Palestinian unemployment rate hits 27.5%

The unemployment rate in the Palestinian Territory increased from 26.7% in the fourth quarter of 2012 to 27.5% in the first quarter of 2013, the Palestinian Central Bureau of Statistics (PCBS) said Thursday. Using International Labor Organization standards, the number of unemployed persons was 271,000, distributed to 152,000 in the West Bank and 119,000 in Gaza Strip. Unemployment rate in Gaza Strip reached 31% compared with 20.3% in the West Bank. The highest unemployment rate was concentrated among youth aged 20-24 years where it reached 41.1%. Labor force participation rate reached 43.4% of people age 15 years and above. The number of people participating in labor force in the Palestinian Territory was 1.134 million; of whom 750,000 were in the West Bank and 384,000 in Gaza Strip. The labor force participation rate in the West Bank reached 45%, while it was 40.5% in Gaza Strip. A total of 69.0% is the participation rate for males, compared to 17.1% for females, said the PCBS.