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5.3% growth for Israel's economy in 2007

December 31, 2007. Zeev Klein

The growth rate in Israel is double the OECD average.

Israel's economic growth reached 5.3% in 2007, the Central Bureau of Statistics reports. 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%. 2007 could be best described as the year of the consumption and growth boom; this year's economic performance will be difficult to repeat in 2008.

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