The direct economic losses from damage to infrastructure and building in the Gaza Strip, along with harm to various economic activities, amounted to over US$1.9 billion, the United Nations Children's Fund (UNICEF) said on Saturday.

A statement released by the UNICEF Middle-East and North Africa region based in Amman, Jordan, said extensive destruction was caused to homes and public infrastructure throughout the Gaza Strip, with many families losing their entire possessions.

The UNICEF quoted preliminary findings from the Palestinian Central Bureau of Statistics (PCBS) as saying that massive Israeli offensive on Gaza caused the complete destruction of over 4,000 residences and partial destruction of 17,000 buildings and housing units.

The PCBS also reported damage or destruction to 23 mosques, 25 schools, hospitals and universities, 31 security headquarters, 16 ministry buildings and 1,500 factories, workshops and other commercial establishments.

The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) reported that an estimated 90,000 people have been displaced, including up to 50,000 children, said the UNICEF.

At the height of hostilities, the UN aid agency for Palestinian refugees UNRWA was operating 50 emergency shelters for over 50,000displaced persons, while thousands of Gazans sought refuge with family members.

During the conflict, 50 UN buildings, one UN compound, one NGO installation, and four convoys sustained damage, according to the statement.

On December 27, 2008, Israel began its "Cast Lead" military operation against the Gaza Strip with intensive airstrikes on Hamas-ruled security and government installations and buildings.

On January 18, both Israel and Gaza militant groups declared a unilateral ceasefire, under which Israel stopped its offensive but kept its troops into the territory.