At 0.1%, second quarter growth slower than feared

By
September 17, 2015 15:26
1 minute read.

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Israel's economic growth in the second quarter of 2015 was even lower than feared, the Central Bureau of Statistics confirmed Thursday when it revised its preliminary data downward to 0.1 percent GDP growth from 0.3%.

Many economists hoped that new data incorporated into the revision would show higher growth than the near-zero level reported in mid-August. The growth figures were dragged down by a sharp drop in exports, though Thursday's data spread the blame around somewhat further. The export figures were revised upward to an 11.9% drop from the original 12.5% drop, while private consumption grew at 0.6%, down from the earlier estimate of 0.9%.

In early September, Finance Minister Moshe Kahlon moved to slash taxes, approving a one percentage point reduction in Value Added Tax to 17%, and a significant reduction in taxes on alcohol ahead of the Rosh Hashana holiday.

Labor MK Shelly Yacimovich said the economy's poor performance was the result of Netanyahu's policies, and that his coalition partners were not doing anything to help.

"Worst of all is that even in the new budget, there is not one shred of a response to the economic slowdown and the cost of living," she said.

Related Content

Breaking news
July 16, 2018
Trump says US-Russia ties have "never been worse"

By REUTERS