Bank Leumi predicts 3.5% growth for Israel in 2010.
Bank Leumi today said that, except for Australia, Israel had the highest GPD per capita than any OECD member states (or rather the smallest decline). Israel GPD per capita fell by 1.1% in 2009; the OECD average was minus 4%.
The Central Bureau of Statistics yesterday announced that Israel's GDP rose by an annualized 4.9% in the fourth quarter and that growth for the year was 0.7%. Given Israel's population growth rate of 1.7%, this translates into GPD per capita decline of about 1%.
The Bank of Israel's Composite State of the Economy Index indicates that the growth rate slowed in early 2010. Looking ahead, Bank Leumi nevertheless believes that, in the absence of extraordinary developments, Israel can achieve 3.5% GDP growth in real terms this year. It cautions that one of the main risks to this forecast is a renewed slowdown in global economic activity, especially in developed countries, which could affect Israeli exports.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2010
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