BREAKING NEWS

Israeli economy booms in fourth quarter

By ADRIAN FILUT / GLOBES

FEBRUARY 16, 2011 15:32

Israel's GDP rose at an unprecedented pace of 7.8 percent, on an annualized, seasonally adjusted basis, in the fourth quarter of 2010, the Central Bureau of Statistics reported today. GDP rose by an annualized 5.4% in the second half of last year, after rising 5% in the first half, and 3.4% in the second half of 2009.

The growth rate in the fourth quarter was the fastest since 2006, during the Second Lebanon War, after which the economy showed robust growth.

Finance Minister Yuval Steinitz said, "The high growth rate in the second half of 2010 demonstrates the success of the government's original and responsible economic policy, including the braking and acceleration plan and the biennial budget formulated two years ago. This policy, together with a robust private sector, the Bank of Israel's cautious policy, and the industrial quiet that has been kept thanks to the economic package deal with the Histadrut and employers, has brought Israel nice economic achievement that stands out in comparison with most OECD member states.

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