Israeli economy contracted by an annualized 21% in the fourth quarter of 2023, according to the 3rd estimate, slightly higher than the previous estimate of a 20.7% plunge, and following a downwardly revised 1.4% expansion in Q3. This marks the deepest downturn since the second quarter of 2020, as the war with Hamas took a heavy toll on the economy, leading to the mobilization of reservists, restrictions on the entry of Palestinian workers, population displacement, and the collapse of the tourism industry. Private consumption slumped (-26.9% vs 1.1% in Q3) and investment tumbled (-67.9% vs -1.1%). Meanwhile government spending surged (83.7% vs 7.4%) mainly due to war expenses and compensation provided to businesses and households affected by the conflict. The economy grew 2% in 2023, matching the initial estimate and compared with 6.5% in 2022. Before the 7 October attacks, it had been expected to expand by 3.5%. source: Central Bureau of Statistics, Israel
GDP Growth Annualized in Israel decreased to -21 percent in the fourth quarter of 2023 from 1.40 percent in the third quarter of 2023. GDP Growth Annualized in Israel averaged 3.94 percent from 1995 until 2023, reaching an all time high of 40.40 percent in the third quarter of 2020 and a record low of -30.70 percent in the second quarter of 2020. This page provides the latest reported value for - Israel GDP Growth Annualized - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Israel GDP Growth Annualized - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.
GDP Growth Annualized in Israel decreased to -21 percent in the fourth quarter of 2023 from 1.40 percent in the third quarter of 2023. GDP Growth Annualized in Israel is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.