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Slowdown Continues

Growth rate decline felt in all economic components (illustration) Photo: Shutterstock
Growth rate decline felt in all economic components (illustration) Photo: Shutterstock
 
 

Israeli economy grows 2.9% in Q3

Revised assessment published by Central Bureau of Statistics points to further slowdown following 3.1% growth rate in second quarter of 2012

Avital Lahav
Published: 01.17.13, 13:37 / Israel Business

The Israeli economy grew 2.9% in the third quarter of 2012, according to a third revised assessment of the Central Bureau of Statistics, after growing 3.1% in the second quarter and 2.9% in the first quarter.

 

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"The growth in gross domestic product in the third quarter of the year reflects an increase in personal consumption expenditure and a drop in the export of goods and services and fixed asset investment. The public consumption expenditure remained almost unchanged," the CBS said in a statement Wednesday.

 

These figures further reflect the economic slowdown trend in 2012. Last month the CBS reported that according to its first assessment, the Israeli economy grew by just 3.3% in 2012 – after growing 4.6% in 2011 and 5% in 2010.

 

The growth rate decline was felt in all economic components – particularly in the GDP of the business sector, which fell from 5.1% in 2011 to 3.2% in 2012.

 

The personal consumption expenditure per capita grew by 0.9%, compared to 1.9% in 2011. Exports abroad (including diamonds and high-tech) grew by 1%, compared to 5.5% last year. The import of goods and services grew 3.2%, compared to 11.1% in 2011.

 

In addition, the investment volume increased by just 3.2% in 2012 compared to 16% last year, and the investment in construction alone grew 5.7% compared to 12.5% in 2011.

 

 

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