• Israelis sharply curtailed spending, travelling and investing at the end of 2023 as Israel’s all-out war on Palestinian Hamas militants in Gaza exacted a heavy toll on the economy, data released on Monday showed.
  • The war had stopped economic growth in its tracks, especially with a massive call-up of reserves and tens of thousands displaced from border towns near Gaza and Lebanon due to constant rocket attacks from Hamas and Hezbollah.
  • The $500 billion economy contracted an annual 19.4% in the fourth quarter from the prior three months, the Central Bureau of Statistics said in an initial estimate of gross domestic product that was double the rate expected in a Reuters consensus.