Pandemic-battered Israeli economy contracts 2.4% in 2020

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(The Times of Israel)

Central Bureau of Statistics data shows economy shrunk for the first time since marginal drop in 2002, but Jewish state’s performance better than expected, far ahead of OECD

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

The figures represent the first contraction of the economy over a year since a marginal drop in 2002, as increased unemployment and a likely rise in insolvencies after the latest national lockdown weigh on economic recovery.

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