from the January 2008 issue

Economy: 17 consecutive quarters of growth

According to statistics released by the Central Bureau of Statistics, the Israeli economy, measured by GDP, grew in the third quarter of 2007 at an annualized rate of 6.1%, and business product grew 6.6%.

Private consumption expenditure per capita increased an annualized 6.1% and private consumption expenditure as a whole rose 8%.

The improved growth statistics that the Central Bureau of Statistics released are welcome news to Finance Minister Ronnie Bar-On. According to the statistics, as of now, the strong shekel and the credit crisis in the US have not negatively affected the Israeli economy.

The third quarter growth marks Israel's 17th consecutive quarter of economic growth, going back to 2003, during which time the economy grew 24%. This is the longest and most significant growth period in the history of the State of Israel.

The Central Bureau of Statistics also reported a sharp rise of over 24% in investments in various sectors of the economy, an important indicator for future growth, which is expected to continue into 2008. A slightly lower statistic is the investment in residential building, which grew only at annualized rate of 2.5%.

Overall, exports grew 17.8% while imports only grew by 5.9%.

Reprinted from the Israel High-Tech & Investment Report January 2008

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