Unemployment Rate in Israel
As forecast, economic growth ebbed sequentially in Q1. However, the slowdown was exaggerated by lower vehicle purchases, which tend to introduce volatility into Israel’s GDP data. Underlying momentum was robust: Fixed investment bounced back, visitor arrivals rose sharply, and employment continued to increase. Turning to Q2, the economy should be expanding at a modest rate. In April, the Composite State of the Economy Index rose month on month, while tourism and employment numbers continued to trend up. However, tighter monetary policy and uncertainty over the future of the now-paused judicial reform could be capping investment. In politics, in late May, Parliament approved the budgets for 2023 and 2024, which contain extra fiscal support for the ultra-orthodox community. This approval averts snap elections and will allow the executive to turn its focus back to judicial reform.
Israel Unemployment Rate Chart
Israel Unemployment Rate Data
|Unemployment (% of active population, aop)||4.2||4.0||3.8||4.3||5.0|