Growth in Q320 surprises on the upside

ISRAEL - In Brief 16 Nov 2020 by Jonathan Katz
Q320 GDP increased by 37.9% Saar, above expectations (around 24% according to Bloomberg). We had expected 30%. Private consumption increased by 42%, exports by 63.9% and investment by 7.3%. The level of GDP is down only 1.5% y/y in Q3 (compared to -2.9% for the US and -4.3% for the EU). The Israeli economy rebounded rapidly following the first closure, although exiting the second closure will be more gradual. This is a positive print but the market is more looking forward to Q420 which will witness contraction due to the second closure. The Israeli economy has been resilient due to a strong hi tech sector and lack of flights abroad which pushed domestic private consumption up sharply.

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