The Israeli economy has grown by just 3.3% in 2013, the Central Bureau of Statistics estimates, the lowest annual growth figure in a decade, after growing 3.4% in 2012.
At least 25% of the growth in 2013 came from the flow of natural gas from the Tamar field so without the influence of gas, GDP growth has clearly sunk to new lows. Ministry of Finance and Bank of Israel estimates are that without the impact of natural gas, growth was just 2.3-2.6%. Per capita output fell to a level of 1.4%, the lowest since 2009.
The Central Bureau of Statistics also revised third quarter growth figures to just 2%, the lowest quarterly growth figure since the first quarter of 2009 when the economy was in the midst of the global financial crisis. Business output, the main growth engine of the economy grew 3.5% (with the gas), similar to 2012.
Despite everything, the Israeli economy's rate of growth was one of the highest in the OECD, which had overall average growth of 1.2%, nearly one third of Israel's growth. Israel also beat emerging countries such as India and Brazil, which had 3% and 2.5% growth respectively.
Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2013
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