Indicators
Israel’s Economy Slumps More Than Expected in the First Quarter
The war with Iran had an impact both on private and public consumption, which dropped by 4.7% and 4.8% respectively.
Photographer: Kobi Wolf/BloombergIsrael’s economy slumped in the first quarter of the year when the fallout of the war with Iran imposed security-related shutdowns on businesses for more than a month.
Gross domestic product contracted 3.3% in annualized and seasonally adjusted terms, Israel’s statistics bureau said on Sunday, deeper than expected. The median of a Bloomberg survey of seven economists suggested a 2% drop in the first three months. Israel’s finance ministry estimated a 9.5% drop in annual terms.