The Central Bureau of Statistics (CBS) released last week figures indicating that the gross domestic product GDP grew 2.9% in the first quarter of 2014 on an annual basis, compared with a previous estimate of 2.7%. This follows an increase of 3.3% and 2.0% in the fourth and third quarter of 2013, respectively.
According to the third estimate for the national accounts, Israeli GDP grew 2.9% on an annualized basis in the first quarter, instead of 2.1% reported in the first estimate (in seasonally adjusted fixed prices).
Most of the revision was already included in the second estimate, which was 2.7%. The almost 1% gap between the first and third reports significantly alters the former macroeconomic pessimism.
The revised figures indicate a more moderate slowing of the growth rate, compared with the preceding quarter (the fourth quarter of 2013), when growth totaled 3.3%.
