Israel's economy contracted by 6.8% in Q1

Carmel Market Tel Aviv  / Photo: Cadya Levy, Globes

This figure is an improvement on the Central Bureau of Statistics first estimate of 7.1%.

Israel’s economy contracted by 6.8% on an annualized basis in the first quarter of 2020, the Central Bureau of Statistics has reported in its second estimate. This figure is an improvement on the Central Bureau of Statistics first estimate of 7.1% but is still the worst figure since the data was first calculated in 1995.

Bearing in mind that the Israeli government only went into lockdown in mid-March, the second quarter growth figures are likely to be even worse.

The Bank of Israel forecasts that Israel's economy will shrink by 4.5% this year but the OECD is more pessimistic and predicts a contraction of 6.2%.

Published by Globes, Israel business news - en.globes.co.il - on June 16, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Carmel Market Tel Aviv  / Photo: Cadya Levy, Globes
Carmel Market Tel Aviv / Photo: Cadya Levy, Globes
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