Israeli GDP grew by 4.1% in 2008

According to CBS this is its slowest pace in 5 years. Per capita GDP growth was a preliminary 2.2% this year, compared with an OECD average of 0.8%
 
Preliminary estimates by the Central Bureau of Statistics (CBS) place the growth of Israel's gross domestic product (GDP) at 4.1% in 2008. First-half growth was 4.9%, however during the second six-month period GDP rose by 1.8%. (All figures are in annualized terms).
 
Israel's gross domestic product amounted to nearly NIS 716 billion in 2008, compared with NIS 674 billion the year before.
 
Export of goods and services rose by 3.6% in 2008, after rising 8.5% in 2007. Private consumption per capita rose by 2%, reflecting a 7% increase in per capita consumption of durable goods and a 1.5% increase in per capita consumption of perishable goods.
 
Investment in fixed assets rose by 5.5% in 2008, after rising 15.5% in 2007. Business product growth fell to 4.5% in 2008 from the average of 6.5% in the preceding three years.
 
Despite the sharp declines in most macroeconomic variables, Israel nevertheless had higher growth rates and per capita growth rates than OECD (Organization for Economic Cooperation and Development) countries.
 
Israel’s current account surplus narrowed to 2.3% of GDP, or $2.7 billion, from 2.7%, or $5.3 billion, in 2007. Israel has been running current account surpluses since 2003.
 
Compared with countries belonging to the Organization for Economic Cooperation and Development, the club of rich nations Israel is a candidate to join, the economy performed well, as Per capita GDP growth was a preliminary 2.2% this year, compared with an OECD average of 0.8%.