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World Jewish News
Central Bureau of Statistics: Recession in Israel is ending
16.08.2009
Data from the Central Bureau of Statistics released Sunday reported that Israel's Gross Domestic Product expanded 1 percent in the second quarter of 2009, a sign that the country's economy may be emerging from recession.
According to the report, the country's GDP expanded after two consecutive quarters of contraction.
The 1 percent growth in the second quarter followed a 3.2 percent drop in the first quarter and a 1.4 percent decrease in last quarter of 2008. The bureau said that exports, which account for close to 45 percent of GDP, were up 5.8 percent in the second quarter, private consumption increased 4.4 percent and public consumption rose 19.8 percent.
A recession is officially defined as two consecutive quarters of GDP contraction, and GDP is defined as the market value of all final goods and services made within the borders of a country in a year.
Finance Minister Yuval Steinitz on Sunday said the growth is "one more encouraging sign among a series of positive signs that we have received in recent weeks that show there is stability in the economy. "At the same time, it's too early to declare an end to the crisis and emergence from the recession."
Meanwhile, Prime Minister Benjamin Netanyahu on Sunday expressed satisfaction over the economic data that shows Israel's economy has returned to growth.
"The aggregate data from the most recent quarters attest that the situation of the Israeli economy is better than those of the world's leading economies," Netanyahu said. "Increases in private consumption, exports and tax collection are very encouraging."
Netanyahu emphasized that he - together with Finance Minister Yuval Steinitz -will continue to lead a consistent economic policy that encourages both growth and stability in the Israeli economy.
"First and foremost, we will act together with the ministers in removing bureaucratic obstacles - in the reform of the Israel Lands Administration, to simplify planning and building processes and in extending a network of railways and roads," said Netanyahu.
"All of this will lower the prices of apartments throughout the country and will bring the periphery closer to the center."
By Tal Levy, TheMarker Correspondent, and Haaretz Service
Источник: Haaretz
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