Local economy shows growth

Israeli economy is rapidly growing. According to the Central Bureau of Statistics figures published Monday, the GDP (Gross Domestic Product) shows a 6.3 percent increase for the first quarter of 2007.

According to CBS data, the continued growth in GDP reflects an 11.8 percent annual increase in private consumption, a 23.7 percent annual increase in investment rates in substantial assets and an 11.1 percent annual increase in exports.

On the other hand, the figures show a 4 percent decrease in public consumption expenditures, due mostly to defense needs.

Central Bureau of Statistics figures are based mostly on early estimates of national statements' quarterly projections for 2007.

Based on those projections and after accounting for seasonal affects, the GDP showed an annual increase of 6.5 percent, continuing the 10 percent increase shown in 2006's last quarter, and the 4.1 percent decease evident in the quarter figures following the Second Lebanon War.

Given recent economical statistics in Israel, these figures, said the CBS, are to be taken in stride. The sharp fluctuations in figures over the last few quarterlies make it particularly hard to pinpoint actual turning points in local economy.

More growth is evident from the Central Bureau of Statistics figures regarding employment rates in 2007's first quarter.

Unemployment rates are down by 7.7 percent, while those 15-years old and over makeup 56.1 percent of the workforce – an increase over last years figures of 55.6 percent.

This data, said the CBC will be updated as soon as figures reflecting 2007's second quarter performances are in.