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Published on 18/10/2020 4:50:11 PM | Source: Reuters

Israel second-quarter GDP revised slightly up to -28.8% as COVID-19 slams economy

Posted in Top Stories| #World Market #GDP

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JERUSALEM  - Israel's economy shrank by an annualised 28.8% in the second quarter from the prior three months, the Central Bureau of Statistics said on Sunday in its third estimate that was slightly better than a 29.0% decline in its previous one.

The coronavirus pandemic badly damaged consumer spending (-44.0%), trade (-27.9%) and investment (-30.3%), although the gross domestic product drop in the April-June period was partly offset by a 26% gain in government spending.

A contraction of as much as 7% is projected in 2020, which would be its worst ever annual performance.

GDP declined 6.7% in the first quarter.

 

(Reporting by Steven Scheer; Editing by Tova Cohen)