Israel’s economy grew 4.7% in the first quarter of 2011, supported by growth in consumer spending and exports. Consumer spending increased 6.8%, while exports of goods and services climbed 16% and imports rose 15.9%.
The growth in GDP follows a 7.6% rise in the last quarter of 2010 and a 4.8% increase in the third quarter. In April, the Bank of Israel raised its 2011 growth forecast to 4.5% from 3.8%.
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