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.
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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.
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