Israel's H1 growth revised upwards

Growth Photo: Shutterstock
Growth Photo: Shutterstock

The annualized first half growth estimate was raised from 4.1% to 4.2%.

The Central Bureau of Statistics today upwardly revised its figures for the annualized growth in Israeli GDP in the first half of 2018 from 4.1% to 4.2%, following 4.3% and 2.4% growth in the second half of 2017 and first half of 2017, respectively.

The Central Bureau of Statistics left its 1.8% estimate for second quarter growth unchanged, following 5.2% growth in the first quarter. The difference between these two figures is attributable to a wave of vehicle purchases. Excluding vehicle purchases, growth was 4.0% in the first quarter and 2.8% in the second quarter.

Changes in GDP in the second quarter included annual decreases of 2.4% in private consumption (a 2.3% rise excluding durable goods), 4.3% in public spending, and 1.8% in investments in fixed assets, combined with an annualized 1.7% rise in exports of goods and services. Imports of goods and services were up 1.3%.

Business product jumped by an annualized 4.5% in the second quarter, following increases of 4.8% and 2.2% in the second and first halves of 2017, respectively.

The most dramatic development in the accounting figures was the increase in the trade deficit, a result primarily of imports of goods and services, which rose 10.5% in the first half of 2018, following a 14.3% increase in the second half of 2017. Annualized exports of goods and services, excluding startups and diamonds, were up 5.7% in the first half of 2018. Industrial exports, excluding diamonds, rose 5.6%, exports of tourist services 8.5%, and exports of other services 7.6%, while agricultural exports were down 12.3%.

Published by Globes, Israel business news - en.globes.co.il - on October 16, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Growth Photo: Shutterstock
Growth Photo: Shutterstock
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