CBS : 5.1% GDP growth in 2005

For the year 2005,Israel's gross domestic product was growing faster than had been expected and that GDP would expand by 5.1%,( up from its previous estimate of 4.4%), its fastest rate since 2000, The business product is likely to expand by 6.4% this year

03.10.05 / 00:00

The Central Bureau of Statistics (CBS) announced at a press conference last week that for the year 2005,Israel's gross domestic product was growing faster than had been expected and that GDP would expand by 5.1%,( up from its previous estimate of 4.4%), its fastest rate since 2000, The business product is likely to expand by 6.4% this year, slightly faster than its pace in 2004.

Exports will grow by 6.5% this year, led by a 28% growth in tourism, 18% in services, and 14% in agriculture compared with more than 17% in 2004.

Imports will be up by 4.4% this year, almost a third of last year’s 12% growth.
Civilian imports, excluding defense imports and diamonds, will increase by 4.3%, a third of last year’s.

GDP per capita growth will be the highest since outbreak of the intifada, reaching 3.2% this year, compared with 2.5% last year.

Standard of living will rise by 1.6% this year, half the rate of last year. The rise in the standard of living is due to 3.6% increase in purchases of vehicles and durable goods per capita less then the 12.3% increase in 2004. Public expenditure will increased by 4.5%, mainly because of heightened spending on defense. Private consumption will increased by 3.5% and consumer spending per capita will rise by 1.6%, compared with 3.2% in 2004.