Palestine's economy shrank by 3.4 percent year-on-year in the first quarter of 2020, the most since the third quarter of 2014 and compared to a 1.8 percent contraction in the previous period. The Palestinian government has imposed a two-month coronavirus lockdown in the occupied West Bank since mid-March, forcing many businesses to halt activity. On a quarterly basis, the GDP shrank by 4.9 percent.
GDP Annual Growth Rate in Palestine averaged 3.62 percent from 2001 until 2020, reaching an all time high of 26.03 percent in the third quarter of 2003 and a record low of -21.59 percent in the fourth quarter of 2006. This page 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. Palestine GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Annual Growth Rate in Palestine is expected to be -6.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Palestine to stand at 7.50 in 12 months time. In the long-term, the Palestine GDP Annual Growth Rate is projected to trend around 4.50 percent in 2021 and 2.00 percent in 2022, according to our econometric models.