Israel's GDP rose 4.5% in 2010, in fixed prices, according to preliminary estimates by the Central Bureau of Statistics. Israel's GDP growth was almost double the expected OECD average of 2.7% for the year.
Israel's GDP rose by 0.8% in 2009, and rose by 4.2% in 2008. The 2010 growth figure is unexpectedly strong; economic organizations had predicted 4% growth.
Israel's average unemployment rate of 6.7% in 2010 is well below the OECD average of 8.3%.
The Central Bureau of Statistics cited three noteworthy developments in 2010: the rapid growth of exports, which began in the second half of 2009, ended in the third quarter of 2010; the rapid growth in private consumption, which began at the same time, also slowed; and steady growth continued in investment in fixed assets, including housing starts.
Israel's GDP per capita rose by 2.7% in 2010, after falling 1.1% in 2009, during the severe global economic crisis and the sharp slowdown in Israel's economic growth. Israel's performance in this variable was also above the OECD average of 2.3%.
Business product rose 5.3% in 2010 after rising by just 0.1% in 2009.
Investment in fixed assets, including in residential housing, stands out in particular, rising 10% in 2010, compared with the OECD average of 2.2%.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2010
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