The Palestinian Ministry of Economy announced that the Israeli war of annihilation on the Gaza Strip has led to the collapse of most economic activities and a decline in GDP of approximately 25%, while the destruction of more than 85% of the Strip’s infrastructure has been recorded, according to data from the Palestinian Central Bureau of Statistics.
In a statement issued Saturday to mark “Palestinian Product Day,” the Ministry explained that the two-year-long war has devastated the foundations of the local economy in Gaza. It noted that agricultural and fishing activities have declined by 30%, while manufacturing, water, and electricity have decreased by approximately 33%.
The construction sector has contracted by 57%, while the services sector has seen a 27% decline, bringing the economic situation in Gaza to a “state of complete collapse,” according to the Anadolu Agency, which cited the Ministry’s statement.
According to the International Labour Organization, the unemployment rate reached 80% last June, raising the overall average in the Palestinian territories to more than 50%, compared to only 23% before the outbreak of war in October 2023.
