A general view shows the Israeli city of Tel Aviv, on August 12, 2024, amid regional tensions during the ongoing war between Israel and the Palestinian Hamas movement in the Gaza Strip.
Gil Cohen-magen | Afp | Getty Images
Israel’s economy grew more than expected in the third quarter of 2024, bouncing back somewhat from a weak spell since the start of war in Gaza with Palestinian Islamist group Hamas last October.
The Central Bureau of Statistics said in an initial estimate on Sunday that gross domestic product grew by an annualised 3.8% in the July to September period, above a 2.9% consensus in a Reuters poll. On a per capita basis, GDP gained 2.6% in the quarter.
Overall growth was led by gains in consumer spending, which rose 8.6%, a 21.8% jump in investment in fixed assets and a 1.7% rise in exports, offsetting a 10.8% drop in government spending.
Second-quarter GDP growth was confirmed at 0.3% annualised.
The war has raged in Gaza since Hamas’ Oct. 7, 2023 cross-border attack on southern Israel. The war has since expanded to battling Hezbollah in Lebanon.