The Palestinian economy recorded a sharp decline of up to 12% during the year 2020, due to the "Corona" epidemic, as most economic activities witnessed a decline in value added, which led to a marked decrease in the per capita gross domestic product, an increase in the number of unemployed and the entry of new groups To the circle of poverty, and a decline in the level of general demand for the indicators of consumption and total investment, as a result of the partial and comprehensive closure of most joints of the economy, according to an official Palestinian report issued today, Sunday, by the Statistics Authority and the Palestinian Monetary Authority.
The report stated that the service activity recorded the highest value, at 10%, while construction activity decreased by 35%, followed by industry activity, which decreased by 12%, and agricultural activity decreased by 11%. The trade balance deficit continued, a decline in the volume of trade exchange with the outside world, and a decrease in imports and exports to and from Palestine, as the report indicated that during the year 2020 the volume of trade exchange to and from Palestine reached 10 billion US dollars, a decrease of 10% compared to 2019, This is as a result of a 7% decrease in exports to reach $ 2.5 billion, and a decrease in imports by 11%, to reach $ 7.4 billion during 2020, so that the trade balance will witness a decline in the deficit, reaching about $ 5 billion. More than 66,000 workers stopped working during the year 2020, which led to an increase in the unemployment rate to 27.8%, a drop in the per capita GDP by 14%, and the entry of new groups into the circle of poverty and extreme poverty. The report also indicated a decrease in the total number of workers in the labor market from 951 thousand workers in 2019 to 884 thousand workers in 2020, and the unemployment rate increased from 26.3% to 27.8%, due to the impact of the repercussions of the Corona pandemic on the joints of the overall economy.
