RAMALLAH, Monday, June 26, 2023 (WAFA) - Gross Domestic Product (GDP) decreased at constant prices by 2% in Palestine during the 1st quarter of 2023 compared to the 4th quarter of 2022, today said the Palestinian Central Bureau of Statistics (PCBS).

The decrease was mainly in agriculture, forestry and fishing by 19%, mining, manufacturing, electricity and water by 5%, public administration and defense by 4%, and construction by 3%.  Meanwhile, there was an increase in transportation and storage by 4%, financial and insurance activities by 2%, and wholesale and retail trade, repair of motor vehicles and motorcycles by 1%.

On the other hand, it showed an increase of 3% in Palestine during the 1st quarter of 2023 compared to the 1st quarter of 2022 at constant prices, which excludes the seasonal effect. GDP for the 1st quarter of 2023 at constant prices was $3,279 million for the West Bank and $658 million for Gaza Strip.

GDP per Capita for Palestine at constant prices was $767 during the 1st quarter of 2023, a decrease of 3% compared to the 4th quarter of 2022. As for the West Bank, it was $1,119 at constant prices during the 1st quarter of 2023, a decrease of 2% during the 1st quarter of 2023 compared to the 4th quarter of 2022, while for Gaza Strip it was $299 during the 1st quarter 2023, a decrease by 5% during the 1st quarter 2023 compared to the 4th quarter 2022.

M.K.