Q1 GDP revised to 2.9% annualized
Israel's economy grows slightly faster than previously estimated in first quarter of 2013 due to higher growth in exports, consumer spending and less steep drop in investment
Growth is projected at 2.8% this year, excluding the start of natural gas production at a large well off Israel's Mediterranean coast, which is expected to add about 1 percentage point to gross domestic product.
GDP growth was 3.2% in 2012. Partly to encourage economic growth, the Bank of Israel cut its benchmark lending rate to 1.25% in two quarter-point moves in May although it held its key rate at its last meeting in June.
Exports - which account for some 40% of Israel's economic activity - grew 15.2% in the first three months of 2013, above a prior estimate of 12.8% in the first three months of 2013. But excluding diamonds and start-up companies, exports gained 4.3%.
Private spending rose 5.3% - more than an initial 5% rate. Imports rose 1%.
Investment in fixed assets slid 20%, less than in the second estimate, for its fourth straight quarterly decline. Government spending edged down 0.4%.
Fourth-quarter GDP was unrevised at an annualized 2.6% rate.
