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Palestinian economy collapsed due to Israeli aggression

Ramallah, Mar 29 (Prensa Latina) The Palestinian Gross Domestic Product (GDP) fell 29 percent in the fourth quarter of 2023 due to the destruction caused by Israel's aggression against the Gaza Strip, an official source reported today.

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.

It pointed out that the GDP there fell 81 percent, while in the West Bank it dropped 19 percent due to the increase in military operations and punitive measures adopted by the neighboring country’s authorities.

By sector, mining, manufacturing, water and electricity activities recorded a 33 percent decline, construction 38 percent, agriculture, forestry and fisheries 39 percent, and trade 27 percent.

GDP per capita in Palestine at constant prices reached $544 during the fourth quarter of 2023, a decrease of 31 percent, he detailed.

The Gazan government’s press office revealed in the middle of this month that the direct damages and losses recorded by the Israeli aggression on the Strip amount to some $30 billion.

Last month, the United Nations Conference on Trade and Development warned that the coastal enclave will need billions of dollars and will take decades to reverse the unprecedented destruction of its economy and infrastructure.

The agency noted in a report, which quantifies the loss of GDP, the timeline for recovery and the lasting effects on poverty in the enclave from the Israeli aggression.

If the current military operation were to end immediately and the 2007-2022 growth trend persisted at an average rate of 0.4 percent, it would take Gaza until 2092 to restore 2022 GDP levels, the body stressed at the time.