Imports are expected to grow by 12.5% ; Central Bureau of Statistics based its estimates on six to eight months of data
The Central Bureau of Statistics (CBS) reported last week that Israel's GDP will grow by 5% in 2011, compared with 4.8% in 2010.
The CBS said its estimates were based on six to eight months of data. The CBS noted that the relatively high growth rate will enable the economy to overcome slower growth in exports due to global economic weakness with higher investment and state spending.
It estimated consumer spending would expand 5.1%, while total exports would grow 5.6% in 2011. Exports, Israel's main growth driver and which account for more than 40 percent of activity, are expected to grow 5.6% this year, well below a 13.4% spurt in 2010. Imports are expected to grow 12.5% in 2011, similar to last year.
