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Israel GDP revised lower to annualised 0.7% as war bites

BY Reuters | ECONOMIC | 09/16/24 06:00 AM EDT

JERUSALEM, Sept 16 (Reuters) - Israel's economy grew slower in the second quarter than previously thought, data showed on Monday, as Israel's war in Gaza against the Palestinian Islamist group Hamas continued to take a toll on growth.

Gross domestic product rose by an annualised 0.7% in the April-June period, the Central Bureau of Statistics said on Monday in its second estimate, down from an initial 1.2% reported a month ago.

The economy was supported by gains in consumer and state spending and in investment in fixed assets while exports fell.

First-quarter GDP growth was revised down slightly to 17.2% from a prior 17.3%, as the economy bounced back from a steep contraction in the fourth quarter of 2023 when the war began. (Reporting by Steven Scheer Editing by Gareth Jones)

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