The Central Bureau of Statistics warned of the collapse of the economic system in the coastal enclave as a result of the new cycle of violence, which began on October 7 of last year.

It highlighted that the GDP there fell 86 percent compared to the same period in 2023, while in the West Bank it fell 22 percent due to the increase in military operations and punitive measures adopted by the authorities of the neighboring country.

By sector, mining, manufacturing, water and electricity activities registered a 43 percent decline, construction 49 percent, agriculture, forestry and fishing 29 percent and trade 28 percent.

GDP per capita in Palestine at constant prices reached $512 during the second quarter of 2024, a decrease of 33 percent, he detailed.

According to official estimates, the Palestinian economy loses $20 million every day as a result of the ongoing Israeli aggression.

Recently, the Palestinian minister of the sector, Muhammad Al-Amour, explained that production in the Gaza Strip is completely paralyzed and semi-paralyzed in the West Bank.

“The national economy is facing a complex and unprecedented collapse as a result of the repercussions” of the Israeli military offensive, he stressed.

The International Labour Organization and the Central Bureau of Statistics revealed in a joint report that the unemployment rate in the coastal enclave reached 79.1 percent and in the West Bank 32 percent.

In February, the United Nations Conference on Trade and Development stressed that Gaza will need billions of dollars and will take decades to reverse the unprecedented destruction of its economy and infrastructure.

The institution stressed that even with the most optimistic scenario of 10 percent annual growth, it would not be until 2035 that the economic levels of 2006 would be reached, when Israel imposed a blockade on the area after the Islamic Resistance Movement (Hamas) came to power there.

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