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ISRAELI ECONOMY GROWS 7.8% IN FOURTH QUARTER

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Tuesday, March 22nd, 2011

 

Israel’s economy grew 7.8% in the fourth quarter of 2010, the fastest pace in four years, and well beyond the Bank of Israel’s predictions of between 4.3 and 4.6 percent.

Growth in the fourth quarter was mainly driven by private consumption and investments. Israel’s Central Bureau of Statistics also reported a higher-than-expected annual growth rate of 4.5 percent, exceeding OECD estimates of 3.9% and well above the 2.8% average registered in 2010 by countries of the club of developed nations, which Israel joined last year.

The economy grew by 5.2 percent in the second quarter and 4.4 percent in the third quarter.