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Israeli economy shrank by 2.4% in 2020, better than OECD average

The Israeli economy shrank by 2.4 percent in 2020 due to the coronavirus pandemic, according to the Central Bureau of Statistics.

But the data is better than expected, with economic officials having expected it to contract by at least 3.3%. And it was far better than the 5.5% average contraction in OECD countries last year.

The Bank of Israel expects a comeback in 2021, with as much as 6.3% growth if the country’s vaccination drive is successful.

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