Gaza Strip: Gazans Count the Economic Cost After Seven Weeks of Fighting

A ceasefire between Israel and Palestinian leaders was holding on Wednesday, after 50 days of fighting that have left Gaza's civilian infrastructure shattered ended.

More than 2,200 people were killed during the conflict, the vast majority being Palestinian civilians. But the economic ramifications for the costal territory are severe.

While the fighting resulted in massive civilian casualties in the densely populated area (approximately 1.8 million live in the 32-mile long territory), much of Gaza's infrastructure has been destroyed.

International aid agency Oxfam described the damage as the worst it has witnessed in nearly 20 years working in Gaza: 15 hospitals had been damaged, along with 16 medical clinics, Oxfam said on 14 August.

In addition, 200 schools were damaged, including 25 that were destroyed, the aid agency reported.

Water, power and job shortages

The only electricity plant in the territory, which produced around a quarter of electricity for Gazans before the fighting, was also hit by Israeli shells.

Water pipelines, wells and reservoirs in Gaza have also been hit, meaning around half of Gaza's population lacks access to clean water. The other half can only access clean water once every five days, Oxfam reported.

Hundreds of factories have been damaged throughout the Israeli offensive, according to analysts. Early estimates made in the days before the ceasefire was announced put the losses from the country's industrial plants at more than $70m (£42m, €53m,) according to the Palestinian Federation of Industries.

Palestinian business leaders have said the damage to industrial infrastructure would lead to at least 5,000 job losses in the territory, where unemployment was already as high 40%.

Meanwhile, the United Nations' Food and Agriculture Organisation (FAO) said 42,000 acres of farmland had been damaged, while the territory had lost half of its poultry stock. In addition, 9% of the annual fishing catch was lost from 9 July to 10 August, the Rome-based agency added.

The cost of rebuilding Gaza after this latest conflict is estimated to be $6bn.