The Israeli economy contracted by 1.1 per cent in 2002, according to official figures, and the statistics bureau forecasts a further contraction of 0.5 per cent in 2003. In 2000, the economy grew 6 per cent, before being hit by the Palestinian intifada and the collapse of technology shares. Israel is currently seeking an aid package worth billions of dollars from the US to help ease its economic woes.
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