CBS: GDP fell 3.9% in first quarter of 2009

The drop in GDP in the first quarter of 2009 reflects a 37% drop in exports of goods and services, as well as a drop in investments
 
The Central Bureau of Statistics (CBS) reported last week that Israel's gross domestic product fell in the first quarter of 2009 by 3.9%, in annualized terms.
 
This fall in GDP comes after a 1.6% drop in the forth quarter of 2008 and a 0.7% rise in the third quarter.
 
The drop in GDP in the first quarter of 2009 reflects a 37% drop in exports of goods and services, as well as a drop in investments.
 
the CBS noted that consumer spending fell by 3.4%, imports dropped sharply, by 46%.
 
The CBS noted that in April unemployment reached 7.8%. The total number of jobseekers hit the level of 240,000 for the quarter. In April 2008, the jobless rate was 6.1%, or 188,000 people.
 
Unemployment has been growing steadily since January 2009, when it was only 7.1% and jumped to 7.4% in February.
 
The Finance Ministry expects unemployment rate to average 7.6% for all of 2009, though in 2010 it is expected to hit 8.5%.