The growth rate in Israel is double the OECD average.
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