JERUSALEM, Feb. 17 (Xinhua) -- Israel's economy grew by 1 percent in 2024, according to the National Accounts report released by the state's Central Bureau of Statistics on Monday.

It marks a third consecutive year of declining growth, following a 9.4 percent GDP growth in 2021, 6.3 percent in 2022, and 1.8 percent in 2023.

Despite the decline, the 2024 growth exceeded expectations, with forecasts from the central bank and finance ministry predicting 0.6 percent and 0.4 percent growth, respectively.

Israel's population grew by 1.3 percent in 2024, causing GDP per capita to fall by 0.3 percent, following a 0.1 percent drop in 2023.

Analysts attributed the economic slowdown to the ongoing conflict with Hamas in Gaza, which started in October 2023 and spread to other parts of the Middle East.

They added that a rebound in consumption helped prevent a deeper growth slump, with private consumption rising by 3.9 percent year-on-year and public consumption up by 13.7 percent, driven by government spending related to the conflict.

The report also indicated that Israel's exports dropped by 5.6 percent year-on-year in 2024, following a 1.1 percent decline in 2023, while imports fell by 0.6 percent after a 7.5 percent drop in the previous year. Enditem

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