Israel GDP growth slowed in Q3, even before the war

Growth Photo: Shutterstock
Growth Photo: Shutterstock

The Israeli economy grew by 2.8% in the third quarter, after growing 3% in the second quarter and 4.2% in the first quarter.

Israel’s gross domestic product (GDP) grew at an annual rate of 2.8% in the third quarter of this year, the Central Bureau of Statistics reported today in its initial estimate. Israel's economy grew by 3% in the second quarter of 2023 and 4.2% in the first quarter after growing 6.5% in 2022. However, the economy is expected to contract in the fourth quarter due to the war against Hamas, which began on October 7.

The third quarter figure reflects a slowing down of the economy even before the war began. Business GDP grew by 2.9% in the third quarter while private consumer spending grew by only 1.8%. Investment in fixed assets rose by 1.2%. Exports of goods and services rose 8.8% and public spending rose by 5.9%.

Published by Globes, Israel business news - en.globes.co.il - on November 16, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Growth Photo: Shutterstock
Growth Photo: Shutterstock
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018