Israel’s economy showed strong signs of recovery in the first quarter of 2024, rebounding from a steep contraction in late 2023 that was caused by the conflict with Hamas in Gaza. Despite the ongoing conflict in Gaza, Israel’s economy is on the path to recovery, according to new data released by the Central Bureau of Statistics.
The country’s gross domestic product (GDP) grew by an annualised rate of 14.1% from January to March, slightly below expectations but still a significant improvement. The growth was driven by a resurgence in consumer spending and increased investment, especially in residential construction.
The conflict with Hamas had a significant impact on Israel’s economy, causing a 21.7% contraction in GDP in the fourth quarter of 2023, a revision from the previous estimate of a 21.0% shrinkage. However, the latest data shows that Israel is making progress towards economic recovery and resilience.
This positive news was reported by Steven Scheer and edited by Toby Chopra for Reuters, highlighting Israel’s ability to bounce back from challenging circumstances and maintain its economic momentum despite ongoing conflicts and uncertainties.
