Economics
Israel's Growth Slows Unexpectedly as Car Purchases Decline
- First-quarter GDP growth 1.4%, prior revised down to 4.7%
- Weaker data could give central bank room to keep rates on hold
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Israel’s economy slowed unexpectedly in the first quarter, growing 1.4 percent, as purchases of cars declined and business investment dropped.
The economy was expected to grow 3.7 percent for the quarter, according to the median estimate of seven economist forecasts compiled by Bloomberg. Gross domestic product growth slowed from 4.7 percent in the fourth quarter, which was revised downward from 6.3 percent, the Central Bureau of Statistics said on Tuesday.