Q1st was slightly better than the first estimates - growth rate in it reached 3.1% on an annual basis

The first quarter of 2023 was slightly better than the first estimates, and the growth rate in it reached 3.1% on an annual basis, compared to the first estimate for growth of only 2.5% - this is according to the second estimate for the national accounts published by the Central Bureau of Statistics (CBS).
The second estimate, which is formed after the Central Bank collects additional, more recent data, includes an improvement in some of the various components of the GDP in the economy, in a way that reflects a more significant growth rate in Israel in the previous quarter.
The significant change is in the export section. While in the first estimate, the CBS estimated that exports (excluding diamonds and the start-up companies) increased by only 0.4% in the first quarter (on an annual basis), in the current estimate, the estimate is that exports expanded more sharply and reached an increase at an annual rate of 3.1%.
The main change was in the export of goods section. While in the first estimate the estimate was for a decrease of more than 10% in the export of goods, in the current estimate the estimate is for a more moderate decrease of only about 2%.
The other components of the product remained almost unchanged. The most significant component is private consumption, which makes up about 50% of GDP. The CBS left the estimate that private consumption contracted in the first quarter at an annual rate of 1.7%, which is similar to the first estimate. The more important figure is the level of private consumption per capita (divided by the size of the population), which fell at an annual rate of 4% during the first quarter of the year.