Israel GDP


Israel: Economy decelerates in 2015

December 31, 2015

In 2015, GDP increased 2.3% according to a preliminary estimate released by the Statistical Office on 31 December. The figure was a deceleration over the 2.6% increase tallied in the previous year and marked the slowest increase since 2009.

Last year, private consumption accelerated from 3.7% growth in 2014 to a 4.5% increase. Conversely, government consumption grew 2.8%, which was worse than the 3.3% increase seen in the previous year. Fixed investment contracted 1.5%, which was up from the 2.0% decrease seen in 2014.

On the external front, exports of goods and services swung from a 1.5% expansion in 2014 to a 3.0% contraction in 2015. Moreover, imports of goods and services dropped 0.2%, which contrasted the 3.0% increase tallied in the previous year and marked a six-year low.

The Central Bank expects GDP to grow 2.8% in 2016 and 3.1% in 2017. FocusEconomics Consensus Forecast panelists foresee the economy growing 3.0% in 2016, which is down 0.1 percentage points from last month’s estimate. For 2017, the panel projects that the economy will expand 3.3%.

Author:, Senior Economist

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Israel GDP Chart

Israel GDP Annual January 2016

Note: Year-on-year changes of GDP in %.
Source: Central Bureau of Statistics (CBS) and FocusEconomics Consensus Forecast.

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