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Economic growth slows to 3.3% in Q1
Israeli economy continues to rebound from brief recession although at a slower pace than rapid growth of prior two quarters, Central Bureau of Statistics says
Israel's
economy grew at an annualized 3.3% in the first quarter of 2010, continuing to rebound from a brief recession although at a slower pace than rapid growth of the prior two quarters, official data showed on Sunday.
The economy grew 4.8% in the fourth quarter of 2009, unchanged from a previous estimate, and 3.6% in the third, the Central Bureau of Statistics said.
On the heels of a global slowdown, Israel's economy entered a slowdown in the last three months of 2008 but growth returned in the April-May period of last year as consumer spending remained fairly robust.
For all of 2009, the economy grew 0.7% and the Bank of Israel expects growth of 3.7% this year.
Growth in the first three months of this year was fuelled by a 1.6% increase in consumer spending – slower than growth rates of above 5% in the previous three quarters – an 8.2% jump in state spending and a 44 percent surge in imports, the bureau said in its first estimate of first-quarter gross domestic product growth.
Exports – some 40% of Israeli economic activity – dipped 7.3% after a 47% spike in the fourth quarter.
Excluding the public sector, the economy grew an annualized 4.8% in the first quarter.
