The economy of Israel shrank an annualized 28.8% on quarter in the Q2 of 2020, slightly less than a second estimate of a 29% decline and following a downwardly revised 6.7% fall in Q1. It is the biggest contraction ever, due to the Covid-19 pandemic and related containment measures. Private spending decreased slightly less than anticipated (-44% vs -44.3% in the second estimate) while fixed investment plunged as previously reported (-30.3%). On the other hand, government spending rebounded as earlier anticipated (26%). Regarding net external demand, exports fell slightly more than previously estimated (-27.9% vs -27.8% in the second estimate) while imports slipped as earlier reported (-39.5%). The central bank of Israel projects the GDP will plunge by as much as 7% this year, due to the impact of a double lockdown: the first was implemented between mid-March and late May but a new spike in cases led the government to reimpose a full lockdown in late September.

GDP Growth Annualized in Israel averaged 3.39 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 -28.80 percent in the second 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 October of 2020.

GDP Growth Annualized in Israel is expected to be 3.10 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.

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Israel GDP Growth Annualized

Actual Previous Highest Lowest Dates Unit Frequency
-28.80 -6.70 18.10 -28.80 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-07-16 10:00 AM GDP Growth Annualized 3rd Est Q1 -6.9% 4.6% -6.8%
2020-08-16 10:00 AM GDP Growth Annualized 1st Est Q2 -28.7% -6.8% -22% -18%
2020-09-16 10:00 AM GDP Growth Annualized 2nd Est Q2 -29% -6.8% -29%
2020-10-18 10:00 AM GDP Growth Annualized 3rd Est Q2 -28.8% -6.7% -29%
2020-11-16 11:00 AM GDP Growth Annualized 1st Est Q3 -28.8%
2020-12-31 11:00 AM GDP Growth Annualized 2nd Est Q3 3.2%


News Stream
Israel GDP Contracts at Record Pace in Q2
The economy of Israel shrank an annualized 28.8% on quarter in the Q2 of 2020, slightly less than a second estimate of a 29% decline and following a downwardly revised 6.7% fall in Q1. It is the biggest contraction ever, due to the Covid-19 pandemic and related containment measures. Private spending decreased slightly less than anticipated (-44% vs -44.3% in the second estimate) while fixed investment plunged as previously reported (-30.3%). On the other hand, government spending rebounded as earlier anticipated (26%). Regarding net external demand, exports fell slightly more than previously estimated (-27.9% vs -27.8% in the second estimate) while imports slipped as earlier reported (-39.5%). The central bank of Israel projects the GDP will plunge by as much as 7% this year, due to the impact of a double lockdown. The government reimposed a full-scale nationwide lockdown on 18 September due to a new spike in coronavirus cases.
2020-10-18
Israel GDP Shrinks Slightly More than Expected
The economy of Israel shrank an annualized 29 percent on quarter in the second quarter of 2020, slightly more than an initial estimate o f a 28.7 percent fall. It is the biggest contraction ever, due to the coronavirus crisis. Private spending fell more than in the first release (-44.3 percent vs -43.4 percent) while fixed investment plunged slightly less (-30.3 percent vs -31.6 percent). Also, government spending was revised higher (26 percent vs 25.2 percent) and both exports (-27.8 percent vs -29.2 percent) and imports (-39.5 percent vs -41.7 percent) decreased at a slower pace.
2020-09-16
Israel Economy Contracts at Record Pace
Israel's economy contracted an annualized 28.7 percent in the second quarter of 2020, following a revised 6.8 percent drop in the previous three-month period and compared with market expectations of a 22 percent slump, flash estimates showed. It was the largest contraction on record, as private consumption dropped further (-43.4 percent vs -24.0 percent in Q1) while fixed investment slumped (-31.6 percent vs -19.3 percent). On the other hand, general government spending rebounded (25.2 percent vs -12.5 percent). Regarding net external demand, exports plummeted (-29.2 percent vs 5.7 percent in Q1) while imports fell (-41.7 percent vs -22.4 percent).
2020-08-16
Israel Economy Shrinks More than Initially Thought
The economy of Israel shrank an annualized 6.9 percent on quarter in the first three months of 2020, revised from an earlier estimate of a 6.8 percent decline and after growing 4.6 percent in the previous period, final estimates showed. It was the first contraction since 2012 and the sharpest since at least 1995, amid the coronavirus crisis. Private consumption slumped further (-20.8 percent vs a preliminary estimate of -20.2 percent) while both fixed investment (-20.7 percent) and government spending (-10.8 percent) declined as much as previously thought. Regarding net external demand, exports dropped less than initially thought (-1.6 percent vs -2.7 percent in the second estimate) and imports (-23.4 percent) decreased at the same pace as the earlier estimate.
2020-07-16

Israel GDP Growth Annualized
GDP Annualized Growth Rate shows the gdp growth that would be registered if the quarter-on-quarter rate of change were maintained for a full year.