Israel’s GDP Shrinks 7.1 Percent In Q1, Sharpest Drop In 20 Years
JERUSALEM, May 26 (NNN-MA’AN) – Israel’s GDP contracted by annualised 7.1 percent, in the first quarter of 2020, compared to the fourth quarter of 2019, according to a report released by the state’s Central Bureau of Statistics on Monday.
This decline, sharpest in the last 20 years, is mainly due to the effects of the COVID-19 pandemic. In addition, a sharp decrease in passenger car imports intensified the GDP sharp fall.