ISRAEL, ECONOMIC GROWTH +2,7% IN SECOND QUARTER
In recent days, interesting macroeconomic data was released by Israeli CBS. Growth in the second quarter of 2017 was 2.7%. Comparing these data, it emerged that, compared with Q4 2016, where an important 4.4% was achieved, there was a slowdown. In the first half of this year, economic growth thus stands at 2.1%. The value is more modest than the peak reached in 2016, partly due to the extraordinary performance of the automotive industry. In the quarter under review, increases in consumption (+ 6.5%) and in fixed capital (+ 5.2%) were recorded. As a consequence of the shekel appreciation of recent months, exports decreased by 8.8% on an annual basis. It is important to remember that all these estimates may be subject to review. On the monetary front, the shekel is returning to higher exchange rates, suggesting that the Central Bank will not intervene with rising interest rate. Good news continues to come from the labor market; Compared with 4.3% in June, in July the unemployment rate fell to 4.1%. The participation rate thus reached 80,01%.