Israel's Growth Sees Partial Recovery Amid Conflict

5/16/2024 12:15:13 PM

(MENAFN- IANS) Jerusalem, May 16 (IANS) Growth data released on Thursday by Israel's Central Bureau of Statistics indicated a partial recovery of the country's Economy after a sharp contraction in last year's fourth quarter when the Israel-Palestine conflict broke out.

Israel's GDP rose in the first quarter by 14.1 per cent annually compared to a sharp decline of 21.7 per cent recorded in the fourth quarter of last year, Xinhua News Agency reported.

But the figure was still a 1.4-percent decrease compared to the first quarter in the same period last year.

The bureau explained that there was a significant rise in private consumption and investment in fixed assets after the fourth quarter, but the figures are still affected by the security situation and have not returned to the pre-conflict level.

Private consumption spending in Israel increased by 26.3 percent in the first quarter, following a 27.2 percent decrease in the fourth quarter, the data showed.

A change in trend was also recorded in the import of goods and services, increasing in the first quarter by 32.7 percent mainly due to defense imports, after a decrease of 33.2 percent in the fourth quarter.

Israeli exports of goods and services, excluding diamonds and start-up companies, decreased in the first quarter by 10.4 percent, following a 22.7 percent decrease in the fourth quarter.

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