Israel's gross domestic product rate expanded by 6.6% in the first half of 2007, following a 3.4% rise in the previous half and a 6.0% rise in the first half of 2006, the Central Bureau of Statistics reported on Wednesday.
This growth rate is higher than the predictions of the Treasury and the Bank of Israel, which estimated a 5% and 5.1% rise respectively.
The GDP rise in the first half of 2007 reflects an increase in export of services and goods, investments in fixed assets, and expenditure on private and public consumption.
Expenditure on private consumption rose by 7.5% in the first half of 2007, in a continuing rise from 5.6% in the second half of 2006. Expenditure on private consumption per capita rose by 5.7%, in a continuing rise from 3.7% from the second half of 2006.
This rise expresses a sharp 34.6% rise in household capital expenses such as vehicles, furniture, and household equipment. Current expenses such as food, drink, clothing, gas, electricity and various services such as health and education rose by 3.2%.
Finance Minister Ronnie Bar-On expressed satisfaction with the results of the first half of 2007 and pointed out that they were the result of the government's economic policies.
Bar-On said the government should continue to maintain its fiscal discipline and stick to its budget, while making sure to pursue its goals, including the structural economic reforms presented in the 2008 budget.
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