09.20.12, 08:52–The Central Bureau of Statistics on Wednesday updated its assessment of the Israeli economy’s growth rate in the first half of 2012, from 3% to 3.2%, following a 3% increase in the business sector gross domestic product, a 6.5% rise in exports and a 4% hike in gross capital formation in fixed assets.
Despite the more positive assessment than the one made by the CBS after the initial processing of economic figures compiled in the first half of the year, the growth rate is still significantly lower than recorded in 2011 (4.6%) and in 2012 (5%).
In addition, the growth figures presented Wednesday are lower than the annual forecast for 2012 published by the CBS before the Jewish New Year, which referred to a 3.5% growth in 2012.
The current growth figures are the result of complementary information compiled in the past month regarding the performance of large companies, the arrival and departure of tourists, construction, employment, imports and exports, and wages.
The data point to a 3.4% growth in the second quarter of the year, mainly due to a 23.3% jump in exports and an increase in consumption expenditure, following several months of a significant slowdown in these clauses.
In total, since the beginning of the year there has been a 6.5% rise in exports, a 4% increase in gross capital formation in fixed assets and a 2.6% hike in consumption expenditure per capita. These are positive figures, but they appear to have several concerning aspects…Read More>>