Israeli Economy Shows 2nd Quarter Growth Spurt

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JERUSALEM, Israel - The Israeli economy grew by 4.5 percent in the second quarter of 2010, the Central Bureau of Statistics reported on Monday.

The growth spurt, fueled by exports and investments in rental housing, exceeded second-quarter projections of 3 percent growth.

Private consumption also rose 2.8 percent from the first quarter.

"The figures are very encouraging, especially in view of the concern raised over a slowdown in the Israeli economy impacted by the debt crisis in Europe and slower economic indicators in the U.S. in recent months," said Ron Eichel of the Meitav Investment House.

Click here for a detailed report from The Jerusalem Post.

"This is really an economy running on all pistons," said Jonathan Katz, an economist with HSBC Holdings Pic, headquartered in Jerusalem.

The business sector continued its steady growth, from 4.3 percent growth in the fourth quarter of 2009, to 4.6 percent in the first quarter of 2010, to 6 percent in the second quarter.

Finance Minister Yuval Steinitz said the nation's 2009-2010 budget played a key role in the overall economic growth the country is experiencing.

"The figures show that the economic plan implemented by the Finance Ministry as part of the state budget 2009-10 has contributed to a change in the economy and the emergence of the Israeli economy out of the global crisis," Steinitz said.

"I am convinced that the new economic plan for the biannual budget 2011-12, which focuses on job creation and development of competitive advantages of the Israeli economy, will put us on a fast economic path," he said.

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The Jerusalem Post contributed to this report.

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