Palestinian economy sustains $862 million losses in two months

Palestinian economy sustained in two months (October and November) over $862 million in losses, due to continued siege imposed by the Israeli occupation authorities, says a report by the Palestinian Central Bureau of Statistics (PCBS).

Direct losses to the main economic sectors (industry, transport, internal commerce, and services) reached $420.4 million (49% of the total gross losses), while losses to the infrastructure reached $272.5 million (32% of the total gross losses), and losses due to Israel's preventing the Palestinian labor force from working in Israel reached $169.5 million (20% of total losses).

Head of the center, Hasan Abu Libdeh, said "all sectors of the Palestinian economy suffered from a sharp decline as a result of Israel's siege and closure measures, including closing down border crossings." He added "the production value and its requirements, the share of the individual from the gross local production and the gross national income, all of the above witnessed a sharp decline, in addition to another sharp decline in salaries and in wages of workers (46.2% decline) after Israel's closure measures."

Abu Libded expected "the real figures are expected even to exceed what was published in the report since continuing systematic Israeli destruction measures carried out against the basic Palestinian economic infrastructures were even lately escalated."