The Israeli economy contracted by 28.7% in the second quarter, its worst performance in 45 years

The Israeli economy recorded a contraction in the second quarter of the year, the largest since at least 1975, in light of the outbreak of the Coronavirus and the complete closure imposed by the government to control the outbreak of the virus.

According to the Central Bureau of Statistics data, reported by “Bloomberg” news agency, the seasonally adjusted GDP contracted by 28.7% in the second quarter, more than four times the contraction recorded in the previous three months.

The data showed that the spread of the virus and the measures taken to contain it caused damage in nearly all sectors, and that private consumption was the most affected.

The deterioration comes after a poor performance in the first quarter of the year, which recorded the first quarterly contraction since 2012, and saw its worst economic performance in at least 25 years.