The revised estimate released by the Central Bureau of Statistics today showed the economy shrinking faster than initially calculated.
According to the second estimate released by the Central Bureau of Statistics today, Israel's GDP shrank by 1.9% on an annualized basis in the first quarter of 2022. This is even worse that the first estimate, which indicated that GDP contracted by 1.6% in the first quarter, on an annualized basis.
The contraction of the economy in the first quarter of 2022 comes after an annualized growth rate of no less than 15.6% in the fourth quarter of 2021 as Israel exited from the Covid pandemic. The economy actually grew 8.9% between the first quarter of 2021 and the first quarter of 2022.
GDP per capita fell by an annualized 3.5% in the first quarter of 2022, a sharper fall than the 3.2% found by the first estimate. The decline came after an exceptional jump in the previous quarter. Private consumption fell 1.5%, more than double the first estimate which was 0.7%, after rising 18.2% in the previous quarter.
Published by Globes, Israel business news - en.globes.co.il - on June 16, 2022.
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