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.