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.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-03-10 11:00 AM GDP Growth Annualized 2nd Est Q4 -20.7% 1.4% -19.4%
2024-04-16 10:00 AM GDP Growth Annualized 3rd Est Q4 -21% 1.4% -20.7% -20.7%
2024-05-16 10:00 AM GDP Growth Annualized 1st Est Q1 -21%


Related Last Previous Unit Reference
Full Year GDP Growth 1.84 6.50 percent Dec 2023
GDP Annual Growth Rate -4.00 3.40 percent Dec 2023
GDP Constant Prices 389067.30 412156.20 ILS Million Dec 2023
GDP from Agriculture 4358.80 4253.80 ILS Million Sep 2023
GDP from Construction 21475.00 20658.50 ILS Million Sep 2023
GDP from Public Administration 63788.80 55886.90 ILS Million Dec 2023
GDP from Transport 11958.90 11831.80 ILS Million Sep 2023
GDP from Utilities 7180.80 6302.50 ILS Million Sep 2023
GDP Growth Annualized -21.00 1.40 percent Dec 2023
GDP Growth Rate -5.62 0.45 percent Dec 2023
Gross Fixed Capital Formation 76197.00 101639.00 ILS Million Dec 2023
Gross National Product 472747.10 478871.00 ILS Million Dec 2023

Israel GDP Growth Annualized
GDP Annualized Growth Rate shows the gdp growth that would be registered if the quarter-on-quarter rate of change were maintained for a full year.
Actual Previous Highest Lowest Dates Unit Frequency
-21.00 1.40 40.40 -30.70 1995 - 2023 percent Quarterly
SA

News Stream
Israel's Q4 GDP Contraction Revised Higher
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%.
2024-04-16
Israel Economy Shrinks More Than Expected
The Israeli economy contracted by an annualized 20.7% in the fourth quarter of 2023, compared with the initial estimate of a 19.4% plunge and following a downwardly revised 1.4% rise in Q3, the second estimate showed. 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 27.3% (vs 1% in Q3) and investment tumbled 68.4% (vs -1.9%). At the same time, imports slipped by 42.4% and exports dropped by 19.8%. Meanwhile, government spending surged by 83.7% 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%.
2024-03-10
Israel's Economy Contracts More than Expected in Q4
The economy of Israel dived an annualized 19.4% in the fourth quarter of 2023, following a downwardly revised 1.8% rise in Q3, and far worse than market estimates of a 10% slump. It marks the steepest contraction since Q2 2020, largely attributed to the ongoing conflict with Hamas that began on October 7th 2023. In particular, business activity suffered severe disruptions due to the internal displacement of citizens and the military mobilization, and restrictions on the entry of Palestinian workers to Israel. Private consumption shrank by 26.9%, investment crashed by 67.8%, exports declined by 18.3% and imports slipped by 42%. On the other hand, government spending jumped by 88.1%, mainly on war expenses. For the entire year of 2023, the GDP grew by 2%, compared to 6.5% in 2022.
2024-02-19