Gaza (Union)
Official data, issued yesterday, showed a decline in the gross domestic product in Palestine by 35%, and the collapse of the economic system in the Gaza Strip, in light of the sharp contraction in the GDP in the Strip during the first quarter of 2024 by 86% compared to the corresponding quarter of 2023, as a result of the ongoing war, and accompanied by This resulted in a decline in the West Bank’s economy by 25%.
The Central Bureau of Statistics said in a press release, reported by the Palestinian News and Information Agency (WAFA), that initial estimates indicate a 35% decline in the gross domestic product in Palestine during the first quarter of 2024 compared to the corresponding quarter, as all economic activities recorded a sharp decline in added value.
Mining, manufacturing, water and electricity activity recorded a decline of 63% in Palestine (29% for the West Bank, 95% for the Gaza Strip), construction activity by 51% (42% for the West Bank, 99% for the Gaza Strip), and agriculture, forestry and fishing activity. By 33% (11% for the West Bank, 93% for the Gaza Strip), and the activity of wholesale and retail trade and repair of vehicles and motorcycles by 36% (27% for the West Bank, 96% for the Gaza Strip).
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