Gaza War Hits Growth: Israeli GDP Contracted by 19.4% in Last Quarter 2023

Haaretz | Feb. 20, 2024

Israelis sharply curtailed spending, travelling and investing at the end of 2023 as Israel’s all-out war on Palestinian Hamas militants in Gaza exacted a heavy toll on the economy, data released on Monday showed.

The war had stopped economic growth in its tracks, especially with a massive call-up of reserves and tens of thousands displaced from border communities near Gaza and Lebanon due to constant rocket attacks from Hamas and Hezbollah.
The $500 billion economy contracted an annual 19.4 percent in the fourth quarter from the prior three months, the Central Bureau of Statistics said in an initial estimate of gross domestic product that was double the rate expected in a Reuters consensus.

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