Palestine Q3 GDP Plummets 31%

The economy of Palestine contracted by 31% year-on-year in the third quarter of 2024, following a 32% decline in the previous three-month period.

This marked the fourth consecutive period of sharp contraction, driven by an 87% decrease in output in the Gaza Strip due to the ongoing Israeli occupation and aggression against Palestine.

Meanwhile, the GDP in West Bank fell 19%.

All economic activities contracted, namely; agriculture, forestry and fishing (-27%), mining, manufacturing, electricity and water (-35.1%), construction (-51%), wholesale and retail trade (-21.8%), transportation and storage (-27.8%), financial and insurance activities (-26.4%), information and communication (-19.7%), services (-32.4%) and public administration and defense (-35.6%)