Israel’s economic growth exceeded expectations in second quarter of 2016

Israel’s economic development in the second quarter of 2016 exceeded expectations and was set at four percent, Israel’s Central Bureau of Statistics (CBS) said in a report Sunday.

CBS projections released in August had initially projected a 3.7 percent growth in the second-quarter.

The data showed that private sector productivity increased by an annualized 2.3 percent during the first half of 2016, an increase of 0.1 percent compared to previous projections, and an increase of 1.9 percent compared with the sector’s performance in the first half of 2016.

Private consumption was up 10 percent in the second quarter, growing by an annualized 5.1 percent during the first six months of 2016.

Household expenditure on durable goods, such as furniture, appliances and cars, showed a sharp rise of 21.2 percent in the first half of 2016.

Private consumption has so far proven to be the economy’s main growth engine in 2016.

Exports of goods and services, excluding diamonds and startup exits, were up an annualized 1.4 percent, CBS data showed.