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December 17, 2020 10:08 am

Israel’s Economy is Expected to Contract by 4.2 Percent in 2020

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An outdoor shopping area is seen at the marina in Ashkelon, Israel, March 17, 2020. Photo: Reuters / Amir Cohen / File. – 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.

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