Israel's GDP expands 6.8 pct in Q2: official report

By Trend

Israel's gross domestic product (GDP) increased at an annual rate of 6.8 percent in the second quarter of 2022, according to a report issued by the state's Central Bureau of Statistics on Sunday, Trend reports citing Xinhua.

Following an economic decrease of 2.7 percent in the first quarter, the growth in the second quarter represented a substantial recovery for the Israeli economy.

The return to a normal life routine after the lifting of most COVID-19 restrictions contributed significantly to Israel's GDP growth in the second quarter, especially in the inbound tourism, hospitality, catering and air transport sectors, according to the bureau report.

Private consumption increased by 10.7 percent in the second quarter, or by 8.3 percent per capita, compared with decreases of 1.5 percent and 3.1 percent recorded in the first quarter respectively, the data showed.

Meanwhile, the Israeli GDP per capita increased at an annual rate of 4.5 percent in the second quarter, after a 3.5-percent decline in the first quarter.