CBS: economic growth reached 5.3% in 2007

The growth rate in Israel is double that of OECD countries and almost three times that of the US
 
The Central Bureau of Statistics (CBS) reported last week that Israel's economic growth reached 5.3% in 2007.
 
The Central Bureau of Statistics published data for the year based on the first 11 months, and nearly all of the figures point to a growing economy - at one of the highest rates in the Western world.
 
The CBS also noted that 2007 rounds off five consecutive years of rapid growth, the growth rate in four of which exceeded 5%.
 
The growth rate in Israel is double that of OECD countries and almost three times that of the US. Per capita growth reached 3.5%, the highest of all Western countries. Business product grew by 6.3%, while unemployment stood at a monthly average of 7.4%.
 
The standard of living (private consumption per capita) in Israel grew by 5.3%, while total private consumption rose by 7%.
 
2007could be best described as the year of the consumption and growth boom; this year's economic performance will be difficult to repeat in 2008. Treasury officials and central bank authorities are forecasting that the economy will enjoy a brisk 4.2% growth rate in 2008, less than 2007, but more than OECD countries.