The Israeli economy showed a significant collapse for the first time in 25 years

On the background of the pandemic collapsed consumer spending and business investment. Also reduced the export and import.

In January-March Israel’s economy fell by 7.1% in annual terms against the background of the pandemic coronavirus COVID-19. This is evidenced by the official data, Interfax reported.

It is noted that this is the first decline in the last eight years and the most significant since 1995, said Trading Economics.

Consumer spending fell by 20.3%, business investments – 17.3%, government spending by 10.3%. The volume of exports decreased by 5.9%, imports – by 27.5%.

In quarterly terms, the decline in GDP in January-March amounted to 1.8%.

In the fourth quarter of 2019, the Israeli economy grew by 4.6% yoy and 1.1% for the quarter.

Recall. recently, Israel approved the new composition of the government. It includes two Prime Ministers, Benjamin Netanyahu and benny Gantz.

It became known that the Prime Minister of Israel Benjamin Netanyahu will be tried on charges of corruption.

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