Israel’s virus-battered economy sees sharpest contraction in 45 years
(Worthy News) – Surpassing the most dire economic forecasts on the effects of the coronavirus pandemic, Israel’s gross domestic product plunged by 28.9 percent in the second quarter of 2020, as compared to the first quarter, in the worst economic downturn in over 40 years, according to an official estimate Sunday.
The projections by the Central Bureau of Statistics, which will likely be slightly adjusted over time, came as Prime Minister Benjamin Netanyahu announced the government would inject billions more into the economy to create jobs and bail out hotels.
The CBS figures also indicated that Israeli GDP slid by 7.8% compared to the second quarter of 2019. Private consumption shrunk by over 43%, due to the lockdown measures imposed throughout March and April, and imports dipped by over 41% as a result of the virus, the CBS said. [ Source: Times of Israel (Read More…) ]
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