Israel’s GDP contracted by 28.7%, on an annualized basis, in the second quarter of 2020, according to the third and revised estimate of the Central Bureau of Statistics, following a 8.1% contraction in the first quarter due to the Covid-19 crisis. The second quarter figure is the worst quarterly fall in GDP since the establishment of the State in 1948 and reflects the results of the first lockdown from March 17 to April 20.
After seasonal adjustments, the Central Bureau of Statistics estimates that the Israeli economy has regressed to the same level as the fourth quarter of 2016.
In the first half of 2020, the Israeli economy shrank by 10.1% on an annualized basis after growing 3.4% in the second half of 2019.
Published by Globes, Israel business news – en.globes.co.il – on October 18, 2020
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