According to a report released this week by Israel’s Central Bureau of Statistics, the country’s GDP increased by 6.5% in 2022.
After relatively modest growth of 2.1% on an annualized basis in the third quarter of 2022, GDP growth of 5.8% in the fourth quarter of 2022 pushed the annual growth figure higher, reported Globes.
The high 2022 growth rate follows an even greater 8.6% GDP growth in 2021, following a 1.9% contraction in 2020 due to the Covid pandemic.
With the economy likely to decelerate this year, the Bank of Israel’s most recent prediction for GDP growth in 2023 was 2.8% last month.
According to the CBS, Israel’s inflation rate reached a 14-year high in January, jumping 5.4% over the previous year.
According to a Reuters poll of economists, the rate was predicted to continue at 5.3%.