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Q1 growth at 2.7%; projections revised downwards

Central Bureau of Statistics revises growth estimates after market fails to reach projected 3%

The Central Bureau of Statistics said Monday that the Israeli economy grew by an annualized 2.7% in the first quarter of 2012, failing to reach the projected 3%.


The new figures prompted the CBS to revised its gross domestic product (GDP) estimates for Q1-2012 downwards to an annualized 2.7%, compared with 2.9% in its second reading and 3.1% its original estimate.


The revision is the second within one-month's time.


According to the CBS, Israel's growth rate has been slipping steadily since an unprecedented annualized growth rate of 7.2% was reached in Q4-2010.


The Central Bureau of Statistics also reported a slowdown in exports, imports, consumption, and investments.


According to the data, May-June 2012 saw the sharpest drop in exports of Israeli goods since the beginning of 2009, as exports of goods excluding diamonds dropped by 7.7% compared to March-April 2012, totaling some $7.5 billion.


Business product growth dropped to an annualized 2.2%; private consumption per capita added 2.1% and investment in residential construction added 10.5% in the first quarter of 2012.




פרסום ראשון: 07.17.12, 07:00
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