Israel GDP shrinks annualised 1.6% in first Q1 estimate By Reuters

Israel GDP shrinks annualised 1.6% in first Q1 estimate

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JERUSALEM (Reuters) - Israel's economy contracted in the first quarter after a robust 2021, led by declines in exports and in consumer and government spending, the Central Bureau of Statistics said on Monday.

Gross domestic product shrank an annualised 1.6% in the January-March period from the prior three months -- compared with a forecast in a Reuters poll of analysts of a 2% rise.

The economy grew more than 8% in 2021 and is expected to grow a further 5.5% in 2022, according to the Bank of Israel.

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