Above forecasts: Gross domestic product increased by 2023.2% YoY in the first quarter of 5 compared with the previous quarter of 5.3% growth and fourth quarter of 2022 (seasonally adjusted change annualized). Gross domestic product per capita rose 0.1% on an annualized basis, the Central Bureau of Statistics reported Tuesday.
These are relatively good data relative to the current state of the economy, with the high interest rate already taking its toll and lowering consumption, and above forecasts of 1.8 percent, according to the Bloomberg website. The data also show that compared to the first quarter of 2022, there was an increase of 4.0 percent in GDP.The increase in gross domestic product in the first quarter reflects increases in public consumption expenditure, fixed asset investments, and exports of goods and services excluding diamonds and start-ups, while private consumption (impacted by the decline in passenger car imports, following the significant increase in the fourth quarter) declined.
Shopping center. Increase in private consumption expenditures, photo: Yossi Zeliger
The Central Bureau of Statistics report indicates that growth data were impacted in the first quarter by the following changes: an increase of 3.3 percent in business GDP, a decline of 1.7 percent in private consumption expenditure, an increase of 1.8 percent in public consumption expenditure, an increase of 7.5 percent in fixed asset investments excluding ships and aircraft, an increase of 0.4 percent in exports of goods and services excluding diamonds and startups, and a decline of 5.8 percent in imports of goods and services.
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