Israel’s GDP up at 6.8% rate in Q2

The Israeli economy, as measured by GDP, grew at a healthy rate of 6.8% on an annualized basis in the second quarter of 2022, the Central Bureau of Statistics (CBS) said on Sunday.

That followed a 2.7% drop in GDP year on year in the first quarter

The Israeli economy has grown faster since the second quarter of 2021 than any other OECD member county that has reported results to date.

During that 12-month span, Israel’s GDP increased by 7.4 percent, compared to 7.1% in Portugal, 6.3% in Spain, 6.2% in Austria, 5.4% in the Netherlands, 4.1% in Sweden, 3% in South Korea, and barely 1.7% in Germany and the United States.

“The return to routine in the second quarter led to the rise in GDP,” said the CBS, adding that hospitality and air-travel services, as well as tourism from other countries, contributed to the rise in GDP in the April-June period.