According to Israel’s Central Bureau of Statistics (CBS), in the second quarter of 2022 the country’s Gross Domestic Product (GDP) increased by an annual rate of 6.8%.
The sources available to the economy (gross domestic product and imports):
The GDP of Israel at constant prices and after deducting the effect of seasonality rose in the second quarter of 2022 by 6.8% compared to the previous quarter after a decrease of 2.7 % in the first quarter of 2022.
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The CBS said that it should be noted, however, that the return to a normal life routine in the second quarter affected the increase in the gross domestic product so that the accommodations, the catering, the air transport services in the private consumption component, as well as the inbound tourism services in the component all, saw improvements.
The CBS said that exports contributed significantly to the increase in GDP in this quarter.
In the first half of the year, GDP increased by 4.8% on an annual basis compared to the previous half year, but this was less than the 12.5% increase in the second half of 2021 and a 6.2% increase in the first half of 2021, when the world economies began to recover sharply from the Covid crisis.
Investment in fixed assets:
The investment in fixed assets (the investment in residential houses and the investments of the sectors of the economy in construction, in equipment and means of transportation) increased in Q2 2022 by 6.7% on an annual basis.
The CBS added that the increase in investment in fixed assets reflects an annual increase of 6.48% in investment in land transportation vehicles – 10.4% on a quarterly basis.
The investment in machinery and other equipment (not including ICT equipment – equipment for the information and communication technology industries) increased by 6.6%. On an annual basis, and investments in the ICT sectors increased by 7.2% on an annual basis.
The investment in intellectual property products decreased by 8.5% on an annual basis.
Investment in residential construction increased by 4.7% in annual terms and investment in non-residential construction and other construction works increased by 32.5% on an annual basis (7.3% on a quarterly basis).
