CBS: Israeli economy enjoys its longest ever expansion

The CBS noted that business product grew during Q1 by an annualized 6.5% and GDP per capita rose by 4.5% in the same period
 
The Central Bureau of Statistics (CBS) announced last week that the Israeli economy grew by an annualized 6.3% in Q1 of 2007, after growing by 7.3% in the preceding quarter.
 
The CBS noted that business product grew during Q1 by an annualized 6.5% and GDP per capita rose by 4.5% in the same period. The main growth engines in the economy during the first quarter were the export of goods and services.
 
Export of goods and services rose in Q1 by an annualized 11.1%. The CBS also noted 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, electrical appliances and other durable goods increased 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 previous Palestinian "intifada" war against Israel, in mid-2003, the economy has grown by 18.3%. The CBS noted that the growth experienced by the economy since 2003 is the longest sustained period of growth since Israel regained its independence in 1948.