Israeli GDP up 5.2 pct in Q1, highest since 2016

Source: Xinhua| 2019-05-16 23:50:09|Editor: Mu Xuequan
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JERUSALEM, May 16 (Xinhua) -- Israel's GDP rose by 5.2 percent year-on-year in the first quarter of 2019, the highest since the second quarter of 2016, said a report released on Thursday by Israeli Central Bureau of Statistics.

For comparison, Israel's GDP rose at an annual rate of 3.9 percent in the fourth quarter of 2018, 2.8 percent in the third quarter and one percent in the second quarter.

Israel's GDP last recorded quarterly growth of more than 4 percent was in the third quarter of 2017 with 5 percent.

In the second quarter of 2016, the Israeli economy grew by 5.8 percent.

The impressive increase in the first quarter of 2019 is attributed to an exceptional increase in vehicle imports, following a change in taxation that came into effect on April 1.

The change increased car prices, which led to early massive car purchases.

A 4.9-percent rise in exports of goods and services excluding diamonds and start-ups also contributed to the GDP growth in the first quarter.

Israel's imports of goods and services increased by 6.7 percent in the first quarter, compared with 12.2 percent in the previous quarter.

In addition, personal consumption expenditure in Israel rose by an annual rate of 7.6 percent, which is equivalent to an increase of 5.7 percent in expenditure per capita.

This figure is reflected in an increase of 84.9 percent in the expenditure on durable goods per capita, including cars, furniture, refrigerators, washing machines and air conditioners.

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