The CBS predicts that exports will climb 13.1%, after falling 12.5% in 2009, and that consumer spending will increase 5% and residential building by 11.1%
The Central Bureau of Statistics (CBS) predicted last week that Israel's GDP should grow by 4.1% in 2010. The CBS issued the prediction ahead of the Jewish New Year, in its latest publication of "Selected Data from the New Israel Statistical Abstract No. 61 - 2010".
The CBS predicts that exports, which account for about half of gross domestic product, will climb 13.1%, after falling 12.5% in 2009, and that consumer spending will increase 5% and residential building by 11.1%.
The CBS also says that Israel's economy expanded 0.8% in 2009 and growth this year is expected to be about the same as in 2008 when the expansion was 4.2%. In the four years preceding the global economic crisis, the economy expanded by between 4.9 to 5.7% annually.
GDP growth of 4.1%, if realized, will be considerably higher than the projected overall average annual growth of 2.7% in OECD member countries.
The CBS's growth estimate compares with the Bank of Israel's April forecast of 3.7%. However, the Bank of Israel is expected to revise its growth forecast upwards.
The CBS sees business output rising 4.5% in 2010 compared with 0% in 2009. In addition, there is a 5% rise in consumption predicted for 2010 compared with a rise of 1.7% in 2009 with private consumption per capital, also known as the "standard of living" rising 3% in 2010 compared with a fall of 0.2% in 2009.
CBS: Israel's economy to grow 4.1% in 2010
The CBS predicts that exports will climb 13.1%, after falling 12.5% in 2009, and that consumer spending will increase 5% and residential building by 11.1%
13.09.10 / 00:00
•
More articles that may interest you
Business delegation from India's Gujarat state look to tap Israeli investors
Two large European clothing chains to open stores in Israel
Arkia introduced US$99 one-way fares to Paris, Amsterdam
ZIM upgraded Asia-Med-Europe (AME) Suez Service
DST ends at 2:00 AM on Sunday, September 12th
Israel's Consumer confidence index up after four month drop
More news from Industry & Trade Section
>Rosh Hashanah - The Jewish New Year begins on September 9th/06.09.10
>Israel cabinet approved joining OECD/30.08.10
>National Employment Service: number of jobseekers fell 0.3% to 304,300/30.08.10
>Bank of Israel leaves interest rate unchanged/30.08.10
>Bank of Israel: Composite State-of-the-Economy Index for July 2010 rises by 0.2%/23.08.10
>CBS: Economy grew at 4.7% in Q2/23.08.10
>State Georgia opened new rep office in Israel/16.08.10
>CBS: May - July high-tech leads exports rise/16.08.10
>CBS: China jumps to 2nd place in import by country of origin/16.08.10
>July consumer confidence drops 1.4 points/09.08.10