Israel’s gross home product (GDP) grew at an annual charge of 1.9% within the third quarter of this yr, based on a revised estimate printed by the Central Bureau of Statistics right now. It is a decrease progress determine than within the first estimate launched a month in the past, of two.1%. The revised determine is consistent with earlier forecasts.
The revised progress determine could also be decrease than the primary estimate, however it’s nonetheless affordable by worldwide comparability. Extra worrying is the GDP per capita determine, during which Israel is mostly much less nicely positioned. The unique estimate was that GDP per capita fell by an annualized 0.2% in July-September; the revised determine is a decline of 0.4%.
Non-public consumption per capita fell by an annualized 4.4% within the third quarter, after an annualized 6.9% rise within the second quarter. Even when the Israeli public has began to tighten its belt, because the economic system slows and rates of interest rise, it nonetheless has to pay extra for necessities which have risen in worth. Thus consumption per capita on housing, gasoline, electrical energy and related gadgets rose 2.6%.
On much less important gadgets, resembling clothes and leisure, client spending fell considerably within the quarter, by 8.5% on an annualized foundation, whereas spending on client durables fell by a dramatic 28.6% in annual phrases. The Central Bureau of Statistics explains that automobile imports are an vital part of this determine. Whereas automobile costs have risen, Israelis are shopping for fewer of them due to a extreme scarcity of shares on the importers.
The revised third quarter progress determine places Israel in the course of the figures for the OECD nations. Israel’s GDP grew by 0.5% (non-annualized) within the quarter, barely greater than the OECD common of 0.4%, and on a par with Italy and Lithuania. Norway had the very best progress, at 1.5%, whereas within the US, GDP grew by 0.7%. Germany recorded 0.4% progress, and France 0.2%. GDP within the UK and the Czech Republic shrank by 0.2% within the third quarter.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on December 18, 2022.
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