Israel's economy grew 4% in 2016, according to the second revision of GDP figures published today by the Central Bureau of Statistics. For the sake of comparison, GDP grew 3.2% in 2014 and 2.5% in 2015. Per capita GDP was up 2% in 2016, compared with 1.2% in 2014 and 0.5% in 2015.
According to the figures published by the Central Bureau of Statistics during 2016, the current revision shows that private consumption, which rose 6.3% in 2016, was the main engine in GDP growth. Per capital private consumption was up 4.2% in 2016, after rising 2.3% in the two preceding years.
The Central Bureau of Statistics figures show a clear improvement in investments in fixed assets, which grew 11.3% in 2016, after stagnating in the two preceding years. Exports of goods and services also improved, with 3% growth, primarily as a result of 6% growth in exports of services (excluding exports of startups and tourism).
The Central Bureau of Statistics upwardly revised its fourth quarter growth figure to 6.5%, compared with the 6.2% estimate it published in February.
Published by Globes [online], Israel Business News - www.globes-online.com - on March 9, 2017
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