Recent data from the Palestinian Central Bureau of Statistics (PCBS) show that the Gaza Strip's gross domestic product (GDP) has fallen by more than 82%, amid "Israel's" ongoing devastating campaign against Palestinians in the area.

The statistics, detailing the economic outlook for 2024, revealed that unemployment in the Gaza Strip has reached 80%, impacting a significant portion of the population, many of whom were daily wage workers, government employees in Gaza, or affiliated with the Palestinian Authority.

The data also showed that most economic activities across the occupied Palestinian territories declined significantly in 2024 compared to the previous year.

Construction activity in the Gaza Strip saw a dramatic decline of 98%, totaling $332 million, while industrial activity dropped by 90% and agricultural activity fell by 91%. Additionally, the services sector fell by 81%, reflecting a sharp and unprecedented drop in the history of economic and commercial domains. 

Read next: How 'Israel's' genocide shattered Gaza, West Bank economies: Report

During the brutal Israeli assault on the Gaza Strip, which began on October 7, 2023, most commercial activities were halted during the early days of the war as Israeli forces targeted industrial, commercial, and economic facilities with airstrikes and ground offensives.

The Gaza Strip has faced a prolonged Israeli blockade, causing rising poverty and unemployment, which has led to increased deprivation, with daily income falling to about $1. Additionally, food insecurity has worsened, with approximately 80% of the population reliant on aid from international and relief organizations.

The Israeli military has blocked the entry of numerous materials and goods into the Gaza Strip, claiming that Palestinian Resistance factions in military industries could use them. This has deprived the industrial sector of essential raw materials, leading to the closure of many factories.

As the war enters its second year with alarming negative trends, the economic and commercial future of the Gaza Strip, along with its industrial sector, seems uncertain and daunting due to the widespread destruction of infrastructure.

60% of Gaza’s families homeless

The Ministry of Public Works and Housing in the Gaza Strip reported on Sunday that over 60% of families in the coastal region are homeless due to the ongoing Israeli genocidal war, which has persisted for more than 15 months. 

The ministry said, "The extent of the destruction in this war is beyond the ability of any party to deal with it quickly and directly,” adding that the destructive power of the massive obliteration of residential neighborhoods is several times greater than the damage caused by the 51-day Israeli aggression in 2014.

It is estimated that tens of millions of tons of rubble remain after the destruction of cities, residential blocks, and neighborhoods.

The ministry further emphasized that clearing the debris is the key first step in Gaza's reconstruction. This process involves demolishing structures that pose a risk to public safety, repairing and maintaining damaged buildings, and protecting nearby buildings and streets during demolition and debris removal.

The ministry’s report, based on an evaluation of the effects of Israeli aggression, stated that dozens of heavy machines suitable for the scale of the task need to be brought in. This is because local equipment, much of which was damaged or destroyed in "Israel’s" bombing of government, municipal, and civil facilities, is no longer functional for rubble removal.