Palestine’s gross home product (GDP) contracted by 28 % and its unemployment fee elevated to 51 % in 2024, the Ramallah-based Ministry of Economic system stated Monday in an announcement.
“The Palestinian economic system is going through an unprecedented shock because of the Israeli battle on Gaza and the deduction of tax funds, which has considerably impacted the GDP,” it stated.
Israel collects taxes on behalf of the Palestinian Authority for imports into Palestinian territories and transfers the funds on a month-to-month foundation.
Commerce exchanges between Palestine and the skin world fell 11 % year-on-year in 2024, the ministry added.
Amidst repeated Israeli army incursions, the systematic destruction of infrastructure, restrictions on the motion of individuals and items, and the closure of all crossings with Gaza, amongst others, Gaza has witnessed the collapse of all financial actions, whereas the West Financial institution has additionally seen a pointy decline in financial actions, it famous.
Israel has been conducting a large-scale offensive in opposition to Hamas in Gaza to retaliate in opposition to a Hamas rampage via the southern Israeli border on Oct. 7, 2023, throughout which about 1,200 individuals had been killed and about 250 taken hostages.
The Palestinian demise toll from ongoing Israeli assaults in Gaza has risen to 45,854, the Gaza-based well being authorities stated in an announcement on Monday.
In the meantime, greater than 820 Palestinians have been killed by Israeli gunfire and bombings throughout the West Financial institution since October 2023, in accordance with the Palestinian Ministry of Well being.
