BCI in the third quarter of 2019 has deteriorated, dropping to 8.3 index points, which is 18.7 index points below the previous quarter. The largest reduction in BCI was observed in retail trade followed by the financial and construction industries. In these sectors, the decrease in BCI is driven by both decline in past performance and reduced expectations. On the contrary, agriculture is the sole industry where BCI increased.

In September 2015, United Nations member states adopted the 2030 Agenda for Sustainable Development (the “Agenda”) and seventeen Sustainable Development Goals (SDGs). The Agenda and the SDGs propose that countries achieve sustainable development in economic, social and environmental dimensions simultaneously.

The share of the rural population in the total population decreased slightly, from 42.6% in 2015 to 41.3% in the beginning of 2019. The share of agriculture in total GDP has also declined, from 9.1% in 2015 to 7.7% in 2018. While production figures have gone up, there was a 6.4% increase in agricultural production in 2018 compared to the previous year. Production in the plant-growing sector increased by 10.9%, and animal production experienced an increase of 2.1% compared to 2017.

ISET-PI’s forecast of real GDP growth for the second quarter of 2017 has not changed and stands at 4.7%. The first estimate of the third quarter growth forecast is at 7.4%. The real GDP growth rate reached 5.1% year-on-year for April 2019. Consequently, the estimated real GDP for the first four months of 2019 amounted to 4.8%.

An agro insurance program was started in September 2014. The program is subsidized by the state and eight insurance companies participate in the program. The insurance package covers losses caused by hail, flooding, and storms, as well as by autumn frost (covered only for citrus). Since the beginning of the program, 49.3 thousand farmers (unique beneficiaries) have purchased insurance.