![Palestinians inspects the damage after Israel carried out air strikes in Gaza on 20 May 2021 [Mustafa Hassona/Anadolu Agency]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2021/05/Israel-gaza-1.jpg?resize=1200%2C800&quality=85&strip=all&zoom=1&ssl=1)
The economic losses incurred by Israel during the past 11 days of its military offensive against civilians in Gaza amount to $2.14 billion, Al-Khaleej Online has reported. The figure is an unofficial preliminary estimate, and is equivalent to about 0.5 per cent of the gross domestic product.
The latest offensive was accompanied by reduced production in factories and a significant decrease in public consumption. According to the Central Bureau of Statistics on Tuesday, the Israeli economy contracted by 6.5 per cent in the first quarter. Economists have warned that renewed fighting between Israel and the Palestinians could hit the post-pandemic economic recovery.
At least 230 Palestinians, including 65 children, were killed during the 10 days of Israel's military offensive which began on 10 May. More than 1,500 people were wounded. A ceasefire came into force at 2am local time on Friday (2300GMT).
READ: A ceasefire is in place, but it's not the victory that Netanyahu wanted
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