We've downgraded our 2025 GDP growth forecast for Israel to 3.4%, primarily due to softer investment as high interest rates delay investment decisions. We still think next year will be key for Israel's economic recovery as we maintain our call that the war will end in H1. Consumption, which is set to grow at 4.6% next year, remains the driving force of the economy.
Israel: We expect a gradual economic recovery next year