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CBS pegs H1-2012 growth at 3%
Central Bureau of Statistics releases initial assessment of market performance for first six months of 2012. Finance Minister Steinitz says market is at a crossroads
The Central Bureau of Statistics said Thursday that the Israeli economy added 3% in the first half of 2012.
Annualized data suggested that the market added 3.3% in the first quarter, following a 3.3% growth in the second half of 2011 and a 5.1% growth in Q1-2011.
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The CBS noted that the positive performance in exports was achieved despite a sharp decline in the exports of goods, which was offset by an increase in the exports of services.
"The data indicates that the market is at a crossroads," Finance Minister Yuval Steinitz said.
"On the one hand, our growth engines are churning and on the other there are clear signs of recession, due to the financial crisis in the United States and Europe.
"This data means that now more than ever, we must adhere to economical discipline and conservative budgets, as well as to moves that would foster low unemployment and high growth rates."
A CBS statement qualified the numbers, saying they were an "initial assessment" and stressing that such assessments change during the year.
