Israel: Retail Foods

  |   Attaché Report (GAIN)   |   IS2021-0006

COVID-19 shook the Israeli economy. As a result, Israel’s GDP contracted by 2.6 percent in 2020. Though thanks to a very high rate of inoculation and the reopening of the economy since mid-February, Israel’s GDP is projected to grow by 6.3 percent in 2021 and 5 percent in 2022. The Israeli food retail sector, unlike the majority of sectors, benefited from the pandemic and 2020 was a record year with an increase in revenues and profits. Israel is a net importer of all major categories of food products. Israeli food prices are 19 percent higher than the OECD average. Israeli citizens spend more than 16 percent of their income on food and beverages. Over 60 percent of consumers buy their food at supermarkets.

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