RAMALLAH, May 15, 2012 (WAFA) – The current account deficit in the Palestinian Territory increased during 2011 and reached US $1,894.4 million, the highest since 2000, a report on the Performance of the Palestinian Economy for 2011 by the Palestinian Central Bureau of Statistics (PCBS) said Tuesday.

It said that the deficit is attributed to the steady rise in the value of imports of goods and services to Palestine while the Palestinian exports remained in its normal level which in return increased the trade balance deficit by 9.2% compared with 2010.

It said Palestinian budget deficit increased in 2011 compared to 2010 by 6.1%, reaching $1,278.3 million.

The report also indicated that the gross domestic product (GDP) in the Palestinian Territory witnessed a remarkable growth during the year of 2011 amounting to 9.9%, while the GDP per capita increased by 6.6%.

The participation rate in labor force in 2011 increased by 43% compared with 41.1% in 2010, said PCBS, attributing the increase to rise in the size of the labor force that entered into the labor market.

R.Q./M.S.