GDP growth in Israel on an annualized basis for the second quarter of 2019 has been revised sharply downwards to just 0.6% by the Central Bureau of Statistics' third estimate. The second estimate had the economy growing at an already sluggish 1% on an annualized basis in the second quarter. This reflects a very sharp slowdown from 4.7% growth in the first quarter of 2019 and 4.2% in the fourth quarter of 2018. RELATED ARTICLES IMF cuts Israel's growth forecast Bank of Israel cuts 2020 growth forecast Israel's economy grew at 3.6% in H1 2019 Without net tax on imports, the Israeli economy grew by 2.7% in the second quarter third estimate compared with 3.1% in the Central Bureau of Statistics second estimate. The second quarter's very modest growth figure reflects falls in private consumption and investment in fixed assets. However, there was a rise in exports of goods and services and public consumption expenditure alongside a rise in imports of goods and services. Last week, the Israel Monetary Fund (IMF) cut Israel's GDP growth forecast. The IMF sees Israel's economy growing by 3.1% both this year and next year having previously predicted that growth would be 3.3% in both 2019 and 2020. Earlier this month the Bank of Israel cut its 2020 growth forecast from 3.5% to 3%. Published by Globes, Israel business news - en.globes.co.il - on October 22, 2019 © Copyright of Globes Publisher Itonut (1983) Ltd. 2019
