Feb 17, 2017 8:44 AM – Unexpectedly strong figure, which nears Chinese growth rate, causes shekel to strengthen against the dollar.
Israel’s economy ended 2016 with a bang, as surging exports and higher consumer spending and investment boosted gross domestic product a preliminary 6.2% on an annualized basis in the fourth quarter, the government said Thursday.
The Central Bureau of Statistics also revised its figure for growth in the third quarter, to 4.2% from 3.6%, which means GDP growth for all of 2016 is now a preliminary 4%, up from a previous estimate of 3.6%.
The unexpectedly strong figure for the fourth quarter caused the shekel to power higher against the dollar, climbing 0.8% to a Bank of Israel rate of 3.716, its strongest in nearly two and a half years.
The growth rate, which comes close to China’s 6.8% increase in the fourth quarter, marks a huge turnaround from a year ago. In the first quarter of 2016 the GDP, according to initial estimates, was expanding at a tepid annualized rate of 0.8%, and exports were sagging. Some economists were warning of a recession…..Read More>>