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Israel’s economy stops growing

Economy down-36929_640

GDP growth in the second quarter fell to 1.7% on an annualized basis, the same as population growth.

The Israeli economy grew by only 1.7% in the second quarter of 2014 on an annualized basis, the Central Bureau of Statistics reports. This is the slowest rate of growth since the recession in the first half of 2009 and follows growth of 2.8% in the first quarter of 2014.

In effect growth of 1.7% means zero per capita growth with Israel’s population growing by 1.7-1.8% per year.

The rise in GDP in the second quarter reflects a 3.1% rise in private consumption expenditure and a 4.2% rise in public consumption expenditure and investment in fixed assets fell 4.5% and exports of goods and services fell 17.7% on an annualized basis.

Overall sources at the economy’s disposal (from domestic output and imports) rose 1.8% on an annualized basis in the first half of 2014 after rising 4% in the second half of 2013 and rising 2.3% in the first half of 2013.

Imports of goods and services fell 0.1% in the first half of 2014, after rising 6.7% in the second half of 2013.

Published by Globes [online], Israel business news – www.globes-online.com 

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