Israel’s Central Bureau of Statistics released new data on Sunday revealing a sharp slowdown in economic growth during the second quarter, following a significant rise earlier in the year. According to the figures, Israel’s gross domestic product (GDP) increased by just 1.2% in the second quarter, compared to a much stronger 17.3% rise in the first quarter. On an annual basis, GDP fell by 1.4% compared to the same period last year.
Private consumption in Israel also slowed, with spending increasing by 12% in the second quarter, a marked decrease from the 26.3% growth recorded in the first quarter.
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Additionally, imports of goods and services dropped by 11.1% in the second quarter, following a substantial 32.7% rise in the first quarter.
Exports of goods and services, excluding the diamond industry and high-tech startups, also saw a decline, falling by 7.1% after a 10.4% decrease in the first quarter.