Israel cut its 2023 GDP growth forecast from 3 percent to 2.7 percent, according to a report issued by Shira Greenberg, chief economist of the Finance Ministry, on Tuesday.
The report explained that the previous 2023 forecast issued in January was now lowered due to concerns over world inflation rates which declined slower than expected, and the country’s judicial reform dispute.
The report also raised Israel’s 2023 inflation forecast to 3.2 percent from 2.7 percent and lowered the revenue forecast by 5.3 billion shekels (1.45 billion U.S. dollars).
Meanwhile, a report issued by the Israeli Central Bureau of Statistics showed that the country’s GDP grew by 2.5 percent annually in the first quarter in comparison with the previous quarter.
The growth, according to the report, was mainly attributed to a 35.4 percent increase in the investment in information and communication technology industries, and a 15.9 percent rise in services exports, mostly in hi-tech industries. ■
, according to a report issued by Shira Greenberg, chief economist of the Finance Ministry, on Tuesday.
The report explained that the previous 2023 forecast issued in January was now lowered due to concerns over world inflation rates which declined slower than expected, and the country’s judicial reform dispute.
The report also raised Israel’s 2023 inflation forecast to 3.2 percent from 2.7 percent and lowered the revenue forecast by 5.3 billion shekels (1.45 billion U.S. dollars).
Meanwhile, a report issued by the Israeli Central Bureau of Statistics showed that the country’s GDP grew by 2.5 percent annually in the first quarter in comparison with the previous quarter.
The growth, according to the report, was mainly attributed to a 35.4 percent increase in the investment in information and communication technology industries, and a 15.9 percent rise in services exports, mostly in hi-tech industries. ■
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