Israel\'s Central Bureau of Statistics yesterday released preliminary economic figures for the year 2001. According to the report, the year 2001 was the worst year economically for Israel since 1953. 2001 saw Israel\'s growth domestic product drop 0.5%. That number is a far cry from the 6.4% increase seen in the year 2000. Also during the year the shekel lost 8.4% value against the dollar closing out yesterday at 4.416.
Most Israeli sectors were hit hard by this year\'s recession, especially the tourism industry. Economists say that there was a 50% drop in tourism, largely due to the Oslo war. In addition the construction industry suffered a 10.5% decline. On the other hand, there was a 3% increase in public and private spending possibly due to a high population growth. Most economists are not painting an optimistic picture for the first half of 2002.
Most Israeli sectors were hit hard by this year\'s recession, especially the tourism industry. Economists say that there was a 50% drop in tourism, largely due to the Oslo war. In addition the construction industry suffered a 10.5% decline. On the other hand, there was a 3% increase in public and private spending possibly due to a high population growth. Most economists are not painting an optimistic picture for the first half of 2002.