Q3 growth in GDP - 3.7%

Figures published by the Central Bureau of Statistics ( CBS ) show that Israel's growth rate is rising, despite signs of a decline in the standard of living, and in investment in the third quarter of 2004, due to strikes and disruptions by ports workers a
22.11.04 / 00:00

Figures published by the Central Bureau of Statistics ( CBS ) show that Israel's growth rate is rising, despite signs of a decline in the standard of living, and in investment in the third quarter of 2004, due to strikes and disruptions by ports workers and public sector employees in July and August. According to CBS economists direct and indirect costs of the strike and labor sanctions are estimated at US$500 millions.
 
The CBS reported last week that GDP rose by an annualized 3.7% in the third quarter, after rising by an annualized 4.3% in the first and second quarters. The CBS noted that were it not for outstanding damages caused by the ports strike, GDP growth would have been much higher.
 
GDP per capita rose by 1.6-2.2%, compared with 2.5% in the first half of the year. The standard of living (private consumption per capita) fell by 0.8% in the third quarter, after rising 1.1% in the second quarter and 2.3% in the first. Private consumption rose by an annualized 1.3% in the third quarter, after rising 2.6% in the second quarter and 3.8% in the first.

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