Industrial output increases by 2% in June. GDP grew at an annualized rate of 1% in the three months from April to June
Israel's gross domestic product grew in the second quarter following six months of contraction, the latest sign the global economy may be emerging from its severe downturn.
The Central Bureau of Statistics said last week that GDP grew at an annualized rate of 1% in the three months from April to June, having contracted by 3.2% in the first quarter 2009, and by 1.4% in the fourth quarter 2008.
The Central Bureau of Statistics announced last week that Israel's industrial output rose by a seasonally adjusted 2.1% in June 2009, compared with May, the first growth so far in 2009.
Industrial output rose even if high-tech output, the economy's growth engine, is excluded. The growth in industrial output encompassed all sectors: high-tech output, including pharmaceuticals, rose by 2.2% in June, mixed high-tech (such as chemicals, refining, and machinery) output rose by 1.1%, mixed low-technology output (such as mining and quarrying, plastics, and metals) rose by 2.9%, and low-technology output (such as textiles, printing, and food) rose by 1.9%. Trade and services proceeds also rose by a seasonally adjusted 3.5% in June, and reached the level before the collapse of Lehman Brothers in September 2008. Proceeds rose in all sectors: wholesale proceeds rose 3.3% in June, retail proceeds rose 1.5%, accommodations and catering services proceeds rose 3.5%, financial services proceeds rose 7.6%, business services proceeds rose 3%, and computer services proceeds rose 2.5%.
Nevertheless, Israel's return to quarter-on-quarter growth coincided with those of Germany and France, both significant export markets for the eastern Mediterranean economy.