Israel's war on Gaza took a larger toll on its economic growth in the final three months of the last year than previously thought, according to data disclosed on Tuesday.

The economy contracted an annualized 21.0% in the fourth quarter over the third quarter, the Central Bureau of Statistics said on Tuesday in its third estimate. It followed a 19.4% decline in its preliminary estimate that was revised to a 20.7% contraction last month.

The revised fourth quarter figure stems from steeper declines in exports, private spending and investment in fixed assets, while government spending is shown to have risen.

War on Gaza has raged since Hamas' Oct. 7 cross-border attack on southern Israel and led to steep declines in the fourth quarter in exports (-22.5%), private spending (-26.9%), investment in fixed assets (-67.9%) and imports (-42.4%).

Government spending, though, jumped 83.7%.

On Monday, the bureau reported that the annual inflation rate rose more than expected, 2.7% in March, from 2.5% in February.