Israel's economy rebounds after decline at start of Gaza war, grows 14.1% in 2024 Q1

Israel’s economy recovered sharply in the first quarter of 2024 after a steep contraction in late 2023 that followed the start of war in Gaza against Palestinian terror group Hamas last October.

The Central Bureau of Statistics says in an initial estimate that gross domestic product (GDP) grew an annualized 14.1% in the January to March period, just shy of a Reuters consensus of 15.3%.

Growth was led by a rebound in consumer spending and renewed investment, particularly in residential building.

Fourth-quarter GDP was revised to a 21.7% contraction from a prior estimate of a 21.0% shrinkage in economic activity.