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Israeli economy growing at record pace

The Israeli economy is in its largest sustained expansion.Globes Online reported that since the second intifada in 2003, the Israeli economy has grown 18.3 percent – its largest period of sustained growth since Israel’s independence.

In the first quarter of this year, the economy grew 6.3 percent after rising 7.3 percent in the previous quarter.The growth was attributed mainly to an increase in the export of goods and services, more fixed assets investments and greater private consumption.

The standard of living rose 10 percent as car, appliance and other durable goods purchasing increased by 18.2 percent in the first quarter.

Unemployment continues to fall, dropping to 7.7 percent this quarter from 7.8 the previous quarter.

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