Israel's GDP rose by an annualized 4.7% in the first quarter of 2011, the Central Bureau of Statistics reported today, after rising at a rate of 7.6% in the fourth quarter of 2010 and 4.8% in the third quarter. Analysts had expected a faster growth rate of 5%. The Bank of Israel predicts 4.5% growth in 2011.
GDP growth in the first quarter was driven by private consumption, exports of goods and services, and investment in fixed assets. However, public consumption fell.
Business product rose by an annualized 5.8% in the first quarter, after rising 8.7% in the preceding quarter and 5.1% in the third quarter of last year.
Imports of goods and services rose by an annualized 15.9% in the first quarter, after rising at a rate of 15.6% in the preceding quarter. Imports of goods and services (except for ships, planes, diamonds, and defense goods) rose by an annualized 13.6% in the first quarter, after rising at a rate of 12.9% in the preceding quarter.
Uses of resources showed that private consumption rose by an annualized 6.8% in the first quarter. This amounts to an annualized 4.8% rise in the standard of living, after a rise of 6.6% in the preceding quarter and a fall of 1.2% in the third quarter.
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