GDP is projected to rise 2.5% in 2015, following a 2.6% increase in 2013, Israel's Central Bureau of Statistics reported today. This is the lowest growth figure for six years.
Private consumption is expected to grow by 4.1% this year, compared with 3.7% last year and 3.9% in 2012.
A detailed analysis shows that consumption is slowing, with purchases of durable goods (more expensive products with a longer lifespan) slated to drop 2.8% this year, after climbing 7.8% in 2014, while current spending will grow 2%, following growth of only 0.8% in 2014. Purchases of vehicles for private use will fall 11.2%.
The Central Bureau of Statistics predicted that per capita GDP would total NIS 137,000 in current prices this year, 0.4% more than in 2014.
GDP rose by an annualized 2.6% in the first half of 2015 (2.5% in the previous estimate), following a 2.5% increase in the second half of 2014 and 2.4% in the first half of last year.
According to the preliminary estimates, imports of goods and services will dip 1% in 2015, and total sources available to the economy (from local output and imports) will inch up 1.6%, following gains of 2.7% in 2014 and 2.5% in 2013.
Exports of goods and services, excluding diamonds, are projected to fall 2.1% this year, after rising 2.6% in 2014 and dropping 0.6% in 2013.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2015
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