Israeli Growth Surpasses Expectations as Consumption Soars
- April-June growth rose to 3.7% from 2.2% in previous quarter
- Exports grew as private consumption soared 9.5% in 2nd quarter
Azrieli mall in Tel Aviv.
Photographer: Ahikam Seri/BloombergThis article is for subscribers only.
Israel’s economy grew much faster than expected in the second quarter as consumption soared and exports recovered, backing up the Bank of Israel’s reluctance to stimulate output with unconventional means.
Gross domestic product expanded at an annualized rate of 3.7 percent in the April-June period, compared with a revised 2.2 percent in the previous three months, the Central Bureau of Statistics said Tuesday. Exports of goods and services rose 3.8 percent, while private consumption jumped 9.5 percent. The median estimate in a Bloomberg survey had been for 2.1 percent growth.