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Business International Middle East

Israel Q2 GDP revised upwards as economy rebounds from COVID

israel economy gdp

Israel’s economy grew faster than previously estimated in the second quarter, bouncing back strongly after most COVID-19 related restrictions were lifted.

Gross domestic product grew 16.6 per cent at an annual rate from the prior three quarters, up from a preliminary estimate of 15.4 per cent growth, the Central Bureau of Statistics said on Tuesday.

First-quarter GDP was unrevised at a 1.4 per cent contraction. COVID restrictions started to ease towards the end of March.

Growth in the April-June period was driven by a 39.2 per cent jump in consumer spending, a 19.8 per cent gain in exports and a 13.2 per cent increase in investment in fixed assets — numbers that were revised higher from initial estimates a month ago.

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