The economy of Israel has been growing at a rate of 4.6% in quarter four and that is a lot higher than what had been expected and this is mostly because of the imports of the hybrid cars which had been brought forward for the tax hike of 2020.
The central bureau of statistics of Israel has made a revision to the previous estimate of growth of 3.3% for the growth in the year 2019 to a level of 3.5% after it had included the figures of the fourth quarter in the years. The growth in the last year had therefore exceeded the growth of 3.4% in the year 2018. Revised figures of growth had been affected by bringing the imports forward of the hybrid vehicles after the taxes had been raised on vehicles beginning 2020. The imports being brought forward is going to be at the expense of growth in the year 2020.
The growth in the fourth quarter had gone to a total of 4.6% as per the statistics bureau’s first estimate which has been recently published. Excluding the vehicles, the growth in this quarter had been 3.3%. The GDP per capita in the quarter four had grown by 2.7% annualized in comparison with 2.4% in quarter three
This estimate had shown that there was major growth in close to all of the economic statistics. The spending on the private consumption had gone up by 10% under influence of the spending on the imports of private vehicles and had soared by 486.14% as compared to the previous quarter. Excluding the vehicles, the spending of the private consumption has grown by 5.9%.