The war in Gaza and its severe effects on Israel's economy

image source, Good pictures

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A drop in GDP occurs at a time when about 250,000 men are called up to fight in the war.

  • author, Fernanda Ball
  • stock, BBC News World

Gaza war takes a toll on Israel's economy.

Economic output shrank sharply in the final months of 2023, according to official figures released by the country's Central Statistics Office on February 19.

Gross Domestic Product (GDP) – a key indicator of a country's wealth – fell 19.4% YoY in the fourth quarter of last yearWhen the conflict with Hamas began.

The figure surprised analysts, who promised the results were “much worse” than expected. In fact, the average estimate of a panel of Bloomberg experts did not exceed a 10.5% year-over-year decline.

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