Bank Mizrahi Tefahot: The situation in Israel is significantly better than the rest of the world

Yoni Penning, chief market strategist at Bank Mizrahi Tefahot, published his weekly overview and these are the main points. USA: After the “technical recession” in the USA, during the previous two quarters, we have a 2.6% GDP expansion in the third quarter. 1 The net export figures actually add 2.8% to the total GDP figure. In other words, ignoring the export component, the GDP in the US would have actually continued to shrink in the last quarter. According to the US trade balance data, a significant proportion of the increase in exports during the 2nd quarter is actually due to energy products, in particular, liquefied and non-liquefied natural gas. The increase in exports naturally coincides with the jump in natural gas prices during the quarter. And it remains to be seen how the value of exports from the US will develop with the increase in gas liquefaction to Europe, on the one hand, and the drop in natural gas prices, on the other hand.