Economic improvement in the Gaza Strip

According to data released by the PCBS, the first quarter of 2011 showed economic improvement in the Gaza Strip

Date: 01/08/2011, 2:08 PM     Author: CoGAT Website

According to data published by the Palestinian Central Bureau of Statistics (PCBS), there has been an improvement in the Gaza Strip economy during the first quarter of 2011. This includes a decrease of 7% in unemployment in just three months, decreasing from 38% in 2010 to 31%.

PCBS also published that the gross domestic product (GDP) of the Gaza Strip increased by 20%, from $323 million in the first quarter of 2010, to $401 million in the first quarter of 2011.

This data shows an improvement in financial conditions in the Gaza Strip. The increase in prosperitycan be seen in the opening of new malls in the Gaza Strip selling products including: food, clothing, hygienic products, luxury items and more.

Lt. Col. Kobi Gertzvolf, head of the COGAT Economics Department expains that the economic improvement is "part of the change in civilian policies towards the Gaza Strip, an increase in the different types and number of goods entering via the Kerem HaShalom crossing has been apparent during the last few months. This led to an increase in economic components in the Gaza Strip, especially in local industries (construction, small industries, agriculture and more)."

Lt. Col. Gertzvolf elaborates, "More examples expressing the economic transformation include the construction of hotels to be opened in the next few months, the import of modern vehicles to the Gaza Strip and many other actions improving Palestinian economy."