Israeli economy grew at 5.2% in Q1 2019

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Economic growth was boosted by an exceptionally large rise in vehicle imports, the Central Bureau of Statistics reports.

There was a sharp rise in GDP growth in Israel in the first quarter of 2019, the Central Bureau of Statistics reports. According to the first estimate the economy grew 5.2% on an annualized basis in the first quarter. This compares with 3.9% in the fourth quarter of 2018 and 2.8% in the third quarter of 2018.

After deducting the import of vehicles and the income from tax on those vehicles, the economy grew 3.7% in the first quarter of 2019 and 3% in the fourth quarter of 2018.

Expenditure on vehicles for private use grew almost 600% on an annualized basis in the first quarter of 2019 after rising 40.4% in the preceding quarter, due to the imminent reduction of tax benefits as part of the green tax law.

Business output rose 5.8% on an annualized basis in the first quarter of 2019, after rising 3.9% in the fourth quarter of 2018 and 2.5% in the third quarter of 2018.

Imports of goods and services rose 6.7% on an annualized basis in the first quarter of 2019 after rising 12.2% in the preceding quarter. Exports of goods and services grew 4.9% on an annualized basis in the first quarter of 2019.

Published by Globes, Israel business news - en.globes.co.il - on May 16, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Growth Photo: Shutterstock
Growth Photo: Shutterstock
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