Israel Records 20% Drop In GDP, War In Gaza Is The Reason

It was the single worst quarter for the Israeli economy in terms of GDP per capita since the opening quarter of the Covid pandemic in early 2020.

Israel's GDP shrunk by almost one-fifth in the final quarter of 2023, compared to the three months prior, according to official figures published today.

The 19.4-per cent fall in the final quarter was attributed to the scale of the ongoing Gaza war's effect on the high-tech nation's economy.

Overall, Israel's GDP grew by 2.0 per cent in 2023, short of the 2.3 per cent projection made by the Bank of Israel after the war's outbreak in October, the Central Bureau of Statistics figures showed.