JERUSALEM (Reuters) – Israel’s economy grew more than expected in the third quarter of 2024, bouncing back somewhat from a weak period since the start of the war in Gaza with the Palestinian Islamist group Hamas last October.
Gross domestic product rose 3.8 percent annually in the July-September period, the Central Bureau of Statistics said in a preliminary estimate on Sunday, beating the 2.9 percent consensus in a Reuters poll. On a per capita basis, GDP grew by 2.6 percent in the quarter.
Overall growth was led by an increase in consumer spending, which increased by 8.6 percent, a 21.8 percent increase in fixed asset investment and a 1.7 percent increase in exports, which offset a 10.8 percent decline in government spending.
Second quarter GDP growth was confirmed at 0.3 percent annualized.
Gaza has been at war since Hamas launched a cross-border attack on southern Israel on October 7, 2023. The war has since spread to fighting Hezbollah in Lebanon.
