The Central Bureau of Statistics (CBS) noted last week that according to a third revised assessment, the Israeli economy grew 2.9% in the third quarter of 2012, after growing 3.1% in the second quarter of 2012 and 2.9% in the first quarter.
These figures further reflect the economic slowdown trend in 2012. Last month the CBS reported that according to its first assessment, the Israeli economy grew by just 3.3% in 2012 – after growing 4.6% in 2011 and 5% in 2010. A statement issued by the CBS noted that "The growth in gross domestic product in the third quarter of the year reflects an increase in personal consumption expenditure and a drop in the export of goods and services and fixed asset investment. The public consumption expenditure remained almost unchanged."
The growth rate decline was felt in all economic components – particularly in the GDP of the business sector, which fell from 5.1% in 2011 to 3.2% in 2012. The personal consumption expenditure per capita grew by 0.9%, compared to 1.9% in 2011. Exports abroad (including diamonds and high-tech) grew by 1%, compared to 5.5% last year. The import of goods and services grew 3.2%, compared to 11.1% in 2011. In addition, the investment volume increased by just 3.2% in 2012 compared to 16% last year, and the investment in construction alone grew 5.7% compared to 12.5% in 2011.