CBS Predicts 4.1% Growth

The Central Bureau of Statistics predicts that Israel’s GDP will grow by 4.1% in 2010 compared with 0.8% in 2009. The Central Bureau of Statistics issued the prediction to mark publication today of “Selected Data from the New Israel Statistical Abstract No. 61 – 2010” ahead of the Rosh Hashana, the Jewish New Year, which starts Wednesday evening. GDP growth of 4.1%, if realized, will be considerably higher than the projected overall average annual growth of 2.7% in OECD member countries.

The Central Bureau of Statistics sees business output rising 4.5% in 2010 compared with 0% in 2009.

The Central Bureau of Statistics forecast is higher than the growth forecast of the Bank of Israel of 3.7% in 2010. However, the Bank of Israel is expected to revise its growth forecast upwards.

The Central Bureau of Statistics sees a 13% rise in exports in 2010 compared with last year and an 11% rise residential construction.

In addition, there is a 5% rise in consumption predicted for 2010 compared with a rise of 1.7% in 2009 with private consumption per capital, also known as the “standard of living” rising 3% in 2010 compared with a fall of 0.2% in 2009.