The larger-than-expected 15.4% annualised expansion in Israeli GDP in Q2 took the economy to more than 3% above its pre-pandemic level. While we expect growth to slow markedly in Q3 as the re-opening boost fades, Israel’s central bank will be comforted by the strength of the recovery and we think it will continue to signal the phasing out of some of its emergency support measures over the rest of the year.
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