Israel's economic growth reached 5.3% in 2007, the Central Bureau of Statistics reports. 2007 rounds off five consecutive years of rapid growth, the growth rate in four of which exceeded 5%.
The growth rate in Israel is double that of OECD countries and almost three times that of the US. Per capita growth reached 3.5%, the highest of all Western countries. Business product grew by 6.3%, while unemployment stood at a monthly average of 7.4%.
The standard of living (private consumption per capita) in Israel grew by 5.3%, while total private consumption rose by 7%. 2007 could be best described as the year of the consumption and growth boom; this year's economic performance will be difficult to repeat in 2008.
Published by Globes [online], Israel business news - www.globes.co.il - on December 31, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments