Photo Credit: Yossi Aloni/Flash90
People shop for groceries at the Rami Levy supermarket in Modi'in on February 1, 2022.

The Israeli economy, as measured by GDP, grew at a healthy rate of 6.8% on an annualized basis in the second quarter of 2022, the Central Bureau of Statistics (CBS) said on Sunday.

That followed a 2.7% drop in GDP year on year in the first quarter

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The Israeli economy has grown faster since the second quarter of 2021 than any other OECD member county that has reported results to date.

During that 12-month span, Israel’s GDP increased by 7.4 percent, compared to 7.1% in Portugal, 6.3% in Spain, 6.2% in Austria, 5.4% in the Netherlands, 4.1% in Sweden, 3% in South Korea, and barely 1.7% in Germany and the United States.

“The return to routine in the second quarter led to the rise in GDP,” said the CBS, adding that hospitality and air-travel services, as well as tourism from other countries, contributed to the rise in GDP in the April-June period.

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