(Globes).The Israeli economy seems to be pulling out of recession, as CBS figures also show that exports rose by an annualized 5.3% last quarter.
GDP rose by 1% in the second quarter of 2009, utterly defying expectations, after two quarters of economic contraction, the Central Bureau of Statistics announced today.
GDP was down 1.7% in the first half of the year, because of the 3.2% drop in the first quarter, which followed the 1.4% drop in the fourth quarter of 2008. A recession is, by definition, two consecutive quarters of GDP contraction.
GDP rose by 1% in the second quarter of 2009, utterly defying expectations, after two quarters of economic contraction, the Central Bureau of Statistics announced today.
GDP was down 1.7% in the first half of the year, because of the 3.2% drop in the first quarter, which followed the 1.4% drop in the fourth quarter of 2008. A recession is, by definition, two consecutive quarters of GDP contraction.
Finance Minister Yuval Steinitz said the report was "another encouraging piece of data in a series of positive signs that we have seen in recent weeks that demonstrates a stabilization of the economy."
"We are certain that the economic plan and the government's biennial budget will continue to bear fruit in the coming months and lead the economy to fast sustainable growth," he continued.
However, with a note of caution, he added that it was still "too early to declare an end to the crisis and an emergence from the recession."
"We are certain that the economic plan and the government's biennial budget will continue to bear fruit in the coming months and lead the economy to fast sustainable growth," he continued.
However, with a note of caution, he added that it was still "too early to declare an end to the crisis and an emergence from the recession."