Israel's per capita GDP fell by an annualized 0.9% in the second quarter of 2024, a sharp revision from the initial estimate of a 0.4% drop. Private sector product fell by 2.7% while government spending rose by 8.2%. GDP fell by 1.5% compared to the second quarter of 2023. Exports and imports both declined in the second quarter. The low unemployment rate of 2.6% in August indicates a shortage of workers due to mass drafting of IDF reservists.
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