CBS: Economic growth slows to 3.3% in Q1

This figure is less than the annualized growth rate of 4.8% in the fourth quarter of 2009. Industrial output growth slowed to 0.2% in March 2010
 
The Central Bureau of Statistics (CBS) said last week that Israel's GDP grew by an annualized 3.3% in the first quarter, less than the annualized growth rate of 4.8% in the fourth quarter of 2009.
 
Official data published by the CBS showed the economy continuing to rebound from a brief recession although at a slower pace than rapid growth of the prior two quarters.
 
The Central Bureau of Statistics noted that the economy grew 4.8% in the fourth quarter of 2009, unchanged from a previous estimate, and 3.6% in the third.
 
For all of 2009, the economy grew 0.7% and the Bank of Israel expects growth of 3.7% this year.
In its first estimate of first-quarter GDP growth the CBS noted that growth in the first three months of this year was fuelled by a 1.6% increase in consumer spending – slower than growth rates of above 5% in the previous three quarters – an 8.2% jump in state spending and a 44% surge in imports.
 
Exports – some 40% of Israeli economic activity – dipped 7.3% after a 47% spike in the fourth quarter.
 
Excluding the public sector, the economy grew an annualized 4.8% in the first quarter. In another report the Central Bureau of Statistics said that Industrial output growth slowed to 0.2% in March 2010, in seasonally adjusted figures, down from 0.7% in February and 2.4% in January.
 
Excluding high-tech, industrial output fell by 0.8% in March, after rising by 1% in February and 1.5% in January. High-tech output growth rose to 1.4% in March from 0.3% in February, but less than the 3.7% growth in January.