JERUSALEM (Reuters) - Israel’s economy shrank by an annualised 28.8% in the second quarter from the prior three months, the Central Bureau of Statistics said on Sunday in its third estimate that was slightly better than a 29.0% decline in its previous one.
The coronavirus pandemic badly damaged consumer spending (-44.0%), trade (-27.9%) and investment (-30.3%), although the gross domestic product drop in the April-June period was partly offset by a 26% gain in government spending.
A contraction of as much as 7% is projected in 2020, which would be its worst ever annual performance.
GDP declined 6.7% in the first quarter.
Reporting by Steven Scheer; Editing by Tova Cohen
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