Palestinian economy shrinks by 35% due to Israeli offensive

Palestinian children sit with pots near the makeshift tents as they wait to receive the food distributed by charitable organizations to those who fled the Israeli army attacks and took refuge in Khan Yunis, Gaza on October 28, 2024. [Doaa Albaz – Anadolu Agency]

The Palestinian economy shrunk 35 per cent as a result of the ongoing Israeli offensive in the Gaza Strip and the West Bank, Prime Minister Mohammad Mustafa said in a statement yesterday.

Speaking at the 25th meeting of the Advisory Council for Official Statistics at the headquarters of the Palestinian Central Bureau of Statistics in Ramallah, in the central West Bank, Mustafa stressed that the financial blockade is part of Israel’s plan to eliminate the Palestinian national project and destroy the foundations of an independent state.

Israel continues to withhold portions of Palestinian tax revenues each month, citing allocations for Gaza, martyrs and detainees as justification.

Mustafa noted that preparations for the reconstruction of Gaza are underway, pending an end to hostilities. A national reconstruction team has been established, and plans are being made to form a reconstruction agency in collaboration with both local and international partners.

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