Economic performance up 0.1% in Dec.

'S' index's growth rate indicates Israeli economy continues to expand moderately, central bank says

Reuters|Published: 02.01.13 , 07:37

Israel's economic performance, or 'S' index, rose 0.1% in December, indicating the economy continues to expand moderately, the Bank of Israel said.

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"The index's growth rate has been stable in recent months but the pace has moderated from the rate at the start of the year," the central bank noted.

For all of 2012, the index rose an average of 2.5% versus 4.4% in 2011.

The Bank of Israel said the slower growth pace of the index was consistent with slower economic growth in 2012. The index, it noted, slowed to an average monthly increase of 0.1% in the fourth quarter from 0.25% in the first quarter.

The number of salaried employees was 2.196 million in October, the last month for which data was available, up from 2.179 million in September.

Israel's economy grew an estimated 3.3% in 2012 after a 4.6% spurt in 2011. Growth is forecast for below 3% in 2013, excluding natural gas production.