Lates News

Israel's economy rebounded in the second quarter, recovering from the economic contraction caused by the previous military operations against Iran. Data released by the Israeli Central Bureau of Statistics on Sunday shows that the seasonally adjusted GDP grew at an annual rate of 15.4% in the second quarter, surpassing the median forecast of 8.3% from a Bloomberg survey of eight economists. The revised GDP for the first quarter shrank by 2.2%. Exports of goods and services led the way with a growth of 35.2%; government consumption grew by 19.5%, private consumption by 14.7%, and fixed capital formation by 6.3%. Yonie Fanning, chief strategist at Mizrahi-Tefahot Bank, stated in a phone interview before the data was released that Israel's economy is expected to experience a "rapid recovery" following the contraction caused by the conflict with Iran. He noted that consumer spending, including durable goods, is expected to be a significant driver of the economic rebound.