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The Israeli economy is continuing to grow strongly. Gross domestic product climbed 7.8% in the fourth quarter of 2010 - on an annual basis - reported the Central Bureau of Statistics yesterday. For the second half of 2010, GDP growth was 5.8%.

Another important indicator, the Bank of Israel's composite state-of-the-economy index for March 2011, increased by 0.5% from February. The increase indicates continued growth in domestic consumption and exports, as well as manufacturing production. March was the second consecutive month in which almost all components of the index rose.

Israeli industrial exports in the December 2010 to February 2011 period jumped 23% - in annual terms - mostly as a result of a steep rise in high-tech exports, 28.1%, the stats bureau reported. The increase in exports came despite exporters' complaints in recent months over the fall in the dollar against the shekel, reflecting the recovery of Western economies.