CBS: Israeli economy in recession

Israel's gross domestic product fell by 3.6% in the first quarter of 2009, following a 0.5% dropin the last three months of 2008
 
Israel's export-dependent economy entered into a recession in the first quarter of 2009, when it contracted at an annual rate of 3.6%, according to preliminary data from the Central Bureau of Statistics.
 
Israel's Central Bureau of Statistics (CBS) announced last Sunday that the country is officially in a recession. According to CBS's data, Israel's gross domestic product fell by 3.6% in the first quarter of 2009, following a 0.5% dropin the last three months of 2008. The formal definition of a recession is two consecutive months of negative economic growth.
 
Israeli business sector revenue fell at an annual rate of 4.2% in the first quarter of 2009, following a 1.6% drop in the last quarter of 2008 and a 1% rise in the third quarter of 2008, the data showed.
 
Imports of goods and services dropped 21.8% in the first quarter of 2009, while exports decreased by 14.4%, the date said. Per capita expenditure was down 6% in the first three months of 2009 and investment in the Israeli economy decreased by 7.8% during the same period, according to the data.
 
Despite the recession, apartment prices rose by 4.9% in the first quarter of 2009 as the positive trend in the real estate market continued.