Israel's gross national product was NIS 929,763 million in 2012, representing growth of 3.3% over 2011. This compares with growth of 4.6% in 2011, and 5% in 2010, the Central Bureau of Statistics reports today.
The 2012 growth figure is the lowest since the crisis year of 2009, and is among the lowest in the past decade. Per capita growth has fallen in the past two years from 3.1% in 2010 to just 1.5%.
Nevertheless, Israel's growth rate is the highest among the developed countries, and is more than double the OECD average of 1.4%. On the other hand, the growth rate is low in comparison with those of developing countries such as India and China.
Per capita growth in Israel this year was also double the OECD average, which was 0.7%, and among the highest among the OECD member countries, apart from Japan, where per capita growth was 1.9%. The Central Bureau of Statistics explains that the third quarter of 2012 saw a substantial fall in exports, while investment and private consumption weakened, hence the sharp slowdown in growth in 2012.
Business sector growth fell to 3.2%, compared with 5.1% in 2011 and 5.4% in 2010.
Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2012
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