Israel‘s economy has contracted sharply after the start of the war with Hamas, marking the first economic downturn for the country in two years.
When annualized, Israel’s gross domestic product nosedived by 19.4% in the fourth quarter, according to a statement from the country’s Central Bureau of Statistics on Monday. This is compared to 1.8% growth in the third quarter from July to September.
Goldman Sachs Group Inc. economists Tadas Gedminas and Kevin Daly said in a report that the release from the Israeli government “highlights the degree to which Israel’s economy has been affected by the conflict.”
The Israeli economy, worth approximately $520 billion, has been struck hard after the Oct. 7 surprise attack from Hamas, which led to the deaths of 1,200 civilians and the abduction of approximately another
Read more…
