Economic growth totaled 5.3%, and business product grew by 6.1% in 2007, the Central Bureau of Statistics reported today. Economic growth reached an annualized 6.1% in the second half of 2007, and 6.4% in the fourth quarter of the year.
GDP per capita rose 3.4% in 2007 to reach an all-time high of NIS 91,000. The Israeli economy has now completed five consecutive years of rapid growth, of which four saw growth of 5.3% on average. Business product in Israel has grown by around 25.4% since 2003, and stood at NIS 652 billion at the end of 2007.
The Bank of Israel expects the economy to grow by 3.3-4.4% in 2008, with an increased likelihood of reaching the upper end of the range. An official speaking yesterday at the Bank of Israel's special press conference said that were it not for the financial crisis in the US, economic growth in Israel could have been around the 5% level in 2008, for the sixth consecutive year.
The rate of growth in Israel in 2007 was higher than the OECD average of 2.7%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2008
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