(Israel Hayom/Exclusive to JNS.org) Israel's economy is performing better than all expectations, the Central Bureau of Statistics said Thursday, updating its annualized growth projection for 2016 to 4.3 percent.
This is the third CBS growth projection update since January, and represents an increase of 0.3 percent over the previously projected annualized growth in gross domestic product.
According to the CBS, in the first half of 2016, GDP rose by 3.2 percent, reflecting a 9.9 percent increase in private consumption, an 8.6 percent rise in public consumption, and a 13.7 percent rise in exports of goods and services.
The government's civilian spending increased by 3.7 percent, while defense spending was up by 2.4 percent, the data showed. The overall GDP resources available to the economy between January and June this year were set at 5 percent -- double their availability in the first half of 2015.
The rise in the standard of living in Israel was reflected in private consumption. Annualized spending on food, beverages, cigarettes and alcohol increased by 5.3 percent per capita in the first half of 2016; investment in financial instruments rose by 8.4 percent; household spending on furniture, appliances, and private vehicles surged by 21.4 percent, and household spending on jewelry was up 9.9 percent.