New Israeli shekel banknotes and coins. Photo: Pixabay.

JNS.org – According to a report released this week by Israel’s Central Bureau of Statistics, the country’s GDP increased by 6.5% in 2022.

After relatively modest growth of 2.1% on an annualized basis in the third quarter of 2022, GDP growth of 5.8% in the fourth quarter of 2022 pushed the annual growth figure higher, reported Globes.

The high 2022 growth rate follows an even greater 8.6% GDP growth in 2021, following a 1.9% contraction in 2020 due to the Covid pandemic.

With the economy likely to decelerate this year, the Bank of Israel’s most recent prediction for GDP growth in 2023 was 2.8% last month.

According to the CBS, Israel’s inflation rate reached a 14-year high in January, jumping 5.4% over the previous year.

According to a Reuters poll of economists, the rate was predicted to continue at 5.3%.