According to a report released this week by Israel’s Central Bureau of Statistics, the country’s GDP increased by 6.5% in 2022.

After relatively modest growth of 2.1% on an annualized basis in the third quarter of 2022, GDP growth of 5.8% in the fourth quarter of 2022 pushed the annual growth figure higher, reported Globes.

The high 2022 growth rate follows an even greater 8.6% GDP growth in 2021, following a 1.9% contraction in 2020 due to the Covid pandemic.

With the economy likely to decelerate this year, the Bank of Israel’s most recent prediction for GDP growth in 2023 was 2.8% last month.

According to the CBS, Israel’s inflation rate reached a 14-year high in January, jumping 5.4% over the previous year.

According to a Reuters poll of economists, the rate was predicted to continue at 5.3%.


Jewish News Syndicate

With geographic, political and social divides growing wider, high-quality reporting and informed analysis are more important than ever to keep people connected.

Our ability to cover the most important issues in Israel and throughout the Jewish world—without the standard media bias—depends on the support of committed readers.

If you appreciate the value of our news service and recognize how JNS stands out among the competition, please click on the link and make a one-time or monthly contribution.

We appreciate your support.