Treasury on Sunday raised its predicted 2013 growth rate for Israel's economy from 3 to 3.5 percent, Army Radio reported.
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Treasury reportedly increased its forecast primarily due to natural gas discoveries in Israel's territorial waters; it is estimated that gas could begin flowing through pipelines as early as May 2013.
Finance Minister Yuval Steinitz described the revised estimate as "realistic and cautious" and said that assuming the prediction materializes, "Israel will continue to be number one in economic growth in the developed Western world."
According to Army Radio, economic growth was expected to reach 3.9% in 2014.