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Israeli economy may be emerging from recession: report

Israel's Gross Domestic Product (GDP) expanded by one percent in the second quarter of 2009, a sign that the country's economy might be emerging from recession, a report from the Central Bureau of Statistics (CBS) said on Sunday.

According to the report, the country's GDP has expanded after two consecutive quarters of contraction. The one percent growth in the second quarter followed a 3.2 percent decrease in the first quarter and a 1.4 percent drop in the last quarter of 2008.

Exports, which account for about 45 percent of GDP, were 5.8 percent up in the second quarter, private consumption increased by4.4 percent and public consumption rose by 19.8 percent, said CBS.

A recession is officially defined with two consecutive quarters of GDP contraction, and GDP is the market value of all final goods and services made within the borders of a country in a year.

Israeli Finance Minister Yuval Steinitz on Sunday said the growth is "one more encouraging sign among a series of positive signs that we have received in recent weeks that show there is stability in the economy."

"At the same time, it's too early to declare an end to the crisis and emergence from the recession," Steinitz was quoted by local daily Ha'aretz as saying.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu expressed satisfaction over the economic data that shows Israel's economy has returned to growth.

"The aggregate data from the most recent quarters indicates that the situation of the Israeli economy is better than those of the world's leading economies," Netanyahu said, noting that he, together with Steinitz, will continue to lead a consistent economic policy that encourages both growth and stability in the Israeli economy.
 

 
 
 Source : Xinhua  Editor: Ivy
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