Ramallah, Jan 7 (NationPress) The gross domestic product (GDP) of Palestine has experienced a significant decline of 28 percent, while the unemployment rate has surged to 51 percent in 2024, as reported by the Ministry of Economy in Ramallah.
According to the ministry, "The Palestinian economy is undergoing an unparalleled shock due to the ongoing Israeli military actions in Gaza and the reduction of tax revenues, which has severely affected the GDP."
Israel is responsible for collecting taxes for the Palestinian Authority related to imports into the territories and transferring these funds monthly, as reported by Xinhua news agency.
Furthermore, trade interactions between Palestine and the international market dropped by 11 percent year-on-year in 2024, the ministry noted.
Due to repeated Israeli military incursions, the systematic devastation of infrastructure, and strict restrictions on the movement of individuals and goods, Gaza has experienced a total collapse of economic activities. The West Bank is also witnessing a significant downturn in its economic activities, the report indicated.
The Israeli government has been executing a widespread offensive against Hamas in Gaza in retaliation for a Hamas incursion through the southern Israeli border on October 7, 2023, which resulted in approximately 1,200 fatalities and around 250 hostages.
According to health authorities in Gaza, the death toll of Palestinians due to ongoing Israeli assaults has reached 45,854 as of Monday.
Additionally, over 820 Palestinians have lost their lives due to Israeli airstrikes and gunfire across the West Bank since October 2023, as reported by the Palestinian Ministry of Health.
In a related development, the UN agency for Palestinian refugees has cautioned that its operations may be severely impacted due to an impending Israeli ban expected to be enforced by the end of January.
In a recent statement, the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) declared, "Time is running out concerning a potential ban on the agency, which would hinder its ability to deliver services to millions of Palestinian refugees."
The statement further emphasized that the United Nations does not intend to substitute the agency, urging the Knesset, the Israeli parliament, to retract its decision to impose the ban.
