Israel’s economy is doing better than previously thought, the Central Bureau of Statistics announced. The growth rate for the second quarter of 2016 was revised upwards to 4.3 percent, from the previous 4 percent level. The growth rate in the first quarter was 2.3 percent, which followed a 3.7 percent growth in the economy in the last quarter of 2015.
The second quarter growth was fueled by a 9.9 percent increase in consumer spending, a rise of 8.6 percent in public spending, and a 5.4 percent increase in investments in fixed assets. In addition, exports of goods and services, excluding exports of diamonds, were up 13.7 percent.
The change also impacted the annualized growth rate for 2016, which was upped from 3 percent to 3.2 percent. Business output was revised upwards as well, to 2.5 percent from 2.3 percent for the first half of 2016. Business output in the second half of 2015 was 1.9 percent, and 2.9 percent in the six months previous.