A construction site close to the Israeli city of Tel Aviv
A construction site close to the Israeli city of Tel Aviv. Israeli Gross Domestic Product grew 4.7 percent last year, marginally down on the 4.8 percent growth recorded in 2010, according to updated figures from the Central Bureau of Statistics. © Jack Guez - AFP/File
A construction site close to the Israeli city of Tel Aviv
AFP
Last updated: March 9, 2012

Israel economy grew 4.7% in 2011

Israeli Gross Domestic Product grew 4.7 percent last year, marginally down on the 4.8 percent growth recorded in 2010, updated figures from the Central Bureau of Statistics showed on Friday.

The bureau said the growth rate slowed in the final months of the year but noted that the full-year figure was more than double the 1.9 percent average for the 34 Organisation for Economic Cooperation and Development economies.

Fourth quarter growth stood at 3.2 percent against 4.8 percent in the first, the figures showed.

GDP per capita rose 2.8 percent against 2.9 percent in 2010.

Israel was admitted to the OECD in May 2010 and hailed that as a mark of its emergence as a developed economy.

Business daily The Marker predicts growth of three percent for 2012.

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