Palestinian Economy Contracts by 35% in Q1 2024: Unemployment Surges Amidst Israel-Hamas Conflict

Gaza Strip, Gaza Strip Palestine, State of
Construction sector collapsed by 51% overall, with a 42% contraction in West Bank and a 99% collapse in Gaza Strip
Israel's suspension of work permits for approximately 150,000 Palestinian laborers contributed to rampant unemployment and financial instability
Manufacturing sector contracted by 63% overall, with a 29% contraction in West Bank and a 95% contraction in Gaza Strip
Palestinian economy contracted by 35% in Q1 2024 compared to same period previous year
Per capita GDP contracted by 26% in West Bank and an astonishing 86% in Gaza Strip
Unemployment rates reached an overall rate of 50.8%, with a surge of 32% in the West Bank and a staggering 79% in the Gaza Strip
Palestinian Economy Contracts by 35% in Q1 2024: Unemployment Surges Amidst Israel-Hamas Conflict

In the first quarter of 2024, the Palestinian economy contracted by a staggering 35% compared to the same period in the previous year. This significant economic downturn was particularly pronounced in the Gaza Strip, where it contracted by an astounding 86%, while the West Bank experienced a contraction of 25%. These dire economic circumstances were largely due to Israel's suspension of work permits for approximately 150,000 Palestinian laborers, which contributed to rampant unemployment and financial instability in the region. The manufacturing and construction sectors were hit hardest by the ongoing Israel-Hamas conflict, with a 63% overall contraction in manufacturing (29% in West Bank, 95% in Gaza Strip) and a 51% overall collapse in construction (42% in West Bank, 99% in Gaza Strip). Per capita GDP also took a significant hit, contracting by 26% in the West Bank and an astonishing 86% in the Gaza Strip. Unemployment rates skyrocketed across the board, reaching an overall rate of 50.8%, with a surge of 32% in the West Bank and a staggering 79% in the Gaza Strip. The Palestinian Central Bureau of Statistics (PCBS) reports that these economic woes are largely due to Israel's ongoing military campaign against Hamas, which has disrupted daily life and financial stability in the region. As a result, many Palestinians are struggling to make ends meet and find themselves facing an uncertain future.


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Confidence

90%

Doubts
  • Are there any other contributing factors, such as internal corruption or mismanagement?
  • Is it confirmed that the Israeli military campaign was the sole cause of the economic downturn?

Sources

97%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Israel-Hamas War in Gaza: Latest News and Updates

The New York Times Aaron Boxerman, Friday, 28 June 2024 09:48
  • Unique Points
    • The Palestinian Authority's financial woes are alarming the US due to potential role in running postwar Gaza.
    • Palestinian civil servants have not been paid in full for months due to Israeli raids and financial measures taken by Israel’s finance minister Bezalel Smotrich.
    • Smotrich has withheld the majority of the Palestinian government’s budget and threatened not to renew a crucial waiver protecting Israeli banks that work with Palestinian counterparts.
    • Biden administration wants the Palestinian Authority to have a role in running postwar Gaza and is concerned about potential surge in violence due to economic crash in West Bank.
  • Accuracy
    • Israeli military campaign in Gaza is causing economic collapse in West Bank, leaving tens of thousands jobless and disrupting travel.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (95%)
    The article contains some instances of Appeals to Authority and Dichotomous Depictions, but overall the authors provide a clear and factual account of the situation in Gaza and the West Bank. They quote U.S. officials expressing their concerns about potential economic collapse in the West Bank, which could lead to increased violence, as well as Israeli officials justifying their actions with references to Israeli law and policy.
    • ]The measures have alarmed the Biden administration[
    • Israel's finance minister, Bezalel Smotrich[
    • who believes Israel should rule the territory forever[
    • Mr. Smotrich has threatened not to renew a crucial waiver protecting Israeli banks that work with Palestinian counterparts[
    • The details and timeline for finalizing the legal approvals of the settlements were not immediately clear.[
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

97%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Meltdown Looms for the West Bank’s Financial Lifelines | Crisis Group

Crisis Group Thursday, 27 June 2024 15:37
  • Unique Points
    • Israel's non-renewal of a banking waiver by 1 July 2024 could cause financial activity in the West Bank to paralyze and lead to an economic meltdown for Palestinians.
    • The Palestinian economy is heavily dependent on Israel, with the shekel serving as the de facto currency.
  • Accuracy
    • Israel's finance minister, Bezalel Smotrich, has indicated he will not extend a critical waiver that allows Israeli banks to transact with Palestinian banks beyond March 2024.
    • Smotrich has withheld the majority of the Palestinian government’s budget and threatened not to renew a crucial waiver protecting Israeli banks that work with Palestinian counterparts.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication

100%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Palestinian economy contracts by 35% in first quarter of 2024 amid war

The Times of Israel Friday, 28 June 2024 14:22
  • Unique Points
    • The Palestinian economy contracted by 35% in the first quarter of 2024 compared to the same period of last year.
    • The West Bank experienced a contraction of 25% and had a GDP of $2.474 billion.
    • Gaza Strip experienced an contraction of 86% and had a GDP of $92 million.
    • Manufacturing sector contracted by 63% overall (29% in West Bank, 95% in Gaza Strip).
    • Construction sector collapsed by 51% overall (42% in West Bank, 99% in Gaza Strip).
    • Per capita GDP contracted by 26% in the West Bank and 86% in the Gaza Strip.
    • Unemployment surged to an overall rate of 50.8%, with a rise of 32% in the West Bank and 79% in the Gaza Strip.
    • Israel suspended work permits for about 150,000 Palestinian laborers, contributing to unemployment and economic contraction in the West Bank.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication

95%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Central Bureau of Statistics: Collapse of economic system of Gaza Strip

Saba News Agency Thursday, 27 June 2024 21:27
  • Unique Points
    • The Palestinian Central Bureau of Statistics announced a 35% decline in the gross domestic product in Palestine during the first quarter of 2024.
    • The economic system of the Gaza Strip has collapsed due to an 86% contraction in the gross domestic product in that sector compared to the same period in 2023.
    • All economic activities recorded a sharp decline in added value: mining, manufacturing, water and electricity activities decreased by 63%, construction activity decreased by 51%, agriculture, forestry and fishing activity decreased by 33% (27% for the West Bank, 96% for the Gaza Strip).
    • The gross domestic product in Palestine’s mining, manufacturing, water and electricity sectors decreased by 63%. In the West Bank it decreased by 29%, while in the Gaza Strip it decreased by 95%.
    • The construction activity in Palestine decreased by 51%. In the West Bank it decreased by 42%, while in the Gaza Strip it decreased by 99%.
    • The agriculture, forestry and fishing activity in Palestine decreased by 33%. In the West Bank it increased by 11%, while in the Gaza Strip it decreased by 93%.
  • Accuracy
    • ]The economic system of the Gaza Strip has collapsed due to an 86% contraction in the gross domestic product in that sector compared to the same period in 2023.[
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication