Israeli market grew by 3.1 percent in 2012

The Israeli market grew by 3.1 percent in 2012, the lowest figure in the past several years, the Central Bureau of Statistics (CBS) announced in a report obtained by Xinhua on Sunday.

It was expected that the Israeli market would grow by 3.2 percent in 2012. The figure represents a major slow-down in the growth of the Israeli market, after it had grown by 4.6 percent in 2011 and five percent in 2010.

Furthermore, the Israeli market grew at a rate of 2.4 percent in the last quarter of 2012, the lowest it has been for the past 14 quarters, said the report.

However, it seems that the Israeli economy is still doing relatively better than other countries.

According to the CBS’ report, the average growth rate stood at just 1.4 percent comparing to the 34 member countries of the Organization for Economic Co-operation and Development (OECD).

Israel’s economy is currently at a standstill as there is still no budget for 2013.

Last October, Prime Minister Benjamin Netanyahu called for early elections after he failed to form a majority within his coalition due to the austerity measures in the upcoming budget and to handle the growing deficit of 4.2 percent of the Gross Domestic Product (GDP).

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