Firing ‘On All Pistons’: Israeli economy grew at 5.2% blowing by analyst forecasts

More humiliation for the Boycott Jews Movement (BDS). Israel’s economy is going to Pluto. Congratulations to the indomitable Israeli people, who defy logic every day. Am Yisrael Chai!

Firing ‘On All Pistons,’ Israel Booms at Fastest Pace Since 2016,

By: Ivan Levingston: Bloomberg, May 16, 2019,

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Israel’s economy expanded at its fastest pace in three years, blowing by analyst forecasts and far exceeding the central bank view of the country’s potential growth.

Gross domestic product rose 5.2% in the first quarter from the previous three months on an annualized basis, the Central Bureau of Statistics said on Thursday. That was better than every estimate in a Bloomberg survey of six economists, whose median was 3.1%. It’s also a jump from an upwardly revised 3.9% gain in October-December.

“The breakdown was very positive, so you’re running on all pistons,” said Leader Capital Markets Ltd. economist Jonathan Katz. “The Bank of Israel will now have to say that in Israel there are signs of growth above potential.”

The surprise spurt could lend momentum to the central bank’s intention to resume interest-rate increases following its first hike since 2011 last November. The shekel strengthened against the dollar and euro after the data release.

The monetary committee’s next policy meeting is on Monday. In April, the central bank’s research department slightly lowered this year’s growth forecast to 3.2%, amid a darkening global outlook. In its assessment, the accelerating expansion Israel has experienced in recent years has already been maxed out.

An important contributor to the positive surprise was an increase in car imports in the first quarter, spurred by a tax change, according to Katz. That was largely responsible for the gap between the overall 5.2% jump and the increase of 3.7% in GDP excluding net taxes on imports, he said.

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Bradley Lexvold

4 years ago

This is how you fight anti Semitism.

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Dennis

4 years ago

Reply to  Bradley Lexvold

It is more then that! What it should be seen as, especially by the Arab/Islamic world is to the affect that trying to emulate Israel would be in their people’s best interest. It would also say to them that their anti-Semitism is contra-indicated, and tolerating the Jews and Israel is also in their people’s best interest. Unfortunately, the despots will not accept that approach as they will then ultimately lose their control over their people. Sad fact of life in the Middle East. Otherwise great news for our closest Ally.

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Hoppla

4 years ago

Reply to  Bradley Lexvold

Guess you don’t know that Arab Muslims are Semites and the majority of Israel’s Jews are Ashkenazi’s which are not Semites but Europeans who converted to Judaism. Let’s be historical correct and not political correct.

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Achmed Mohandjob

4 years ago

“The Bank of Israel will now have to say that in Israel there are signs of growth above potential.” It’s been several decades since I took any economics, micro or macro. So, would someone please be so kind as to explain “growth above potential”. It’s like when I used to lift weights. Once I benched over 400 pounds, which is nowhere close to any kind of a record … but it was well above what I ever expected to achieve. But, since I did it … it was well within the bounds of my “potential”. If Israel ACHIEVED 5.2% growth, how in the hayull is that “above their potential”.

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Alleged-Comment

4 years ago

Is Israel going to be the new Japan for this century?

Both are small countries with high output and highly intelligent citizenry.

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ladywarrior

4 years ago

I think if President Trump had not been elected and supported Israel this would be a different story…..good for Israel…the years under Obama in America were hell for them.

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Hoppla

4 years ago

Reply to  ladywarrior

Trump and the American tax payer will make Israel the Greatest. Buckle up for a wild ride.

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Hoppla

4 years ago

Fantastic, love it, they could do even better if the US and German taxpayers would double the trillions of dollars they already forced to cough up for the starving people in Israel. Poland must soon join and will have to pay trillions to the “payisrael.com bank” because they did something from 1939-1945. We all did something or nothing so they say. Y’all must pay up or else.

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