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. Israel\'s gross domestic product fell 0.5%. That number is a far cry from the 6.4% increase seen in the year 2000. The shekel also lost 8.4% 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 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.