Israeli Economy Shrinks Most in at Least 45 Years After Lockdown
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Israel’s economy contracted the most since at least 1975 as a result of the Covid-19 pandemic and a near-total lockdown imposed by the government to bring the outbreak under control.
Gross domestic product shrank a seasonally adjusted, annualized 28.7% in the second quarter, according to the Central Bureau of Statistics, more than quadruple the drop in the previous three months and worse than the median estimate in a Bloomberg survey for a decline of 27.7%.
The disease’s spread and Israel’s containment measures hurt categories nearly across the board, with private consumption taking the biggest hit, data released on Sunday showed.
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