Palestinian economy suffers $2.5bn losses due to coronavirus

Apr 26,2020

This adds to salt to the insult as the Palestinian economy is already depleted due to the chronic Israeli occupation of Palestine and continuous Israeli violations.

Palestinian economy will suffer losses of about $2.5bn in case the coronavirus lasted for extra three months, and the GDP will shrink by 14 per cent in 2020 compared to 2019.

Following the reporting of coronavirus cases in Palestine in early March, the Palestinian government declared a state of emergency for one month, it was renewed for another month, and then went into a strict lockdown.

The Palestinian Central Bureau of Statistics (PCBS) said that as result of this lockdown and expectation that it will continue for a while, the results indicate that it is expected for the GDP for 2020 to decline by 14 per cent compared to 2019.

Hence, the losses of the GDP are estimated to be around $2.5bn compared to the status quo for 2020, resulting from the decline of the public and private gross consumption, which reached about $1.3bn.

According to the PCBS, investment to decline by about $2.1bn and imports to decline by about $1bn.

Regarding economic activities, it is expected that the size of the losses in the activity of agriculture, forestry and fishing to be about $200b, industrial activity $362m, the activity of constructions $220m and the services activities to be $1,175bn.


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