Israel’s economy shrank almost 20 per cent in annualised terms in the final quarter of 2023, official data showed, as it poured resources into its conflict against Hamas in Gaza.
The sharp drop in gross domestic product, which was far steeper than analysts had forecast, came as hundreds of thousands of Israeli reservists were mobilised to fight in the aftermath of Hamas’s attack on October 7.
GDP declined by an annualised 19.4 per cent compared with the third quarter. On a pure quarter-by-quarter basis, the economy contracted 5.2 per cent compared with the previous three months.
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