Regional

Israel economy to grow 3.4 pct again in 2013: stats bureau

Palestinians shop in the Old City of Hebron (Al-Khalil) on August 21, 2011. AFP PHOTO / HAZEM BADER

JERUSALEM: Israel's economy is on track to grow at a 3.4 percent rate for the second straight year in 2013, the Central Bureau of Statistics said on Monday.

The bureau said its estimate is based on seven to nine months of data.

Exports, which account for some 40 percent of Israel's economic activity, look to dip marginally this year after a slight rise in 2012. Private spending, another major growth driver, is estimated to grow 4 percent in 2013 after a 3.2 percent gain last year while investment in fixed assets is estimated to contract 0.6 percent following a 3.5 percent rise.

The Bank of Israel last month lowered its 2013 economic growth forecast to 3.6 percent from 3.8 percent.

The bureau, in its third estimate, said second quarter gross domestic product grew 5.0 percent, up from a previous estimate of 4.9 percent.

 

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