Israel’s Gross Domestic Product grew by 8.1%, the Central Bureau of Statistics said on Wednesday, according to a report by Globes. The figure represents a higher number than the growth forecast generated by the Bank of Israel for 2021, which was 7.5%.

In the fourth quarter of 2021, Israel’s GDP grew by an extraordinary 16.6%, said the report.

“After seasonal adjustments, Israel’s GDP grew 16.6% on an annualized basis in the fourth quarter of 2021, after growing at only 2.4% in the third quarter,” it stated.

The national GDP had shrunk by 2.2% in 2020, the first year of the coronavirus pandemic.

“Israel’s population grew by 1.7% in 2021, so that GDP per capita grew by 6.3% after shrinking by 3.9% in 2020,” the report noted.

In countries belonging to the Organization for Economic Cooperation and Development (OECD), which includes Israel, the average GDP per capita rose by 5%.

“Imports of goods and services in 2021 rose 18.7% after falling 9.5% in 2020,” said the report, while “private consumption in Israel rose 11.7% in 2021, after falling 9.2% in 2020. Private consumption per capita in 2021, rose 9.9%, very close to the Bank of Israel forecast of 10%.”

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