Israel’s economy shrank during the first quarter of 2022, according to data released by the Central Bureau of Statistics.
According to the CBS’s preliminary estimate report, released Monday, Israel’s gross domestic product shrank by 1.6% (annualized) during the first quarter of 2022.
The decline followed a surge of 15.6% annualized growth in the GDP the previous quarter.
While economists had predicted a sharp decline in GDP growth this quarter, Monday’s estimate of economic contraction proved to be worse than earlier projections.
Per capita GDP tumbled by 3.2% (annualized) during the first quarter of 2022, with consumer consumption falling 0.7%.
The New Israeli Shekel declined by more than 10% against the US Dollar since the beginning of 2022, raising the cost of some imports, while strengthening exports, which rose 17.3% (annualized) during the first quarter.