April 13, 2024

Brighton Journal

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Israel's GDP shrinks by about 20% in the fourth quarter amid the Gaza war

Israel's GDP shrinks by about 20% in the fourth quarter amid the Gaza war

An Israeli national flag above a product for sale at the Carmel Market in Tel Aviv, Israel, on November 7, 2023.

Bloomberg | Bloomberg | Getty Images

Israel's gross domestic product shrank by about 20% in the fourth quarter of 2023, according to official figures.

The contraction was much larger than expected, with analysts expecting a contraction of about 10%. It reflects the toll the country is waging against Hamas in Gaza, which is now entering its fifth month.