Israel among least Covid-19 damaged OECD economies

Seven Stars Mall Herzliya / Photo: Cadya Levy, Globes

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Only Ireland and Norway fared better than Israel between the third quarter of 2020 and the third quarter of 2019.

Israel's Gross Domestic Product (GDP) grew by 39.7% in the third quarter of 2020, on an annualized basis, according to the third and final estimate by the Central Bureau of Statistics. The latest revision of figures means that the economy shrank by 2.9% in the first three quarters of 2020, compared with the corresponding period of 2019.

Israel's economy shrank 1.1% in the third quarter of 2020 compared with the third quarter of 2019. This means that Israel's economy was one of the least damaged during the Covid-19 pandemic compared with other OECD countries. Only Ireland and Norway fared during the past year, growing 8.1% and shrinking 0.1% respectively. Israel and South Korea both shrank by 1.1%, Sweden by 2.7%, the US by 2.8% and the UK by 8.6%.

Published by Globes, Israel business news - en.globes.co.il - on January 17, 2021