Israel’s gross domestic product shrank by nearly 20% in the fourth quarter of 2023, significantly larger than expected, reflecting the toll of the ongoing war with Hamas in Gaza. The economic data pointed to a contraction in private sector consumption and a deep decline in investment, especially in real estate. Despite a surge in public sector consumption and positive net trade contribution, with imports falling more than exports, the figures showcased the impact of the conflict on the economy. The quarter saw a 26.9% decrease in private consumption and a nearly 68% drop in fixed investment, mainly in residential construction due to a scarcity of workers from both Israel and Palestine. The situation has been exacerbated by restrictions on Palestinian workers entering Israel, affecting sectors such as construction and agriculture that heavily rely on their labor. The war’s economic repercussions are becoming increasingly evident as various sectors bear the brunt of the prolonged conflict.
Israel GDP Shrinks 20% in Q4 2023 amid Gaza Conflict
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