Israel's economy slowed down in the second quarter of 2015 more than many struggling OECD countries including Spain, Greece, according to a new report published by the Finance Ministry.
According to the report, Israel's second quarter growth rate was just 0.3%, compared to an already minimal growth rate of 2.0% in the first quarter.
Finance Minister Moshe Kahlon said Sunday in response to the report that he intends to take several steps to improve Israel's economic performance. A drop in exports and investments in the market is considered one of the main reasons for the slowdown in the first quarter, according to the Finance Ministry's chief economist.
Another reason for the lack of growth was the failure to approve the state budget for 2015, which led to a slowdown in public consumption, according to the economist. The chief economist attributed second quarter slow growth to a slowdown in exports, particularly in manufacturing as well as a decline in defense consumption.
