Israeli economy second-quarter growth exceeds expectations

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Israeli new shekel (NIS) coins. The Israeli economy's growth rate exceeded<br />
expectations in the second quarter of 2013. Credit: Wikimedia Commons.

(JNS.org) Israel’s Central Bureau of Statistics
(CBS) announced that the Israeli economy grew at an annual rate of 5.1 percent
in the second fiscal quarter of 2013, beating economists’ expectations.

Israeli new shekel (NIS) coins. The Israeli economy's growth rate exceeded<br />
expectations in the second quarter of 2013. Credit: Wikimedia Commons.

Israeli new shekel (NIS) coins. The Israeli economy’s growth rate exceeded expectations in the second quarter of 2013. Credit: Wikimedia Commons.

Economists had projected
3-percent growth in the second quarter for Israel. This compares with just 2.7-percent
growth in the first quarter and 3.1 percent in the fourth quarter of 2012 for
the Israeli economy.

According to the
CBS, the positive report was driven by 6.7 percent growth in private
consumption, 1.2 percent growth in the exports of goods and services, and 8.3
percent growth in public consumption, Globes
reported.

Analysts also
said that natural gas production in the Tamar gas field off the coast of
Israel, which began at the end of March, might have also played a role in the
higher-than-expected growth rate, Haaretz
reported.

The strong
growth of Israel’s economy comes despite the departure of internationally renowned
economist Stanley Fischer as the head of the Bank of Israel in June. Two of
Prime Minister Benjamin Netanyahu’s nominees to replace Fischer withdrew from
consideration.

…read more
Source: JNS.org

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