Israel's purchasing power eroding

Prices in Israel were 13% above the OECD average in 2013.

Israel's GDP per capita on a purchasing power parity (PPP) basis was 80% of the average GDP per capita in the OECD in 2013, the Central Bureau of Statistics reported today. In February, the Central Bureau of Statistics reported that, in 2011, Israel's GDP per capita on a PPP basis was 84% of the GDP average - indicating deterioration in Israel's standing in the past two years.

Prices in Israel on a PPP basis were 113% of the OECD baseline; i.e. 13% above than the OECD average.

The Central Bureau of Statistics also reports that GDP growth slowed to 3.3% in 2013 from 3.4% in 2013 and 4.6% in 2012. GDP rose by an annualized 2.7% in the fourth quarter of 2013, after rising by an annualized 1.8% in the third quarter, 4.7% in the second quarter, and 2.2% in the first quarter.

Although Israel's growth rate in 2013 was above the OECD average of 1.2%, the country's rapid population growth rate, the difference in Israel's growth rate per capita was lower: 1.4% compared with the OECD average of 0.7%.

Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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