Panoramic view of the Israeli city of Tel Aviv on August 12, 2024, where the ongoing war between Israel and the Palestinian Hamas movement in the Gaza Strip has led to regional tensions.
Jill Cohen Magan | AFP | Getty Images
Israel’s economy grew more than expected in the third quarter of 2024, rebounding from weakness since Gaza began war with the Palestinian Islamist group Hamas last October.
The Central Statistics Office said in a preliminary estimate on Sunday that gross domestic product grew at an annualized rate of 3.8% between July and September, above the 2.9% consensus in a Reuters poll. On a per capita basis, GDP grew by 2.6% this quarter.
Overall growth was driven by consumer spending up 8.6%, fixed asset investment up 21.8% and exports up 1.7%, offsetting a 10.8% decline in government spending.
The annualized GDP growth rate in the second quarter was confirmed to be 0.3%.
Since Hamas launched a cross-border attack on southern Israel on October 7, 2023, the war in Gaza has intensified. The war has since expanded into a battle with Lebanese Hezbollah.
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