From the Liveblog of
Sunday, August 18, 2024
Israel’s economic growth stifled amid war against Hamas, data shows
Sharon Wrobel is a tech reporter for The Times of Israel
Israel’s economy grew at a slower pace in the second quarter of the year as the months-long war with the Hamas terror group continues to take a heavy toll on national output, preliminary data by the Central Bureau of Statistics shows.
Gross domestic product (GDP) grew at an annualized 1.2 percent in the April to June period from the previous three months, according to an initial estimate by the statistics bureau.
The economy bounced back at the start of the year, growing by an annualized 17.3% in the first three months of the year following a 20.6% contraction in the last quarter of 2023, as the outbreak of war with Hamas in Gaza on October 7 sharply curtailed consumer spending, trade, and investment.
The Times of Israel Community.