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Gaza War Causes 20% GDP Drop in Israel

 

Jerusalem: Israel's GDP contracted by almost 20% in Q4 2023, primarily due to the impact of the ongoing Gaza war, according to official figures. The 19.4% decline was the steepest in GDP per capita since Q1 2020, amid the early stages of the Covid pandemic. The Central Bureau of Statistics revealed that overall GDP growth in 2023 was 2.0%, falling short of the Bank of Israel's 2.3% projection made after the war's outbreak in October.

The war significantly influenced trade, with a notable 18.3% drop in exports and a substantial 42.4% decrease in imports. The decline was fueled by disruptions in international transportation, as airlines terminated flights and shipping avoided the Red Sea following Houthi rebel attacks on vessels amid Israel's conflict with Hamas.

Hamas's October 7 attack on southern Israel resulted in approximately 1,160 deaths, mostly civilians. Israel's offensive in Gaza claimed over 29,000 lives, predominantly women and children, according to the health ministry in the Hamas-run territory. The country experienced severe labor shortages and a tourism industry collapse since the war's outbreak.

In response to the October 7 attack, Israel mobilized over 300,000 reservists and barred the entry of at least 160,000 Palestinian laborers, a significant part of the construction and agriculture workforce.

Feb. 20, 2024 11:57 a.m. 2418

#breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #IsraelEconomy #GazaWarImpact #GDPContractions #CovidPandemicRecovery #TradeDisruptions #TourismCollapse #LaborShortages #HamasConflict #RedSeaShipping #InternationalRelations

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