It appears: a sharp decline in the growth rate of the economy compared to the previous quarter.
GDP in the first quarter of 2022 decreased by 1.6% compared to the last quarter of 2021. However, in an annual comparison with the first quarter last year, there was actually positive growth, according to CBS data published today.
The negative development in the first quarter of 2022 came after the sharp and unusual increase in the previous quarter of about 16%, when the whole of 2021 ended with growth of 8.1% - among the highest in the OECD.
The decline in GDP is partly explained by the omicron wave in January-February.
According to the CBS, during the first quarter of the year there was a decrease of 0.7% in private consumption expenditure, a decrease of 7.0% in public consumption expenditure, a 3.3% increase in fixed asset investments, a decrease of 6.1% in exports of goods and services without diamonds and start-ups. In the import of goods and services.
At the same time, compared to the first quarter of 2021 it is still an increase in GDP of 9.0%. A sharp increase, which still reflects the recovery from the corona crisis. Excluding the corona crisis, such an increase has not been in the last twenty years.
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