Excluding technology sectors, output fell by an annualized 8.1% in September-November.
The latest Central Bureau of Statistics figures indicate a hard landing for the Israeli economy in the final months of 2008. Three-month trend figures for September-November 2008 show an annualized 7.6% drop in industrial output, and an annualized 8.1% drop in industrial output excluding high tech.
The reason for the plunge in industrial output is particularly worrying: a 12% plunge in high-tech output and a nearly 20% drop in output by mixed-low technology industry (metals, rubber and plastics, and jewelry).
The drop in industrial output is also affecting employment; the number of manufacturing jobs fell by 0.5% in September-November.
Trade and services proceeds are just as depressing. Trade and services proceeds fell by an annualized 6.4% in September-November, in three-month trend figures, after falling by an annualized 6.7% in June-August.
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2009
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