Category: Market

RAMALLAH– The Government of India today presented US$ 2.5 million (second tranche of a total contribution of US$ 5 million for the Financial Year 2022-2023) to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), in support of the Agency’s core programmes and services, including education, healthcare, relief and social services.

The financial contribution was presented to Xuran Wu, Associate Donor Relations and Projects Officer, Department of External Relations, UNRWA at the Representative Office of India in Ramallah, Palestine.

Source: Palestinian News & Info Agency (WAFA)

Algerian Minister of Trade and Export Promotion Kamel Rizek today told his Palestinian counterpart Khaled Osaili during a meeting on the sidelines of the Economic and Social Council session in the Algerian capital that his country is willing to grant the State of Palestine preferential treatment in trade.

The two sides discussed strengthening cooperation between their countries, particularly in pharmaceutical products intended to treat incurable diseases, such as cancer and tumors.

They also discussed means of joint cooperation and mechanisms to raise the volume of trade between their two countries and to establish investment partnerships that would benefit their economies.

Source: Palestine News & Information Agency

There are 524,263 employed persons in economic enterprises operating in Palestine (349,539 employed persons in the West Bank and 174,724 employed persons in Gaza Strip), with an increase of 3.8% compared with 2020, said a press release issued by the Palestinian Central Bureau of Statistics (PCBS).

PCBS said that among the percentage distribution in 2021, internal trade activity contributed to the highest percentage of operating among employees with 39.4% of the total number of employees, followed by services that constituted 30.8%, industry 22.1%, finance and insurance activities 2.8%, construction activities 1.8%, and the percentages of the information and communications, and transportation and storage activities reached 1.6% and 1.5%, respectively.

The number of employees ranged between unpaid employees (owners of the enterprises and their household members) which constituted 34.4% of the total number of employees and wage employees which constituted 65.6% of the total number of employees. The total value of compensation for wage employees reached $743.32, million.

Number of Employees in Private and Non-Government Sectors by Economic Activity and Region in 2021:

Economic Activity

Region

West Bank*

Gaza Strip

Palestine*

Industry

92,159

23,879

116,038

Construction

5,797

2,573

8,370

Internal Trade

130,067

76,618

206,685

Transportation and Storage

5,526

2,051

7,577

Information and Communications

6,959

2,513

9,472

Finance and Insurance

13,222

1,634

14,856

Services

95,809

65,456

161,265

Total

349,539

174,724

524,263

The total value of output by economic enterprises was $14,385.0 million in Palestine ($12,292.6 million in the West Bank and $2,092.4 million in Gaza Strip) with an increase of 9.6% compared with 2020.

Among the percentage distribution 2021, industrial activities contributed with 34.7% of the total output followed by internal trade activities which constituted 31.6%, services activities reached 20.7%, finance and insurance activities reached 7.4%, information and communications reached 3.5%, while percentages of construction activities and transportation and storage activities reached 1.3% and 0.8%, respectively.

An Increase of 9.7% in the Value Added of the Economic Activities in Palestine in 2021 Compared with 2020.

Results showed that the total value added of economic activities in 2021 was $9,755.1 million with an increase of 9.7% compared with 2020, due to the reduction of procedures taken to stop the outbreak of COVID-19 in Palestine.

In 2021, the highest value-added was from the internal trade activities with a percentage of 38.3%, followed by industry activities with a percentage of 24.7%, services activities with a percentage of 23.5%, finance and insurance activities with a percentage of 7.7%, information and communications activities with a percentage of 3.9%, construction 1.0%, and transportation and storage with a percentage of 0.9%.

Source: Palestinian News & Info Agency (WAFA)

The Palestinian Ministry of National Economy today announced that it will hold the Spanish clothing company Zara accountable for statements by its Israel agent in support of the racist settler lawmaker, Itamar Ben-Gvir, who incites the killing of Palestinians, in the upcoming Israel elections planned for November 1.

It said in a statement that under international law, companies or individuals are prohibited from supporting individuals who are racist and anti-human and incite the killing of people and their expulsion from their homeland.

The Ministry said it is in the process of sending a letter to the parent company to clarify its position on these statements.

Palestine’s Chief Justice, Mahmoud Habbash, earlier issued a religious fatwa (decree) prohibiting dealing with the company “Zara” from now on, calling for similar decrees from Islamic institutions around the world until the company cancels its contract with its Israeli agent for his support of terrorism.

Palestinians posted videos yesterday of themselves burning Zara clothes and also calling for a boycott of the company’s clothes after the Israeli franchise owner, Joey Schwebel, a Canadian-Israeli citizen, hosted a campaign event for Ben-Gvir at his home.

Ben Gvir is an avowed anti-Arab racist who supports expelling them from their homeland. He often stirs trouble with his provocative presence in Palestinian neighborhoods in occupied East Jerusalem, mainly Sheikh Jarrah, which he advocates expelling all its original Palestinian residents and replacing them with Jewish settlers.

Most Israeli politicians, including the former right-wing Israeli prime minister, Benjamin Netanyahu, would not even want to be seen standing next to him or have their pictures taken with Ben-Gvir fearing a backlash due to his extreme right-wing and racist beliefs.

Source: Palestine News & Information Agency

The ministry of economy warned that the economic activity in the northern West Bank city of Nablus has seen a significant decline as a result of the 10-day tight Israeli military siege imposed ot it.

The ministry in a statement said that a decrease by over 60 percent was witnessed in the city’s commercial traffic and the productive capacity halved due to the Israeli closure of the city’s entrances and its ban on the movement of residents and products in and out of the city.

The ministry stressed that efforts are being taken in coordination with the private sector and various civil society organizations to confront the repercussions of the Israeli aggression on the the city’s economy.

It affirmed that the policy of collective punishment and economic pressure by the Israeli occupation will fail in the face of sturdiness, will, and steadfastness of the Palestinian people.

Source: Palestine News & Information Agency

The overall Wholesale Price Index in Palestine during the third quarter of 2022 recorded a decrease of 1.01% compared with the second quarter of 2022 (1.43% for imported products, while the price of local products increased by 0.20%), said the Palestinian Central Bureau of Statistics (PCBS).

The changes in WPI for the third quarter of 2022 were traced back to changes in prices of the following division and categories compared with the previous quarter:

Source: Palestine News & Information Agency

RAMALLAH– According to a statement by Palestinian Central Bureau of Statistics (PCBS), primary estimates for GDP at constant prices showed an increase of 1% in GDP in Palestine during the 2nd quarter 2022 compared to the 1st quarter 2022, mainly in Agriculture, Forestry and Fishing by 7%, Mining, Manufacturing, Electricity and Water by 5%, Financial and Insurance Activities by 3%, Public Administration and Defense, Services by 2% for each.

Meanwhile, there was a decrease in Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles by 4%, and Construction by 3%.

The PCBS said that, on the other hand, it showed an increase of 3% in Palestine during the 2nd quarter 2022 compared to the 2nd quarter 2021 at constant prices, which excludes the seasonal effect, meanwhile the base year is 2015. GDP for the 2nd quarter 2022 at constant prices was USD 3,175 million for the West Bank and USD 684 million for Gaza Strip.

GDP per Capita for Palestine at constant prices was USD 765 during the 2nd quarter 2022, it showed an increase of 1% compared to the parallel quarter 2021. As for the West Bank it was USD 1,101 at constant prices during the 2nd quarter 2022, it showed a decrease by 0.1% during the 2nd quarter 2022 compared to the parallel quarter 2021, while for Gaza Strip it was USD 317 during the 2nd quarter 2022, and it showed an increase by 6% during the 2nd quarter 2022 compared to the parallel quarter 2021.

Source: Palestine News & Information Agency

RAMALLAH- The preliminary results of the Palestinian Balance of Payments for the second quarter of 2022 showed an incessant deficit in the current account (goods, services, income, current transfers) totaling $775 million, according to a joint report by the Palestine Monetary Authority (PMA) and the Palestinian Central Bureau of Statistics (PCBS).

The deficit was triggered by the deficit of the trade balance of goods, which reached $1,936 million, as well as the deficit in the services balance, which amounted to $380 million.

The surplus in the income account (compensations of employees and investments income) amounted to $953 million. This surplus was due to compensations of the employees working in Israel, which reached $917 million.

As for the received investments income, it amounted to $67 million; and was mainly caused by the income received on the portfolio investments abroad, in addition to the interest received on the Palestinian deposits in banks abroad.

The current transfers achieved a surplus value amounting to $588 million. The current transfers for the government sector constituted 17% of the total transfers from abroad, while the percentage of the transfers to other sectors reached 83%. The donors’ current transfers constituted 13% of total transfers from abroad.

The preliminary results showed a surplus value for the capital and financial account amounting to $1 billion, the surplus in the capital and financial account was mainly caused by the surplus in the financial account which amounted to $901 million. There was a decrease in the reserve assets at PMA amounted to $34 million, compared to a decrease of $9 million in the previous quarter.

Source: Palestinian News & Info Agency (WAFA)

RAMALLAH- The overall Producer Price Index (PPI) for Palestine increased in August by 1.68% compared to July, today said the Palestinian Central Bureau of Statistics (PCBS).

It said PPI for locally consumed products increased by 1.78% in August compared to July, and for locally exported products by 0.76%.

The changes in PPI for August were traced back to changes in prices of the following major activities compared to the previous month:

­­­­­­­Major Activities

% Change

Electricity, gas, steam and air conditioning supply

+ 6.65%

Agriculture, forestry and fishing

+ 4.16%

Water supply; sewerage, waste management and remediation activities

+ 4.16%

Mining and quarrying

+ 1.19%

Manufacturing

– 0.12%

Source: Palestinian News & Info Agency (WAFA)

RAMALLAH, Tuesday, September 27, 2022 (WAFA) – Marking World Tourism Day, which coincides today, the Palestinian Central Bureau of Statistics (PCBS), in cooperation with the Palestinian Ministry of Tourism and Antiquities, said in a press release that indicators in Palestine showed a clear growth in the tourism sector compared to the previous two years as the number of hotel guests in the West Bank doubled during the first half of 2022.

They said Bethlehem hotels received the largest number of guests with 34% of the total number of hotel guests, followed by Ramallah and al-Bireh hotels with 25%, while Jericho and the Jordan Valley hotels with 17%.

It is worth noting that 39% of hotel guests are inbound visitors from outside Palestine, followed by Palestinians residing in the 1948 territories with 32%, while domestic guests constituted 29% of the total guests.

The Number of Inbound Visits to the West Bank Doubled during the First Half of 2022

More the number of inbound visits (same-day visitors) to tourist sites in the West Bank also doubled during the first half of 2022, most of them Palestinians residing in the 1948 territories, and around 25% were arrivals from abroad.

The number of inbound visits from outside Palestine during the first half of 2022 was distributed by governorate as follows: 56% in Bethlehem Governorate, 22% in Jericho and the Jordan Valley Governorate, 18% in Nablus Governorate, and 4% of visits were distributed to the rest of the West Bank governorates.

As for the number of inbound visits from the Palestinians residing in the 1948 territories, they were distributed as follows: 49% of the visits were in Jericho and Jordan Valley, 18% in Jenin, 12% in Nablus, and 21% of the visits were distributed to the rest of the West Bank governorates.

During the first half of 2022, tourist sites in the West Bank witnessed an improvement in the movement of domestic visitors, an increase of 68% compared to the same period in 2021.

Local visits were concentrated in Qalqilya Governorate with 23%, followed by Nablus and Jericho governorates with 17% each, then Ramallah and Jenin governorates with 11% each, while 21% of the visits were distributed to the rest of the West Bank governorates.

The number of employees working in tourism activities increased by 28% compared to the same period in 2021 and constitutes 5% of the total employees in Palestine.

Source: Palestine News & Information Agency

RAMALLAH, Wednesday, September 7, 2022 (WAFA) – Grant contracts for three Grassroots Human Security Projects (GGP) were exchanged today by Masayuki Magoshi, Ambassador for the Palestinian Affairs and Representative of Japan to Palestine, and the representatives of SAMED Agricultural Society for Wall Affected, Burin village council, and Yasuf village council, at the Representative Office of Japan to Palestine in Ramallah, for a total amount of $274,350.

SAMED Agricultural Society for Wall Affected will use a fund of $89,550 to improve access to electricity by installing solar panel systems in Abu Qatt community and al-Maqathi Bedwin communities in Bethlehem, said a press release issued by the Representative Office of Japan to Palestine.

Burin Village council will use a fund of $92,500 to improve the medical service in Burin Medical Center by introducing an X-Ray unit and Ultrasound unit.

Yasouf Village Council will use a fund of $92,300 to ensure the residents’ safety by replacing the existing old aerial cables (340m) with new ones, which will prevent power failure. Also, to improve the residents’ access to sufficient electricity for using electric appliances by installing an electric adapter, and connecting between the new adapter and the existing main cable with the new underground cable (610m).

Masayuki Magoshi congratulated, the three organizations, and wished them success in their projects. He emphasized Japan’s firm commitment to supporting the Palestinian people from a human security perspective as well as the importance of implementing social and economic development projects needed for Palestinian communities.

Since 1993 the Government of Japan has extended its official development assistance amounting to approximately $2.2 billion, to the Palestinians. GGP projects have been formulated in collaboration with the Palestinian Authority through the Ministry of Finance and Planning since 2010.

Source: Palestinian News & Info Agency (WAFA)

On September 8, hundreds of employees of the American tech giants Google and Amazon are expected to organize three vigils outside the headquarters of the two companies calling for the cancellation of Project Nimbus, a $1.2 billion deal with Israel that will provide it with cloud storage services and artificial intelligence tools.

The #NoTechForApartheid movement said vigils are also expected to be held in the cities of San Francisco, New York and Seattle in an effort to prevent Israel from using technology in its crimes against the Palestinian people.

The movement, which was founded last year, has also started a campaign to sign a petition calling on the management of the two companies to cancel the deal. The deal, so far been signed by nearly 40,000 American citizens, calls on the two tech giants to “stop dealing with the Israeli apartheid regime and withdraw from the Nimbus project.”

The petition affirmed its solidarity with hundreds of Amazon and Google employees who are courageously calling for withdrawal from the Nimbus contract.

The petition reads, ‘‘As the Israeli military bombed homes, clinics, and schools in Gaza and threatened to push Palestinian families from their homes in Jerusalem May 2021, Amazon Web Services and Google Cloud executives signed a $1.22 billion contract to provide cloud technology to the Israeli government and military. By doing business with Israeli apartheid, Amazon and Google will make it easier for the Israeli government to surveil Palestinians and force them off their land.’’

‘‘We’re heeding the call from over 1000 Google and Amazon workers to rise up against the contract, known as Project Nimbus. Technology should be used to bring people together, not enable apartheid, ethnic cleansing, and settler-colonialism.’’

The movement says in its petition, ‘‘Amazon and Google’s collaboration with Israeli apartheid is part of a larger pattern of Big Tech fuelling state violence across the globe. Tech companies like Amazon and Google are the new war profiteers and have dismal human rights records. Amazon helps power ICE’s deportation-detention machine, and partners with over 2,000 U.S. police departments to surveil and criminalize Black and brown communities through its doorbell camera Ring.’’

‘‘Technology can bring people together—but when these tools are used to harm communities, they make the world less safe for us all. That’s why workers at Google and Amazon are urging their employers to walk their talk on human rights.’’

Source: Palestinian News & Info Agency (WAFA)