Israel’s economy grew at a faster pace in the July to September period, preliminary data by the Central Bureau of Statistics shows.
Gross domestic product grew at an annualized 3.8 percent in the July to September period, according to an initial estimate by the statistics bureau after expanding at a mere 0.3% in the previous three months. Business growth increased 5.4% during the third quarter.
Consumer spending, one of the main drivers of economic activity, increased 8.6% in the third quarter, and investment in fixed assets soared 21.8%, while exports of goods and services rose 5.2%. Meanwhile, government spending dropped 10.8%.
The economy bounced back at the start of the year, following a 20.8% contraction in the last quarter of 2023, as the outbreak of war against Hamas in Gaza on October 7 last year sharply curtailed consumer spending, trade and investment.
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Sunday, November 17, 2024
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