Israel's economy grew at just 1.4% on an annualized basis in the first quarter of 2017, the Central Bureau of Statistics reports, well below predictions of 3.7% GDP growth in 2017 by the Bank of Israel and others who saw strong growth continuing.
Growth in the final two quarters of 2016 was 4.7% on an annualized basis in the fourth quarter and 4.1% in the third quarter.
Looking at the first quarter figures, there was a worrying 6% fall in investments in fixed assets, while private expenditure, the engine of growth of the economy over the past two years, surprisingly fell 1.6%. On the other hand, exports rose 8%, despite the strength of the shekel against the world's major currencies.
Today's figures are only the first assessment and in the recent past such figures have been revised sharply upwards.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017