Newsletter
Newsletter Support JNS

Israel’s economy is expected to contract by 4.2 percent in 2020

Still, the situation has fared better than many other countries in part because of the strong performance of the high-tech sector.

The Bilu Center Mall in Kiryat Ekron near Rehovot, Israel, during a nationwide COVID-19 lockdown, Sept. 21, 2020. Photo by Yossi Aloni/Flash90.
The Bilu Center Mall in Kiryat Ekron near Rehovot, Israel, during a nationwide COVID-19 lockdown, Sept. 21, 2020. Photo by Yossi Aloni/Flash90.

Israel’s economy contracted by 2.8 percent in the first nine months of 2020 as a result of the ongoing coronavirus pandemic and ensuing government-instituted lockdowns.

That figure, according to the Central Bureau of Statistics, compares to 2019, reported the Israeli business daily Globes on Wednesday.

Israel’s Ministry of Finance noted that the economy is expected to contract by 4.2 percent overall this year, which is better than a previous estimate of 4.8 percent.

Consumption spiked by 42.3 percent in the third quarter, and exports rose 41.6 percent compared to the previous quarter.

The economic situation has fared better than many other countries in part because of the strong performance of the high-tech sector.

The Centre for Israel and Jewish Affairs, the advocacy agent of the Jewish Federations of Canada-UIA, said that it was “left with a deep sense of sadness.”
Prime Minister’s Office announced effort to allow Christians access to places of worship on Easter despite emergency measures due to Iran war.
Israeli premier aims to prevent attacks and push the Hezbollah threat farther from northern border amid ongoing multi-front war.
Interior minister cites suspected tie to U.S.-Israel operation as arrests point to recruitment network targeting Jewish and Western sites.
The Israeli foreign minister calls Venezuela’s approval of suspect’s extradition a “significant breakthrough” in 1994 airliner bombing case.
Some 3,500 sailors and Marines reach the Middle East, with additional forces on the way. The number could reach 10,000 troops.