Israeli attacks have killed more than 29,000 people, according to the Hamas-run health ministry.document
Jerusalem:
Israel’s GDP shrank by nearly a fifth in the final quarter of 2023 compared with the previous three months, according to official data released today.
The 19.4% drop in the final quarter was attributed to the impact of the ongoing war in Gaza on the high-tech country’s economy.
Overall, Israel’s GDP will grow by 2.0% in 2023, Central Bureau of Statistics data shows, lower than the 2.3% forecast by the Bank of Israel after the war broke out in October.
In terms of GDP per capita, this is the worst quarter for the Israeli economy since the first quarter of the pandemic in early 2020.
Exports fell 18.3% and imports fell 42.4%, in part because airlines halted flights and international shipping avoided the Red Sea after Houthi rebels began attacking ships due to Israel’s war with Hamas.
According to an AFP tally of official Israeli data, Hamas launched an attack on southern Israel on October 7, killing about 1,160 people in Israel, most of them civilians.
Israeli attacks on Gaza have killed more than 29,000 people, mostly women and children, according to the health ministry in the Hamas-controlled Gaza Strip.
Since the outbreak of the war, the country has experienced massive labor shortages and a collapse in tourism.
In the days after October 7, the Israeli military called up more than 300,000 reservists, and the government immediately banned the entry of at least 160,000 Palestinian laborers, who make up a significant portion of the construction and agricultural workforce.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
