Israel’s economy experiences resurgence following Gaza conflict, expands by 14.1% in first quarter | The Mighty 790 KFGO

Israel’s economy is on the road to recovery after a steep contraction in late 2023 caused by the conflict with Hamas in Gaza. The latest data from the Central Bureau of Statistics shows that the country’s gross domestic product (GDP) grew by an annualised rate of 14.1% from January to March, although this was slightly below expectations.

The growth was driven by increased consumer spending and investment, especially in residential construction. Despite the ongoing conflict in Gaza, which began in October of the previous year and had far-reaching effects on the economy, Israel is now showing positive signs of recovery.

In fact, during the fourth quarter of 2023, the GDP contracted by just 21.7%, a revision from an earlier estimate of a 21.0% shrinkage. This recent growth in GDP is a positive sign for Israel’s economic outlook and highlights its resilience in challenging circumstances.

This news was reported by Steven Scheer and edited by Toby Chopra for Reuters, emphasizing Israel’s ability to bounce back despite difficult conditions.

By Sophia Gonzalez

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