The rise in the standard of living in Israel
has slowed down: According to non-final data released by the Central Bureau of Statistics, the private consumption per capita will go up by just 0.9% this year compared to 2% last year. In other words, the rise in the standard of living in 2012 is lower than in 2011.
The figures show that the Israeli economy's growth rate will total 3.5% in 2012 – the highest growth rate among Western countries, after a 4.6% increase last year and a 5% increase in 2010.
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The gross domestic product (GDP) per capita will total NIS 117,600 (about $30,800) this year and will be 1.7% higher than last year's GDP per capita.
According to estimates, the import of goods and services rose 3% this year, so that all of the economy's sources, from GDP and imports, grew 3.4% after a 6.3% increase in 2011 and a 6.8% increase in 2010.
A significant decline in the standard of living can be seen in the drop in purchasing consumer durables (furniture, electrical appliances, cars, etc). Purchases went down 7.3% in 2012, after an 8.5% rise in 2011.
Purchases of vehicles for private use fell 12.2% per capita, purchases of household equipment (refrigerators, air conditioners, washing machines) dropped by 5.8% per capita, and furniture purchases were down 1.6% per capita.
Asset investment increased 2.6% after a 16% rise last year, the GDP of the business sector went up 3.4%, the industry sector recorded a 3% rise, the construction sector – a 4.3% rise, and the commercial sector – a 2.8% rise.
The government consumption expenditure recorded a 3.8% increase this year, after a 2.9% rise both in 2011 and 2010. This increase reflects a 4.9% rise in the civil consumption expenditure, which includes health services, education, culture, etc, given to households for free.
The defense consum
ption expenditure is expected to record a 0.5% increase this year.
The import of goods and services (excluding diamond and security-related imports) went up 6.8% this year, after a 9.4% increase in both 2011 and 2010.
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