The economy of Israel shrank an annualized 29 percent on quarter in the second quarter of 2020, slightly more than an initial estimate o f a 28.7 percent fall. It is the biggest contraction ever, due to the coronavirus crisis. Private spending fell more than in the first release (-44.3 percent vs -43.4 percent) while fixed investment plunged slightly less (-30.3 percent vs -31.6 percent). Also, government spending was revised higher (26 percent vs 25.2 percent) and both exports (-27.8 percent vs -29.2 percent) and imports (-39.5 percent vs -41.7 percent) decreased at a slower pace.
GDP Growth Annualized in Israel averaged 3.38 percent from 1995 until 2020, reaching an all time high of 18.10 percent in the second quarter of 1999 and a record low of -29 percent in the second quarter of 2020. This page provides the latest reported value for - Israel GDP Growth Annualized - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Israel GDP Growth Annualized - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Growth Annualized in Israel is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Annualized in Israel to stand at 3.10 in 12 months time. In the long-term, the Israel GDP Growth Annualized is projected to trend around 3.20 percent in 2021, according to our econometric models.