The economy of Israel shrank an annualized 6.8 percent on quarter in the first three months of 2020, slightly less than an earlier estimate of a 7.1 percent drop. Still, it is the first contraction since 2012 and the worst since at least 1995, due to the coronavirus pandemic, second estimates showed. Private consumption plunged slightly less (-20.2 percent vs flash estimate of -20.3 percent) while both fixed investment (-20.7 percent vs -17.3 percent) and government spending (-10.8 percent vs -10.3 percent) posted larger declines. Regarding net external demand, both exports (-2.7 percent from -5.9 percent in flash estimate) and imports (-23.4 percent from -27.5 percent in flash estimate) decreased less than previously thought.
GDP Growth Annualized in Israel averaged 3.71 percent from 1995 until 2020, reaching an all time high of 18.10 percent in the second quarter of 1999 and a record low of -6.80 percent in the first quarter of 2020. This page provides the latest reported value for - Israel GDP Growth Annualized - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Israel GDP Growth Annualized - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
GDP Growth Annualized in Israel is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Annualized in Israel to stand at 3.10 in 12 months time. In the long-term, the Israel GDP Growth Annualized is projected to trend around 3.20 percent in 2021, according to our econometric models.