CBS: Israeli economy grew 4.7% in Q1

Port2port News Service  
 
According to the Central Bureau of Statistics, consumer spending increased 6.8%, Export of goods and services climbed 16% and Import of goods and services advanced 15.9%
 
 
Data released last week by the Central Bureau of Statistics show that the Israeli economy continues to grow: The gross domestic products (GDP) rose by an annual rate of 4.7% in the first quarter of 2011, following a 7.6% increase in the last quarter of 2010 and a 4.8% rise in the third quarter. 
 
Consumer spending increased 6.8% during the three-month period, decelerating from the 8.8% gain seen in the preceding quarter. Export of goods and services climbed 16% in the first quarter, faster than the 11.3% increase recorded in the fourth quarter. 
 
Import of goods and services advanced 15.9%, after rising 15.6% in the previous quarter. Imports of goods and services (except for ships, planes, diamonds, and defense goods) rose by an annualized 13.6% in the first quarter, after rising at a rate of 12.9% in the preceding quarter. 
 
Fixed capital formation growth rose to 23.7% from 19.7%. Increase in domestic demand slowed to 8.3% from 9.7%.The Bank of Israel raised its 2011 growth forecast last month to 4.5% from 3.8%. The unemployment rate is seen at 6.1% for the year. Growth is seen slowing to 4% next year and jobless rate falling to 5.9%.
 
The CBS stressed that its figures are based on initial assessments of the national accounts and that "these findings must be examined with caution" due to the relatively high irregularity in economical statistics series in Israel.

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