'Israeli economy entered into recession in last quarter of 2008'

The Israeli economy already entered into a recession in the last quarter of 2008, according to Central Bureau of Statistics data released Monday. According to the findings, Gross National Product fell by 0.5 percent, marking the first drop since the recession during the Second Intifada. Also, private consumption fell by nearly 4% compared with the previous quarter, and exports of goods and services plummeted by some 44%.