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Israeli Economy Slows in First Quarter as Exports Plummet

  • Jan-March growth falls to 0.8% from 3.1% in previous quarter
  • Exports plunge in quarter as private consumption rises
Updated on

The Israeli economy slowed far more sharply than expected in the first quarter as exports plunged, prompting calls for government investment to boost growth.

Gross domestic product expanded at an annualized rate of 0.8 percent in the January-March period compared with a revised 3.1 percent in the previous three months, the Central Bureau of Statistics said Monday. Exports, excluding diamonds and startups, sank 12.9 percent. The median estimate in a Bloomberg survey had been for 2.6 percent growth.