CBS: Economy set to grow 4.5% in 2008

In the second half of 2008, the economy is expected to grow at a much slower rate of 2.5%
 
The Central Bureau of Statistics issued last week economic data indicating that the Israeli economy will grow by 4.5% in 2008, but economists are warning the rate will be slower because of the present global economic crisis.
 
The CBS estimate of 4.-5% is based on data for the first six to eight months of the year and is higher than the 4.2% rate forecast by the Bank of Israel and Finance Ministry. GDP growth in the first half of 2008 slowed to 5.5% from 5.7% in 2007.
 
In the second half of 2008, the economy is expected to grow at a much slower rate of 2.5%. The CBS expects the business sector to grow at a rate of 5.1% in 2008, while exports are set to grow at rate of 5.8%.