The Central Bureau of Statistics has raised its GDP growth figure for the second quarter of 2012 from an annualized 3.2% to 3.4%, based on updated data. GDP rose by an by an annualized 3.1% in the first quarter. GDP rose by an annualized 3.2% in the first half of the year, down from an annualized 3.3% in the second half of 2011 and 5% in the first half of last year.
The higher GDP growth figure for the second quarter was due to an annualized 23.3% growth in the export of goods and services, an annualized 3.9% growth in private consumption, and an annualized 2.1% growth in public consumption.
The Central Bureau of Statistics also raised its business product growth rate to an annualized 3% in the first half from its previous estimate of 2.8% growth. Business product rose by an annualized 3.2% in second half of 2011 and 6% in the first half. Business product growth in the first half of 2012 was driven by an annualized 17.1% growth in commercial services, an annualized 5.5% in the construction industry, and 4.2% growth in the transport and telecommunications industry. This growth was offset by an annualized 4% drop in business services. Manufacturing product growth was zero.
Sources available to the economy (GDP plus imports) rose by an annualized 5.8% in the first half, after rising by 2.8% in the second half of 2011 and 8.5% in the first half. The growth in the first half was driven by an annualized 13.8% growth in imports of goods and services, after rising by an annualized 0.9% in the second half of last year.
Published by Globes [online], Israel business news - www.globes-online.com - on September 19, 2012
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