Posted on 02/16/21
| News Source: i24
However, the contraction is one of the lowest on average for OECD countries, which stands at around 5.5%
Israel's Central Bureau of Statistics said on Tuesday that the country's economy in 2020 shrank by 2.4 percent mostly due to the coronavirus pandemic.
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The decrease, which was less dire than an original estimate between 3.3% and 3.7% offered at the beginning of the health crisis, marks the first time Israel's economy has contracted since 2002.
However, the contraction is one of the lowest on average for OECD countries, which stands at around 5.5%.
According to the Bank of Israel, steady economic growth should pick up again in 2021 if the pace of the coronavirus vaccination campaign is maintained, with an estimate of + 6.3%. Read more at i24