Finance Minister Yuval Steinitz
Photo: Ori Porat
Treasury: Israeli economy slowing down
Finance Ministry report points to slowdown in most economic measures in May: Exports dropping, industry in ongoing freeze, taxation down 2%, inflation rate remains high, supermarket sales decline
After months of growth and encouraging figures, the Israeli economy is showing signs of a slowdown.
The "Red Lights" report released by the Finance Ministry on Monday points to a slowdown in most economic measures in May: Exports are dropping, the industry is in an ongoing freeze, taxation was down 2% in the second quarter, the inflation rate remains high, and supermarkets are experiencing a drop in sales.
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The Treasury releases the "Red Lights" report once a month, and it includes key economic figures and measures about the economy.
The only encouraging data come from the real estate sector, which has been a cause for concern until now. According to the Treasury, May saw a drop in the median price of new apartments, in addition to a 14% decrease in the volume of realty deal compared to the same period last year.
A significant improvement has also been recorded in the labor market, with the unemployment rate falling to 5.8% in April – a nearly full unemployment situation.
The unemployment rate stood at 5.9% in March, at 6% in February and at 6.1% in January. In April 2010, the unemployment rate stood at 6.7%.
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