Israeli economy in recession: official data

JERUSALEM, May 17 (Xinhua) -- Israel's Central Bureau of Statistics (CBS) announced Sunday that the country is officially in a recession.

According to CBS's data, Israel's gross domestic product fell by 3.6 percent in the first quarter of 2009, following a 0.5 percent drop in the last three months of 2008. The formal definition of a recession is two consecutive months of negative economic growth.

Israeli business sector revenue fell at an annual rate of 4.2 percent in the first quarter of 2009, following a 1.6 percent drop in the last quarter of 2008 and a 1-percent rise in the third quarter of 2008, the data showed.

Imports of goods and services dropped 21.8 percent in the first quarter of 2009, while exports decreased by 14.4 percent, the date said.

Per capita expenditure was down 6 percent in the first three months of 2009 and investment in the Israeli economy decreased by 7.8 percent during the same period, according to the data.

Despite the recession, apartment prices in the Jewish country rose by 4.9 percent in the first quarter of 2009 as the positive trend in the real estate market continued.