Jerusalem, 31 May, 2000
First Quarter GDP up by 4.5%
(Communicated by Central Bureau of Statistics)
The Central Bureau of Statistics reports that first quarter of 2000
GDP growth - corrected for seasonal influences - was 4.5% in annual
terms, after rising 5.2% and 5.8% in the third and fourth quarters of
1999 respectively. Growth in the industrial sector (30% of the
private sector) in this period was similar to overall economic
growth.
Exports
GDP growth in the past three quarters was mainly powered by exports
of goods and services, which grew by 13.7% in the first quarter of
2000 (in fixed prices) compared to 23.5% and 21.2% growth in the
third and fourth quarters of 1999 respectively. The high-tech,
diamonds and agriculture sectors were significant export drivers.
Imports
Trend data for imports of goods and services (excluding defense
imports, ships and aircraft and diamonds) show a 7% rise in the first
quarter of 2000, compared to the import spike of 15-17% in the last
two quarters of 1999.
Consumption
Trend data for private consumption show a decline in the rate of growth
in the last two quarters, from 5.5% in the third quarter of 1999, to
3.7% in the fourth quarter and 3.9% in the first quarter of 2000. Trend
data for private consumption per capita is similar, rising 0.3% in the
first quarter of 2000, compared to 2.7% and 1.7% in the third and fourth
quarters of 1999 respectively.
Private consumption per capita - excluding durable goods - declined
in the first quarter after a period of stability. The rate of
increase for durable goods also slowed from 16.9% in the fourth
quarter of 1999 to 10.7% in the first quarter of 2000.
Investment
Investment in fixed assets (buildings, machinery and road vehicles) rose
by 6.8% in the first quarter, according to trend data, up from 2.6% and
5.8% in the third and fourth quarters of 1999. Investment in
residential housing (30% of investment in fixed assets) declined by 2.3%
in the first quarter, a relatively small decline compared to the 8-14%
each in the last 10 quarters.