Israel's economy grew 8.1% in 2021

18:50 Sun, 14 August

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18.Feb .2022 23:00

Israel's economy grew 8.1% in 2021

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Israel's Gross Domestic Product (GDP) grew by 8.1% in 2021, after shrinking by 2.2% in 2020, due to the Covid pandemic, the Central Bureau of Statistics reported today. The growth figure for 2021 beat the Bank of Israel forecast of 7.5%

Israel's population grew by 1.7% in 2021, so that GDP per capita grew by 6.3% after shrinking by 3.9% in 2020. GDP per capita rose by an average of 5% in OECD countries in 2021, Globes reports.

After seasonal adjustments, Israel's GDP grew 16.6% on an annualized basis in the fourth quarter of 2021, after growing at only 2.4% in the third quarter.

Imports of goods and services in 2021 rose 18.7% after falling 9.5% in 2020.

Private consumption in Israel rose 11.7% in 2021, after falling 9.2% in 2020. Private consumption per capita in 2021, rose 9.9%, very close to the Bank of Israel forecast of 10%.