TEL AVIV: Israel’s economy grew less than expected in the fourth quarter of 2024, with the war in Gaza against Palestinian Islamist group Hamas taking its toll.
The Central Bureau of Statistics said in an initial estimateon Monday that gross domestic product grew by an annualised 1.0% in the October to December period, below a 5.7% consensus in a Reuters poll. On a per capita basis, GDP gained 1.5% in the quarter.
For all of 2024, Israel’s economy grew 1.0%, or -0.3% per capita, versus 1.8% in 2023.
The war in Gaza broke out after Hamas’ cross-border attack on southern Israel in October 2023. A ceasefire came into effect on January 19 this year. The war expanded to battling Hezbollah in Lebanon but a ceasefire there was reached on November 27.
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