Israeli GDP shrinks 28.7% in Q2, sharpest drop in 40 yrs

Israel’s GDP contracted by 28.7 per cent in the second quarter of 2020 compared to the first quarter of the year, the sharpest decline in 40 years, according to a report released by Central Bureau of Statistics.

The decline was mainly due to the effects of the coronavirus pandemic and the steps taken by the government to stop the spread of the virus, Xinhua news agency quoted the Bureau as saying on Sunday.

This figure means an 8.1 per cent damage to the GDP on a quarterly basis, far more severe than the estimates of the Israeli government.

According to the report, a sharp decline of an annualized 43.4 per cent was recorded in private consumption expenditure in the second quarter, while private consumption per capita fell by 44.2 per cent.

A significant 41.7 per cent drop in imports of goods and services was seen in the second quarter, while goods and services exports fell by 29.2 per cent.

As of Monday, the total number of coronavirus cases in Israel stood at 92,680, while the death toll increased to 685.

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