The Israeli economy grew by an annualized 6.3% in the first quarter of 2007, after growing by 7.3% in the preceding quarter, the Central Bureau of Statistics reported today. Business product grew by an annualized 6.5% in the first quarter, and GDP per capita rose by 4.5%.
The main growth engines in the first quarter were the export of goods and services, which rose by an annualized 11.1%, a 23.7% rise in investment in fixed assets, and an annualized 11.8% rise in private consumption. The standard of living rose by an annualized 10%. Purchases of cars, appliances and other durable goods rose by 18.2% in the first quarter, and per capita spending on perishable goods rose by 3.8%.
Unemployment continues to fall, reaching 7.7%, compared to 7.8% reported in the previous quarter.
Since the end of the second intifada in mid-2003, the economy has grown by 18.3%, the longest sustained period of growth since independence in 1948.
Published by Globes [online], Israel business news - www.globes.co.il - on May 27, 2007
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