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Individual income likely to drop 1.8%

אוקטובר 22, 2009. Ynet: Gil Kol

Latest Central Bureau of Statistics figures say statements suggesting recession was over were premature; predicts gross domestic product will remain unchanged in 2009

The Central Bureau of Statistics (CBS) said Sunday that the Israeli market is unlikely to show growth in 2009.

The data indicated that contrary to projections suggesting the Israeli economy was beating the recession with a 0.1% growth, the gross domestic product (GDP) is likely the remain unchanged in 2009 and that the GIP (gross individual product or income) is likely to drop 1.8%.

The CBS said it was basing its assessments on data collected in 2009's Q1-Q3, which indicated the market suffered the most from the financial crisis during the first half of the year, noting a 1.9% drop in GIP compared to the same time in 2008.

The market showed a 4% growth in 2008 and a 5.2% one in 2007.

CBS analysts further found a 0.6% rise in private consumption, as oppose to 3.6% in 2008 and 6.3% in 2007, meaning that the Israeli consumerS, though not as affected by the global crisis like their counterparts in other Western countries, have drastically cut expenses.

Additional data indicated that individual purchases of consumer durables noted a sharp 11.7% drop, compared to a 10% rise in 2008. Car sales have dropped 22.6% and household appliances' sales have gone down by 0.3%.

The CBS predicts public consumption expenditures are likely to see a 2.7% rise, following an increase of 2.1% in 2008 and of 3.4% in 2007.

The business sector, said the bureau, is unlikely to fare as well: Between the drop in demands and tougher credit criteria the sector noted a 0.9% drop in product, after a 4.5% rise in 2008 and a 5.6% rise in 2007.

The crisis also had a substantial effect on global trading: Israel's commodities and services' exports dropped by 13.2% and its imports have decreased by 10.4%.

Current financial trends suggest that the industry sector will suffer a 7.9% loss in 2009, the construction sector will mark a 1.9% loss and the food and entertainment industry is likely to see a 2.7% loss in revenue.

The transportation and communication industries, however, are likely to see an approximate 4.6% rise in revenue in 2009.

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