According to the second estimate released by the Central Bureau of Statistics, Israel's GDP shrank by 1.9% on an annualized basis in the first quarter of 2022. This is even worse that the first estimate, which indicated that GDP contracted by 1.6% in the first quarter, on an annualized basis.
The contraction of the economy in the first quarter of 2022 comes after an annualized growth rate of no less than 15.6% in the fourth quarter of 2021 as Israel exited from the Covid pandemic. The economy actually grew 8.9% between the first quarter of 2021 and the first quarter of 2022.
GDP per capita fell by an annualized 3.5% in the first quarter of 2022, a sharper fall than the 3.2% found by the first estimate. The decline came after an exceptional jump in the previous quarter. Private consumption fell 1.5%, more than double the first estimate which was 0.7%, after rising 18.2% in the previous quarter, Globes reports.
