The CBS said in October that the export-reliant economy would grow 4% this year. GDP excluding net taxes on imports climbed 4.3% during July to September
Israel's economic growth slowed in the third quarter, as exports declined, the Central Bureau of Statistics (CBS) reported last week.
According to the CBS economic growth slowed less than expected to an annualised 3.8% in the third quarter from 4.5 percent in the prior three months.
The CBS said in October that the export-reliant economy would grow 4% this year.
GDP excluding net taxes on imports climbed 4.3% during July to September following 4.4% increase in the previous three-month period, official report showed.
Private consumption growth eased to 1.3% from 6.7% recorded in the previous quarter. Meanwhile, government spending surged 10.2% following just 1.1% rise in the second quarter. Investment growth slowed to 9.7% from 16.2%.
Israel's exports fell 9.6% after a strong increase of 13.9% in the previous quarter. Similarly, imports dipped 4.6% following 5.9% growth. its first decline since the first quarter of 2009.
Exports which comprise more than 40 percent of Israel's economic activity grew sharply in the prior four quarters but slipped in the third quarter due to weak U.S. and European economies, which account for some 70 percent of Israeli exports.
The country's business sector expanded at a slower pace of 3.9% in the third quarter, slower than the 5.1% growth seen in the second quarter. Second-quarter GDP growth was unrevised at 4.5 percent.
