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.
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