Israel’s economy expanded by 3.1% in second quarter of 2023


Israel’s national gross domestic product (GDP) rose by 3.1% in the second quarter of 2023, the Central Bureau of Statistics said Tuesday.

Meanwhile, the GDP per capita rose by 1.2%. The import of goods and services fell by 9.7% in the second quarter of 2023 as well.

Private consumption expenditure rose by 0.5% in the second quarter and private consumption expenditure per capita dropped by 1.3%.

Household expenditure per capita for products and services such as food, private services, postal services, fuel and electricity fell by 1.6%.

Expenditure on durable goods such as clothing, tools, and entertainment fell by 10.9%.

New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. (credit: REUTERS/Nir Elias/Illustration/File Photo)

Defense sector consumption falls by 1.5%

Expenditure on public consumption rose by 3.8% in the second quarter, while defense consumption fell by 1.5%.

Investments in fixed assets fell by 0.7% in the second quarter.

The export of goods and services (excluding diamonds and start-up companies) increased by 0.3% after falling by 0.4% in the first quarter of 2023.

The export of services increased by 1.1%. The export of goods from the industry sectors, excluding diamonds, decreased by 3.6% in the second quarter. There was also a decrease in the export of diamonds and an increase in the export from start-up companies.