Israel's GDP grows 3.8% in Q3, CPI dropped 0.4% - CBS

The Gross Domestic Product (GDP) grew by an annualized 3.8% in Q3 of 2024, the Israel Central Bureau of Statistics (CBS) said in its second estimate released Monday.

This represents a 0.9% quarterly growth compared to Q2 of 2024. When measured against Q3 of 2023, the GDP has decreased by 1%.

In the business sector, the GDP increased by 4.7% annually and 1.2% quarterly, and private consumption increased by 8.4% annually and 2% quarterly.

However, looking back to Q3, 2023, the business sector GDP has decreased by 3% annually since then, while private consumption has increased by 3.7%.

Price for consumers

The CBS also released the consumer price index for November of 2024 on Sunday. Overall, the Consumer Price Index (CPI) dropped 0.4% in November compared to October 2024.

Significant price decreases included decreases in fresh fruit and vegetables, prices of which went down 6.6%; transportation, which went down 1.5%; education, culture, and entertainment, which dropped 1.3%; and footwear, which dropped 0.7%.

Significant price increases included clothing, prices of which increased by 1.2%, and housing and miscellaneous, which went up 0.3% each.

The CBS also said that the prices of foreign travel and flights in Israel have dropped 6.8%, and hotel and guesthouse prices have dropped 7.6%.

Further, the bureau highlighted that the price of private vehicles and their maintenance has increased by 0.4%.

Since the beginning of the year, the CPI and the CPI, excluding energy, each increased by 3.5%. The CPI, excluding housing, went up 3.4%, while the CPI without fruit and vegetables went up 3.3%.