Palestinian private sector challenges major losses amid genocide

(MENAFN) The Palestinian Central Bureau of Statistics has released alarming figures detailing the economic toll inflicted upon the private sector since the commencement of the Israeli war on the Gaza Strip, which began on October 7. According to their recent statement, the cumulative financial setback for the Palestinian private sector has skyrocketed to a staggering USD1.5 billion.

Delving deeper into these figures unveils an unsettling daily average loss of USD25 million since the onset of hostilities in early October. It's essential to note that this estimation predominantly encompasses direct financial setbacks and does not encapsulate the extensive losses related to property damages and other fixed assets, the quantification of which remains pending.

Providing a broader context to the Palestinian economic landscape, the region hosts an estimated 176,000 private sector establishments. A significant portion of these enterprises, approximately 56,000 establishments, operates within the confines of the Gaza Strip, while the remaining 120,000 are situated in the West Bank.

Further insights gleaned from Palestinian census data paint a concerning picture, particularly regarding the operational challenges faced by businesses in these territories. Specifically, statistical approximations suggest that nearly 29 percent of private sector establishments in the West Bank grappled with production declines. This translates to a substantial 35,000 establishments experiencing disruptions or halting operations altogether. Meanwhile, the situation appears even more dire in the Gaza Strip, where a predominant majority of private enterprises have been forced to cease their operations entirely due to the prevailing circumstances.

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