Israel’s economy grew by 8.1% in 2021, the fastest pace in over two decades, according to data released by the Central Bureau of Statistics on August 4, 2022.
The growth was driven by a strong rebound in consumer spending and investment, after the economy contracted by 2.6% in 2020 due to the COVID-19 pandemic.
Consumer spending grew by 8.7% in 2021, the fastest pace since 2003, as households spent more on goods and services, such as travel and dining out, as the economy reopened.
Investment grew by 11.2% in 2021, the fastest pace since 2011, as businesses invested in new machinery and equipment.
The strong economic growth in 2021 helped to reduce the unemployment rate to 3.6%, the lowest level in over a decade.
The Israeli government has forecast that the economy will grow by 3.5% in 2022, despite the ongoing COVID-19 pandemic and the war in Ukraine.
The government is also forecasting that the budget deficit will narrow to 3.9% of GDP in 2022, from 4.3% of GDP in 2021.
The Israeli economy is one of the strongest in the world, and is expected to continue to grow in the coming years.
What does this mean for Israel’s future?
The strong economic growth in 2021 is a positive sign for Israel’s future. It shows that the economy is resilient and can bounce back from shocks, such as the COVID-19 pandemic.
The strong growth is also helping to create jobs and reduce poverty. The low unemployment rate and narrowing budget deficit are also positive signs for the economy.
The Israeli government is forecasting that the economy will continue to grow in 2022, despite the ongoing COVID-19 pandemic and the war in Ukraine. This is a positive sign for the Israeli economy, and shows that it is expected to continue to be one of the strongest economies in the world.
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