CBS estimates: Israeli economy grew 4.8% in 2011

Port2port News Service
Jan 2, 2012

Economic growth is still outpacing most advanced economies, which are forecast by the International Monetary Fund to grow an average 1.6% this year.

According to estimated figures provided by the Central Bureau of Statistics,(CBS) Israel's gross domestic product rose by 4.8% in 2011, despite a gradual slowdown as the year came to a close.

Israeli economy grew followed a similar rise in 2010, and a rise of 0.8% in 2009, the year of emergence from global recession. Israel's GDP per capita rose 2.9%, to US$31,100, (NIS 111.3 thousand) figures similar to those for 2010.

Private consumption rose 4% in 2011, after rising 5.3% in 2010. Private consumption per capita rose 2.1%, consumption per capita of durable goods rose 5.6%, and consumption per capita of non-durable goods rose 1.8%.

Economic growth is still outpacing most advanced economies, which are forecast by the International Monetary Fund to grow an average 1.6% this year.

In November, the Organization for Economic Cooperation and Development downgraded its 2012 economic growth forecast of the 34-nation bloc to 1.6% from its May forecast of 2.3%.