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Sharp increase in trade deficit, slight rise in exports
Photo: GPO
Israel's trade deficit up 34.6% in 2012
Central Bureau of Statistics has reports 0.2% increase in export of goods, 7.1% rise in imports
Israel's trade deficit recorded a 34.6% increase in 2012, the Central Bureau of Statistics has reported.

 

A slight rise of 0.2% was recorded in the export of goods, compared to a 7.1% increase in the import of goods.

 

The last quarter of 2012 saw a 10.1% drop in the export of goods and a 17.8% decline in the import of goods.

 

On Sunday, the Finance Ministry posted a budget deficit of NIS 39 billion (about $10.5 billion) for 2012, making up 4.2% of gross domestic product – double the government target.

 

Israel's economy grew an estimated 3.3% in 2012, its slowest pace in three years due to scant export growth, but still outperformed many other developed countries.

 

Growth slowed from a 4.6% spurt in 2011, mainly due to recessions in Europe, Israel's largest trading partner, weak growth in the United States and slower growth in Asia.

 

Reuters contributed to this report

 

 

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