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Israel GDP shrinks annualised 1.6% in first Q1 estimate

By:
Reuters
Published: May 16, 2022, 10:52 UTC

JERUSALEM (Reuters) - Israel's economy contracted in the first quarter after a robust 2021, led by declines in exports and in consumer and government spending, the Central Bureau of Statistics said on Monday.

Migrating starlings fly across the sky, in southern Israel

JERUSALEM (Reuters) – Israel’s economy contracted in the first quarter after a robust 2021, led by declines in exports and in consumer and government spending, the Central Bureau of Statistics said on Monday.

Gross domestic product shrank an annualised 1.6% in the January-March period from the prior three months — compared with a forecast in a Reuters poll of analysts of a 2% rise.

The economy grew more than 8% in 2021 and is expected to grow a further 5.5% in 2022, according to the Bank of Israel.

(Reporting by Steven Scheer; Editing by Ari Rabinovitch)

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