In 2018, Israelis spent more, but the country’s economic growth slowed. Israel's gross domestic product (GDP) for 2018 increased by 3.2%, compared to a 3.5% growth in 2017, and a 4% growth in 2016, according to initial and incomplete data published Monday by Israel's government Central Bureau of Statistics. A 3.2% growth still lands Israel the top spot among OECD countries.

GDP per capita growth in Israel came in below the OECD average. With a 2% population growth, GDP per capita in the country came at $41,400 for 2018, a 1.2% increase compared to 2017. OECD average for the year stood at 1.9%.

Tel Aviv. Photo: Orel Cohen

Private spending went up 2.1% in 2018, compared to 1.4% in 2017, and 4.3% in 2016. Basic household expenses went up 1.3% per capita.

Export of goods and services went up 4% in 2018, compared to 5.1% in 2017 and 1.4% in 2016, and industrial export went up 1.5%. Tourism revenues went up 4.7%, compared to 12.4% in 2017.

The Israeli government deficit went up from NIS 6.3 billion in 2017 to NIS 32.1 billion in 2018: 0.5% of the country’s GDP in 2017, 2.4% in 2018. The U.S. had a 3.4% deficit in 2017. State revenues went down 0.8% in 2018, compared to an increase of 7.1% in 2017.