CBS downgrades Israel's growth for 2012

The Central Bureau of Statistics (CBS) revised last week its preliminary GDP's estimate published less than three months ago noting that Gross domestic product grew 3.1% last year, 0.2 percent less than a preliminary estimate and down from 4.6 % in 2011.

The CBS figure compares with a preliminary estimate of 3.3%. In the fourth quarter, the economy expanded 2.4%, slower than the bureau’s 2.5% estimate from last month.

On a per capita basis, the bureau's updated figures showed growth of 1.2% in 2012, down from 2.7% in 2011 and 3.1% in 2010. By that measure, Israel's economic growth last year actually lagged behind the OECD's:

Based on purchasing power parity, per capita growth was just 80% of the OECD average. Government spending grew 3.4%, the highest level since 2007. Investment in fixed assets climbed 3.6%, though that followed two years of double-digit growth. Consumer spending rose 2.7%, the lowest since 2008.

Exports of goods and services barely grew at all - just 0.1% for the year, according to the bureau - following a 13.5% jump in 2010 and a 5.5% rise in 2011.