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10 MAY 27, 2021
JEWISH EXPONENT
ISRAELBRIEFS Israel’s Q1 GDP Unexpectedly Shrinks 6.5%
DESPITE FORECASTS calling for growth of 3.2% in 2021’s fi rst
quarter, Israel’s gross domestic product, or GDP, contracted by
6.5% on an annualized basis, Globes reported, citing estimates
by the Central Bureau of Statistics.

Th e decline was attributed to the impact of the country’s
third pandemic lockdown from late December into February,
and a drop in car imports. Excluding the decline in car imports
because of taxation changes, GDP was down 2.5%.

Private consumption declined by 3.2% on an annualized basis,
although excluding the drop in durable goods consumption, private
consumption grew 7.2%.

“In our estimation, the contraction in the fi rst quarter is not
indicative of an expected trend in the rest of the year, and we
expect a substantial acceleration in growth in the second quarter
and throughout 2021,” Mizrahi Tefahot Bank Chief strategist Modi
Shafrir said.

EL Al to Cut 1,900 Jobs
El Al Israel Airlines said on May 20 it was trimming 1,900 jobs
— about a third of its staff — as part of its plan to recover from
COVID-19’s impact, Th e Jerusalem Post reported.

El Al reported an $86 million loss from January through
March, despite other cost-cutting measures, compared to a loss
of $140 million in the same period in 2020. Revenue fell 64% to
$117 million, while expenses declined 54%.

El Al, which is under new ownership and management, has lost
money for three years and accumulated debt by renewing its fl eet.

Despite the fi ghting between Israel and Hamas, El Al was one of
a few airlines that didn’t suspend its fl ights into and out of Israel.

Earlier in May, the Israeli government approved a bailout for
El Al that includes the state covering $210 million in security
costs. Th e airline raised $83 million in the quarter by selling
options and plans to issue $105 million in shares by July.

Students Expose Fake Israel-Gaza News, Anti-Israel
Propaganda Found on Social Media
About 180 Israeli students at the Interdisciplinary Center in Herzliya
are monitoring social media to sniff out fake news and anti-Israel
propaganda while also advancing Israel’s point of view about the
confl ict between Israel and Hamas, Th e Times of Israel reported.

Volunteers look for falsehoods and present facts, with the
center estimating that their messages have been seen by more
than 2 million internet users.

Aside from rooting out false news, students succeeded in
blocking the Twitter account of a Gaza terror group senior
member, who was inciting violence against Israel.

Th e program began spontaneously during the 2012 Israel-
Gaza war and returned in 2014 for Operation Protective Edge.

Google Pay to Follow Apple Pay into Israel
Google is accelerating plans to launch its digital wallet service
Google Pay in Israel aft er Apple Pay began service in the country
two weeks ago, Th e Jerusalem Post reported.

Google planned to launch the service by year’s end, but appar-
ently is moving the start date into the third quarter aft er nearly
200,000 Israelis began using Apple Pay within its fi rst weeks.

Credit card machines at most Israeli businesses have, since
November, used the EMV standard, which allows for contactless
transactions by cellphones and smartwatches. ●
— Compiled by Andy Gotlieb
JEWISHEXPONENT.COM