Was there a car?
The increase in GDP is lower than expected
The moderate increase is explained by the decrease in imports of vehicles to Israel.
Although the vehicles are manufactured abroad, the tax we pay for them is part of the GDP.
And what happened to private consumption?
Between Ashkenazi
16/01/2022
Sunday, 16 January 2022, 12:35 Updated: 12:48
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CBS: Gross domestic product increased by 2.7% on an annualized basis
, according to data from the Central Bureau of Statistics. 2.8%,
the Central Bureau of Statistics (CBS) publishes a third estimate for the third quarter of 2021 of the national accounts. The CBS announcement shows that the gross domestic product, at constant prices and after deducting the seasonal effect, increased in the third quarter of 2021 by 2.7% compared to the second quarter, when the domestic product was 2.5% in the previous estimate. The
CBS notes that the relatively moderate increase is explained Also by the decrease in passenger car imports compared to the second quarter of 2021. This is despite the fact that passenger cars are not manufactured in Israel, taxes on imports in general and passenger cars in particular are part of GDP, and thus the decrease in import taxes contributed to the decrease in GDP.
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The decline in car imports affected GDP. How? (Photo: ShutterStock)
Decrease in private consumption, increase in current expenses
Private consumption expenditure affected by the sharp decline in passenger car imports compared with the previous quarter increased by 0.9% on an annualized basis in the third quarter of 2021, while private consumption expenditure excluding durable goods that does not include passenger car purchases increased by 5.3% on an annual basis.
Private consumption per capita decreased by 0.9% on an annualized basis in the third quarter of 2021 compared with the second quarter of 2021 after an increase of 32.4% on an annualized basis in the second quarter (7.3% on a quarterly basis).
The changes in private consumption expenditure per capita in the third quarter of 2021 reflect a 6.9% increase in current private consumption per capita, including expenditure on food, beverages and tobacco, personal services, housing, fuel and electricity for home maintenance, and industrial products for current consumption.
Expenditure on semi-durable goods per capita, expenditure on clothing and footwear, home textiles, small electrical and household appliances, entertainment and leisure products and personal belongings, increased in the third quarter of 2021 by 2.8% on an annualized basis, while expenditure on clothing and footwear decreased by 9.1% In an annual calculation.
Expenditure on durable goods per capita, non-perishable products, decreased by 18.6% on an annualized basis, with expenditure on vehicles for private use declining significantly after the sharp rise in the second quarter.
Tourists at Ben Gurion Airport at the beginning of October. The sky opened a little - and immediately closed again (Photo: Reuters)
Excluding car taxes, gross domestic product rose by 3.9%
The CBS gifts also show that the gross domestic product excluding net taxes on imports, which does not include the effect of the decrease in taxes resulting from the decrease in vehicle imports, increased by 3.9% on an annualized basis. Imports of goods
and
services increased in the third quarter of the year by 6.6% on an annualized basis. Imports of civilian goods increased by 26.9% on an
annualized
basis, 6.1% on a quarterly basis, in the third quarter of 2021.
In addition, imports of diamonds and defense imports increased in the third quarter of 2021. Thus, imports of goods and services Excluding defense imports, ships, aircraft and diamonds decreased in the third quarter of 2021 by 0.9% on an annualized basis.
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GDP
CBS
Car imports
private consumption
Domestic product