Consumers celebrated 2007 as a year of private consumption, according to a report from the Federation of Israeli Chambers of Commerce on the condition of Israeli businesses.
Since the beginning of the year, there has been a massive increase in imports of consumer goods. Through July there was a 48 percent jump in car imports, worth $955 million in the first seven months of 2007. Imports of consumer goods rose 28 percent for the period, compared with 2006 - a total of $4.3 billion.
Furniture imports rose 40 percent, and household electrical appliances were up 37 percent.
According to Uriel Lynn, president of the FICC, the reduction of taxes on individuals has contributed to an increase in disposable income and the increase in consumer spending.
Want to enjoy 'Zen' reading - with no ads and just the article? Subscribe todaySubscribe now