JERUSALEM, Oct. 22 (Xinhua) -- Israel's gross domestic product (GDP) increased by only 0.6 percent in the second quarter of 2019, according to a report released Tuesday by the state's Central Bureau of Statistics.
This is a sharp decline in Israel's growth pace, after an increase of 4.4 percent in the first quarter, and a 4.1-percent increase in the fourth quarter of 2018.
The data also showed that Israel's GDP rose 3.4 percent in the first half of 2019, slightly slower than 3.5 percent in the first half of 2018.
The moderate GDP increase in 2019 second quarter reflected a decrease of 0.9 percent in private consumption expenditure (excluding 7.7 percent in durable goods) and 7.5 percent in fixed asset investments, which was affected by a significant decline in vehicle imports.
This was after an increase in vehicle imports in the first quarter of 2019, due to a change made on April 1 in Israel's green tax, leading to early vehicle purchases.
According to the report, public consumption expenditure rose by 11.6 percent in the second quarter, while goods and services exports (excluding diamonds and startup companies) rose by 10 percent.
The increase in exports reflects a 7.5-percent increase in services exports (except startups). Industry exports rose by 9.6 percent, while exports of agricultural products declined by 22.2 percent.
According to the report, there was also a 3.3-percent increase in Israel's imports of goods and services in the second quarter.
Imports of services, which mainly include software, transport, communications and tourism services, rose by 8 percent.
