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Israel’s Gross Domestic Product (GDP)  contracted by only 2.4% in 2020, less than initially feared, the Central Bureau of Statistics announced Tuesday.

The contraction of Israel’s economy is the outcome of the Coronavirus (COVID-19) pandemic that wreaked havoc on the global economy,

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The Fitch Ratings agency projected in January a 3.9% contraction of the Israeli GDP in 2020, followed by a growth of 5.4% in 2021 and 4% in 2022.

The OECD estimates that the average contraction in GDP in developed countries will reach 5.9% in 2020, placing Israel in a good place.

The United Kingdom’s economy contracted sharply by 9.9% in 2020.

Israel Minister of Finance Yisrael Katz stated that this number is “another proof of the strength of the Israeli economy.”

The 2.4% shrink is “a good figure compared to earlier forecasts, and relative to the growth figures of most OECD countries. We will continue to march the Israeli economy forward with determination and responsibility,” he stated.

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