It's official - 2006 GDP grew by 5.1%

The figures published last week reveal that in spite of the rather long war in Lebanon, 2006 was one of the most successful years in Israel's economic history
 
According to final figures published last week by the Central Bureau of Statistics (CBS) the Israeli economy grew last year by 5.1%, the product per capita increased by 3.2%, and industrial output by almost 10.2%.
 
The figures published in the "National Accounts" report are not based on estimates but on actual facts and are the CBS' final update of economic figures for 2006.
 
The figures published last week reveal that in spite of the rather long war in Lebanon, 2006 was one of the most successful years in Israel's economic history. Economic growth in 2006 was similar to that in 2005, which stood at 5.2%.
 
The growth rate during first half of 2006 was 5.9% in annual terms, but dropped to only 2.9 percent during the second half due to the war in Lebanon. The business sector grew by 6.4% in 2006, following a growth of 6.7% in 2005 and 6.8% in 2004.
 
The CBS also noted that in 2006 Israel's rate of economic growth was the highest of all developed countries, which averaged 3.2%.
 
The CBS noted that by comparison, the United States economy grew last year by 3.3%, in Italy by 1.8%, France 2.1% and Spain by 3.7%.