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.
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 -6.90 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 August 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.