Israel’s GDP grew by 0.6%, Israelis don't save on meals and clothes – Muricas News

In accordance with major knowledge from the Central Bureau of Statistics, within the first quarter of 2023, the Israeli economic system grew by 0.6% (2.5% yr on yr). For comparability, the earlier 4 quarters GDP progress was -0.8%, 1.6%, 0.4%, 1.3%

The GDP of the enterprise sector grew by 3.3%, which is a two-fold slowdown in comparison with the earlier quarter.

Personal consumption fell 1.7% yr on yr after rising 10% within the earlier quarter. Personal consumption per capita decreased by 3.9% yr on yr. On the identical time, per capita consumption of meals and important items elevated by 0.9%. The decline in non-public consumption was primarily resulting from a pointy decline (-11.2% yoy) in consumption of medium-term items. This class, along with garments and footwear (bills for which simply elevated by 8.4%), contains reusable items with a lifespan of greater than a yr – books, instruments, small electrical home equipment, family textiles, leisure merchandise, dishes, and many others. . The sharpest was the discount in spending on the acquisition of vehicles (-80% yr on yr).

Authorities spending rose 1.8% yr on yr, nonetheless civil authorities spending was down 15% yr on yr and protection spending was up 21.3% yr on yr.

Actual investments grew by 7.5%, together with actual investments in residential actual property – by 2.6%, and actual investments within the high-tech sector – by 35.4%.

Imports of products and providers decreased by 5.8% yr on yr within the first quarter resulting from a pointy decline in imports of products (-17.4% yr on yr).

Exports of products and providers rose 0.4% yr on yr after declining 6.5% within the earlier quarter. Exports of providers up 15.9%, whereas exports of products down 10.9% year-on-year

The high-tech sector continues to be the engine of financial progress. After a discount of 10% in th.