Israel’s economy is growing faster than expected.

JNS.org – Israel’s economy is performing better than previously expected, the country’s Central Bureau of Statistics (CBS) reported Thursday, updating its annualized growth projection for 2016.

In the third CBS projection update since January, the anticipated economic growth rate was changed to 4.3 percent, an increase of 0.3 percent over previously released annualized growth expectations of Israel’s gross domestic product.

According to the CBS, GDP rose by 3.2 percent in the first half of 2016, reflecting a 9.9 percent increase in private consumption, an 8.6 percent rise in public consumption, and a 13.7 percent rise in exports of goods and services.

The government’s civilian spending increased by 3.7 percent, while defense spending was up by 2.4 percent, the data showed.

The improvement in the standard of living in Israel was reflected in private consumption. Annualized spending on food, beverages, cigarettes and alcohol increased by 5.3 percent per capita in the first half of 2016; investment in financial instruments rose by 8.4 percent; household spending on furniture, appliances and private vehicles surged by 21.4 percent; and household spending on jewelry was up 9.9 percent.