Israel economic growth revised lower to 2.5% annualised rate in Q3

Israel’s economy grew slower than initially thought in the third quarter, data from the Central Bureau of Statistics showed on Sunday, with growth expected to weaken sharply in the fourth quarter due to the war with Palestinian militant group Hamas.

Gross domestic product (GDP) grew an annualised 2.5% in the July-September period from the prior three months, compared with a prior estimate of 2.8%. On a per capita basis, GDP grew 0.6%.

The economy grew 6.5% in 2022 and, partly due to a negative impact from the war, growth is projected at around 2% in 2023.