Israel’s gross domestic product (GDP) increased by 8.1 per cent in 2021, the highest annual growth in 21 years, according to a report released by the Israeli Central Bureau of Statistics on Wednesday.
The country’s GDP increased by 3.6 per cent in 2019, and decreased by 2.2 per cent in 2020 due to the Covid-19 pandemic, Xinhua news agency reported.
In October-December 2021, there was an annualised 16.6 per cent surge in Israel’s GDP compared to the third quarter, the highest figure ever in the fourth quarter.
As the Israeli population grew by 1.7 per cent in 2021, the GDP per capita increased by 6.3 per cent, following a 3.9 per cent decrease in 2020.
Israel’s private consumption expenditure increased by 11.7 percent in 2021 after a shrinkage of 9.2 per cent in 2020, while the public consumption expenditure increased by 2.9 per cent last year, compared with a 2.5 per cent rise in the previous year.
The report also shows that Israel’s goods and services exports rose by 13.6 per cent in 2021, the highest since 2010, following a 1.9 per cent decrease in 2020.
Israel’s imports of goods and services rose by 18.7 per cent in 2021 after a 9.5 per cent decline in 2020, according to the report.