund, this indicator describes the annual change in the gross domestic product at constant prices. This is expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

Palestine: Gross Domestic Product, billions of U.S. dollars: The latest value from 2023 is 17.42 billion U.S. dollars, a decline from 19.17 billion U.S. dollars in 2022. In comparison, the world average is 569.16 billion U.S. dollars, based on data from 184 countries. Historically, the average for Palestine from 1994 to 2023 is 9.45 billion U.S. dollars. The minimum value, 2.84 billion U.S. dollars, was reached in 1994 while the maximum of 19.17 billion U.S. dollars was recorded in 2022.

The gross domestic product per capita in Palestine continuously increased between 2015 and 2017 by in total 323.18 U.S. dollars. The GDP per capita reached 3,579.22 U.S. dollars and a new peak in 2022. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

Palestine: Gross Domestic Product, billions of U.S. dollars: Pour cet indicateur, La Banque mondiale fournit des données pour la Palestine de 1994 à 2023. La valeur moyenne pour Palestine pendant cette période était de 9.45 billion U.S. dollars avec un minimum de 2.84 billion U.S. dollars en 1994 et un maximum de 19.17 billion U.S. dollars en 2022.

Key information about State of Palestine (West Bank and Gaza) Nominal GDP Growth

• State of Palestine (West Bank and Gaza) Nominal GDP Growth was reported at -26.929 % in Sep 2024.
• This records an increase from the previous number of -30.917 % for Jun 2024.
• State of Palestine (West Bank and Gaza) Nominal GDP Growth data is updated quarterly, averaging 6.138 % from Mar 2001 to Sep 2024, with 95 observations.
• The data reached an all-time high of 34.394 % in Mar 2011 and a record low of -33.939 % in Mar 2024.
• State of Palestine (West Bank and Gaza) Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The Palestinian Central Bureau of Statistics provides Nominal GDP in USD.

The Gross Domestic Product per capita in Palestine was last recorded at 2859.92 US dollars in 2023. The GDP per Capita in Palestine is equivalent to 23 percent of the world's average. This dataset provides - Palestine GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Palestine recorded a Current Account deficit of 16.70 percent of the country's Gross Domestic Product in 2023. This dataset provides - Palestine Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

State of Palestine (West Bank and Gaza) PS: GDP: PPP data was reported at 22,886.737 Intl $ mn in 2017. This records a decrease from the previous number of 23,257.194 Intl $ mn for 2016. State of Palestine (West Bank and Gaza) PS: GDP: PPP data is updated yearly, averaging 12,787.924 Intl $ mn from Dec 1994 (Median) to 2017, with 24 observations. The data reached an all-time high of 23,257.194 Intl $ mn in 2016 and a record low of 4,602.563 Intl $ mn in 1994. State of Palestine (West Bank and Gaza) PS: GDP: PPP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s State of Palestine (West Bank and Gaza) – Table PS.World Bank.WDI: Gross Domestic Product: Purchasing Power Parity. PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current international dollars. For most economies PPP figures are extrapolated from the 2011 International Comparison Program (ICP) benchmark estimates or imputed using a statistical model based on the 2011 ICP. For 47 high- and upper middle-income economies conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD).; ; World Bank, International Comparison Program database.; Gap-filled total;

GDP per capita (current US$) in Palestine was reported at 3372 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Palestine - GDP per capita - actual values, historical data, forecasts and projections were sourced from the World Bank on April of 2025.

Key information about State of Palestine (West Bank and Gaza) Current Account Balance: % of GDP

• State of Palestine (West Bank and Gaza) Current Account deficit accounted for 16.1 % of the country's Nominal GDP in Mar 2023, compared with a 18.9 % deficit in the previous quarter.
• State of Palestine (West Bank and Gaza) Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 2011 to Mar 2023, with an average value of -12.8 %.
• The data reached an all-time high of -7.9 % in Sep 2021 and a record low of -23.1 % in Jun 2011.

CEIC calculates quarterly Current Account Balance as % of Nominal GDP from quarterly Current Account Balance and quarterly Nominal GDP. Palestine Monetary Authority provides Foreign Direct Investment in USD based. The Palestinian Central Bureau of Statistics provides Nominal GDP in USD.


Key information about State of Palestine (West Bank and Gaza) Current Account Balance: % of GDP

• In the latest reports of State of Palestine (West Bank and Gaza), Current Account recorded a deficit of 755.0 USD mn in Mar 2023.
• Foreign Direct Investment (FDI) increased by 271.0 USD mn in Mar 2023.
• State of Palestine (West Bank and Gaza) Direct Investment Abroad remained the same 0.0 USD mn in Mar 2023.
• Its Foreign Portfolio Investment increased by 62.0 USD mn in Mar 2023.
• The country's Nominal GDP was reported at 4.7 USD bn in Mar 2023.

State of Palestine (West Bank and Gaza) Gross Domestic Product (GDP) data was reported at 3.707 USD bn in Dec 2018. This records an increase from the previous number of 3.660 USD bn for Sep 2018. State of Palestine (West Bank and Gaza) Gross Domestic Product (GDP) data is updated quarterly, averaging 3.203 USD bn from Mar 2011 (Median) to Dec 2018, with 32 observations. The data reached an all-time high of 3.729 USD bn in Dec 2017 and a record low of 2.544 USD bn in Dec 2011. State of Palestine (West Bank and Gaza) Gross Domestic Product (GDP) data remains active status in CEIC and is reported by Palestinian Central Bureau of Statistics. The data is categorized under Global Database’s State of Palestine (West Bank and Gaza) – Table PS.A001: SNA 2008: GDP by Expenditure: Current Price.

GDP per capita, PPP (current international $) in Palestine was reported at 5897 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Palestine - GDP per capita, PPP (current international $) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

The ratio of national debt to gross domestic product in Palestine was forecast to continuously increase between 2013 and 2023 by in total 19.46 percentage points. After the fifth consecutive increasing year, the ratio is estimated to reach 48.5 percent in 2023. It should be noted that these figures were published before the outbreak of the 2023 Israel-Hamas War, and do not account for its impact. Depicted here is the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.

GDP (current US$) in Palestine was reported at 17420800000 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Palestine - GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on April of 2025.

State of Palestine (West Bank and Gaza) PS: GDP: Net Current Transfer from Abroad data was reported at 1,818.600 ILS mn in 2017. This records an increase from the previous number of 1,408.700 ILS mn for 2016. State of Palestine (West Bank and Gaza) PS: GDP: Net Current Transfer from Abroad data is updated yearly, averaging 1,120.565 ILS mn from Dec 1994 (Median) to 2017, with 24 observations. The data reached an all-time high of 3,189.600 ILS mn in 2008 and a record low of 356.700 ILS mn in 1998. State of Palestine (West Bank and Gaza) PS: GDP: Net Current Transfer from Abroad data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s State of Palestine (West Bank and Gaza) – Table PS.World Bank.WDI: Gross Domestic Product: Nominal. Current transfers comprise transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net current transfers from abroad is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

GDP from Services in Palestine decreased to 541.50 USD Million in the fourth quarter of 2024 from 556.30 USD Million in the third quarter of 2024. This dataset provides - Palestine Gdp From Services- actual values, historical data, forecast, chart, statistics, economic calendar and news.