Israel Growth Numbers Still Strong

Despite much worrying about a slowdown in the Israeli economy, growth figures remained fairly strong in the third quarter, at 3.2 percent, Globes said on Wednesday.

While performance was better than what had been forecast, it was nevertheless down from the revised figures for the second quarter of 4.9 percent growth. Slower, but not a slowdown.

Central Bureau of Statistics, the source of the data, noted that the third quarter figures are only an initial estimate, subject to significant change later. For instance, the initial growth figures for the first quarter were 0.8 percent. The CBS subsequently revised it way upward to 3.2 percent.

Third quarter growth was led by investment in fixed assets, which jumped 12.2 percent, while consumer spending, the economy’s growth engine over the past two years, rose by a relatively moderate 2.9 percent. Exports of goods and services were again weak, however, dropping 6.3 percent, compared with a 6.3 percent rise in imports of goods and services.