Regulatory Alerts2024-01-01
Economic Developments Q4 2024
The Palestinian Monetary Authority issued its Q4 2024 Economic Developments report, detailing a 0.9% annual contraction in Palestinian GDP driven by the ongoing Israeli aggression and its devastating impact on Gaza. The document highlights hyperinflation reaching 82.6% nationally and 324.8% in Gaza, alongside a sharp rise in unemployment to 46.5% overall, with the West Bank economy showing slight growth while Gaza's economy collapsed by 41.2%. Furthermore, the report notes a widening fiscal deficit due to reduced tax revenues and increased public spending, resulting in a public debt-to-GDP ratio of 30.7%, while the current account deficit improved to 13.0% of GDP.
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