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Home / Business / Israel’s GDP grows 8.1 pct in 2021, highest since 2000 – report

Israel’s GDP grows 8.1 pct in 2021, highest since 2000 – report

New Israel PM Bennett starting reign on a positive note

Jerusalem, Israel | Xinhua | Israel’s gross domestic product (GDP) increased by 8.1 percent in 2021, the highest annual growth in 21 years, according to a report released by the Israeli Central Bureau of Statistics on Wednesday.

The country’s GDP increased by 3.6 percent in 2019, and decreased by 2.2 percent in 2020 due to the COVID-19 pandemic.

In October-December 2021, there was an annualized 16.6 percent surge in Israel’s GDP compared to the third quarter, the highest figure ever in the fourth quarter.

As the Israeli population grew by 1.7 percent in 2021, the GDP per capita increased by 6.3 percent, following a 3.9 percent decrease in 2020.

Israel’s private consumption expenditure increased by 11.7 percent in 2021 after a shrinkage of 9.2 percent in 2020, while the public consumption expenditure increased by 2.9 percent last year, compared with a 2.5 percent rise in the previous year.

The report also shows that Israel’s goods and services exports rose by 13.6 percent in 2021, the highest since 2010, following a 1.9 percent decrease in 2020.

Israel’s imports of goods and services rose by 18.7 percent in 2021 after a 9.5 percent decline in 2020, according to the report.

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