Israel economy shrinks 3.3% due to war with Iran

Official Israeli data revealed that the Israeli economy contracted by 3.3 percent year-on-year during the first quarter of 2026, impacted by the repercussions of the ongoing war with Iran. According to a report published Sunday by the Israeli economic website Globes, the Israeli Central Bureau of Statistics stated that the Israeli economy experienced a 3.3 percent annual contraction during the first quarter of this year. The website explained that this sharp decline ended a period of growth that had lasted for two consecutive quarters, indicating that the war with Iran was the primary cause of the recorded economic downturn. The data showed that the GDP per capita decreased by 4.5 percent annually compared to the last quarter of 2025, which […]