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Economic growth in Israel falls short of prospects amid sustained volatility
(MENAFN) Israel's Economy experienced slower-than-anticipated growth in the second quarter of 2024, marking a continuation of the economic volatility that has plagued the country since the onset of the Gaza conflict with Hamas last October. According to preliminary data from the Central Bureau of Statistics, the nation's gross domestic product (GDP) grew by only 1.2 percent year-on-year from April to June. This figure significantly lagged behind the 4.4 percent growth forecasted by a poll.
The decline in GDP per capita was notable, falling by 0.4 percent during the same period. Despite a 12 percent increase in consumer spending and an 8.2 percent rise in government expenditure, which helped drive overall growth, these gains were overshadowed by an 8.3 percent drop in exports.
Revised figures for the first quarter showed a substantial 17.3 percent year-on-year growth, up from an earlier estimate of 14.4 percent. This was a rebound from a severe 20.6 percent contraction recorded in the fourth quarter of 2023. The economic disruption follows a surprise attack by Hamas on southern Israel on October 7, which led to the ongoing conflict.
The decline in GDP per capita was notable, falling by 0.4 percent during the same period. Despite a 12 percent increase in consumer spending and an 8.2 percent rise in government expenditure, which helped drive overall growth, these gains were overshadowed by an 8.3 percent drop in exports.
Revised figures for the first quarter showed a substantial 17.3 percent year-on-year growth, up from an earlier estimate of 14.4 percent. This was a rebound from a severe 20.6 percent contraction recorded in the fourth quarter of 2023. The economic disruption follows a surprise attack by Hamas on southern Israel on October 7, which led to the ongoing conflict.
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