Gross domestic product (GDP) plunged 19.4% on an annualized basis compared with the July-to-September quarter, when it grew by a revised 1.8%, Israel’s Central Bureau of Statistics said Monday in its initial estimate. Last year, Israel’s economy grew 2%, according to the statistics office. The benchmark Tel Aviv 125 Index — which comprises the 125 most valuable companies on the Tel Aviv Stock Exchange and is seen as a barometer for Israel’s economy — gained 0.6% in mid-afternoon trade. ‘Resilient’ tech sectorBefore the war broke out, Israel’s economy was on a relatively solid footing, logging growth of 6.5% in 2022. The tech industry accounts for 18% of Israel’s GDP, about half the country’s exports and 30% of tax revenue, making its prosperity crucial to Israel’s economy.

Source: CNN February 19, 2024 12:02 UTC