CBS update: GDP decreased in 2020 by 2.6% compared to 2019

GDP (gross domestic product) decreased in 2020 by 2.6% compared to 2019. This is updated today and the Central Bureau of Statistics. This estimate corrects the previous estimate published during the month and stood at 2.5%. This includes a decrease of 9.5% in private consumption, 8% in imports of goods and services and 4.8% in investment in fixed assets, while there was a 2.7% increase in public consumption expenditure and a 1.3% increase in exports of goods (excluding diamonds and start-ups).
The gross domestic product per capita, which embodies the standard of living in the country, increased in the fourth quarter of 2020 by 7.4% on an annual basis, so that the level of gross domestic product per capita went back three years and is similar to that of the third quarter of 2017.
Compared to the previous quarter, GDP increased by 6.5%. According to CBS data, the increase in GDP reflects increases in private consumption expenditure (17.7%) and investments in fixed assets (65.6%) that were affected by a significant increase in vehicle imports in this quarter, as well as an increase. Also in public consumption expenditure (25.5%) when goods and services fell (2.8%).
Compared with the corresponding quarter last year, there was a decrease of 0.7% in GDP, while a large decrease of 8% was recorded in private consumption. There was also a decrease of 2.8% in imports of goods and services.
Compared to OECD countries, Israel is at the top of the table in relation to the data for the corresponding quarter in 2019. Among the countries in the organization, Italy, the United Kingdom and Spain are the countries that were hit the hardest economically by the Corona crisis. Thus, in Italy, GDP decreased by 6.6% compared to the previous quarter in 2019, in the United Kingdom by 7.3% and in Spain by 8.9%.