Israel's GDP fell almost 20 per cent due to war

Tel Aviv [Israel], February 20 (ANI/TPS): Israel's economy plummeted in the last quarter of 2023. The October 7 massacre and the war in Gaza came just seven days into the quarter.
Israel's Central Bureau of Statistics reported that in the fourth quarter (Q4) of 2023, the country's GDP (gross domestic product or per capita income), fell by 19.4 per cent compared with the end of the third quarter.
Q4 2023 saw private consumption fall by 27 per cent and public consumption fell by almost 90 per cent in the quarter.
The level of investment in Q4 2023 fell by 70 per cent.
Israel's economy - the GNP or gross national product - grew by 2 per cent in 2023. The increase in GNP is small, and is much smaller than the 6.2 per cent Israel saw in 2022. That figure, however, was high due to a spurt in growth resulting from coming out of the Covid crisis. (ANI/TPS)