PMA annual report shows economic mismatch between Gaza and West Bank
In 2011, the Palestinian territories suffered differential effects from fiscal austerity and the global slowdown, alongside the impact of Israeli sanctions, governor Jihad Alwazir wrote in the introduction to the Palestine Monetary Authority's (PMA) annual report for 2011.
Despite the unfavourable environment, the Palestinian economy continued to achieve high growth rates, Alwazir said. The overall economy grew 9.9% in 2011, but the figure masks a wide disparity in growth rates. The Gaza Strip grew at 23%, compared with just 5.2% in the West Bank.
The governor said this was due to lighter Israeli import restrictions in Gaza compared with fiscal austerity and restrictions on movement in the West Bank. However, income per person in Gaza was still only 61% of the level in the West Bank in 2011.
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