Israel's war against Gaza has taken a larger toll on economic growth in the final three months of 2023 than previously thought.

The Israeli Central Bureau of Statistics said on Tuesday that gross domestic product decreased an annualized 21.0% in the fourth quarter over the third quarter, decreasing 5.7% at a quarterly rate, according to the Jerusalem Post.

This third estimate followed a 19.4% decline in its preliminary estimate, which was revised to a 20.7% contraction last month.

CBS said the fourth-quarter market contraction was directly impacted by the outbreak of the Gaza war.