After the alarming data published yesterday, according to which there is a significant jump in price increases and inflation, today (Tuesday) the Central Bureau of Statistics announced that the Israeli economy grew by 6.8% in the second quarter of 2022, compared to the previous quarter.
The gross domestic product, at constant prices and after deducting the effect of seasonality, increased in the second quarter of 2022 by 6.8% compared to a decrease of 1.9% in the previous quarter.
The first quarter of the year opened with a decrease of 2.7%.
Compared to the second quarter of 2022 compared to the second quarter of 2021, there was an increase of 7.4%.
The restaurants that returned to activity helped the economy to grow, photo: Liron Maldovan
Compared to the OECD countries, Israel leads with an increase of 7.4%.
Portugal is next with an increase of 6.9% and in third place is Spain with an increase of 6.3%.
The USA and Germany are placed 11th and 12th, with an increase of 1.6% and 1.5% respectively.
It should be noted that the return to normal life in the second quarter affected the increase in the gross domestic product so that the hospitality, catering, air transport services in the private consumption component as well as inbound tourism services in the export component contributed significantly to the increase in GDP in this quarter.
The gross domestic product per capita increased by 4.5%
In the first half of the year, the gross domestic product increased by 4.8% on an annual basis compared to the previous half, after a 12.5% increase in the second half of 2021 and a 6.2% increase in the first half of 2021.
In addition, there was a 10.4% increase in spending for private consumption and a 4.4% increase in private consumption, excluding non-perishable products.
The data also shows that there was a 10.3% increase in the export of goods and services and a 3.5% increase in the import of goods and services on an annual basis.
The 3.5% increase in the import of goods expresses a 12.6% increase in the import of services excluding tourism services, where the import of tourism services increased by 198.6% on an annual basis.
This is 31.4% on a quarterly basis, so the total import of services increased by 33.7% on an annual basis and 7.5% on a quarterly basis.
The growth affected the stores, photo: Yehoshua Yosef
Imports of civil goods decreased by 1.3%, the total sources available to the economy from domestic production and imports increased by 8.4% on an annual basis, after an increase of 2.1% in the first quarter of 2022. Expenditure on private consumption increased by 10.4% on an annual basis in the second quarter of 2022. The year 2022, when spending on private consumption excluding non-perishable products increased by 4.4% on an annual basis.
Private consumption per capita increased by 8.0% on an annual basis in the second quarter of 2022 compared to the first quarter of 2022.
The changes in private consumption expenditure per capita in the second quarter of 2022 reflect a 4.3% increase in current private consumption per capita and include expenditures for food, beverages and tobacco, personal services, housing, fuel and electricity for household maintenance, and industrial products for current consumption.
Expenditure on non-perishable semi-perishable products per capita, which includes expenditure on clothing and footwear, home textiles, small electrical work and household tools, entertainment and leisure products and personal items, decreased in the second quarter of 2022 by 0.9% on an annual basis, when expenditure on clothing and footwear increased by 3.9%.
Expenditure on non-perishable products per capita increased by 18.7% on an annual basis and expenditures on vehicles for private use increased by 28.0% on an annual basis and 6.4% on a quarterly basis.
Defense consumption expenditure decreased by 20.1% on an annual basis and by 5.5% on a quarterly basis in the second quarter of 2022. The
export of goods and services, excluding diamonds and start-up companies, increased in the second quarter of 2022 by 13.9% on an annual basis.
The export of services increased by 14.1% on an annual basis, while the export of other services that does not include tourism and start-up companies increased by 4.8% on an annual basis and the export of tourism services increased significantly, but is still lower than the level of export of tourism services in 2019.
The total export of goods from the industrial branches excluding diamonds increased in the second quarter of 2022 by 7.1% on an annual basis.
In addition, there were decreases in the export of diamonds and the export of start-up companies, so that the total export of goods and services increased by 10.3% on an annual basis in the second quarter of 2022.
were we wrong
We will fix it!
If you found an error in the article, we would appreciate it if you shared it with us
