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Economy in Brief

Israeli Economy Increases in 2003 after Two Years of Decline
by Louise Curley February 16, 2004

The Israeli economy rose 1.23% in 2003 after two years of decline. Increases in private consumption and exports and a decline in imports offset declines in fixed investment and government consumption during the year.

The increase is, however, not large enough to stem the decline in real per capita income which began in 2001. A rise in real per capita income can only be achieved with economic growth greater than the increase in population, which is currently rising close to 2% a year.

Gross Domestic Product Percent Change  2003 4Q 2003 3Q 2003 2Q 2003 1Q 2003 2002 2001
Total 0.63 0.69 -0.36 0.82 1.23 -1.04 -0.76
Private Consumption 0.84 1.63 3.07 -1.29 1.99 -0.39 3.28
Government Consumption -0.99 0.37 -2.54 0.30 -1.20 5.57 4.05
Fixed Investment 1.63 -3.80 -0.15 -1.14 -4.60 -9.59 -4.30
Exports -3.0 7.59 -2.70 2.61 5.73 -3.21 -10.91
Imports 0.26 4.27 1.39 -5.47 -1.97 -2.73 -4.14
Units              
Real GDP in Bil. Shekels         465.6 460.0 464.8
Population (millions)         6.75 6.63 6.51
Per capita GDP in Shekels         69000 69301 71418
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