Israel economy battered by ongoing war: report

Israel’s credit rating has fallen on the back of weakened growth and a burgeoning deficit as a result of the country’s wars waged against Hamas and Hezbollah.

News ID: 5302

Date: 24 October 2024 - 12:00

TABNAK, Oct, 24: The deficit stood at 8.5% of GDP in September, further beyond Tel Aviv’s target of 6.6%, although Israel’s finance ministry insists the deficit will be cut to 7.2% of GDP by the end of this year, according to the Maariv newspaper.

GDP growth dropped to a sluggish 0.3% in Q2, causing three major international credit rating agencies to devalue Israel’s economy.

The total death toll from the Israeli war on Gaza has exceeded 42,718 since the start of the war on October 7, 2023, according to the Health Ministry in Gaza.

MNA