Economy grew 3.5% in 2007

The economy grew by 3.5% last year, according to the national statistics office CBS.
The last quarter of 2007 showed an improvement of 4.4% – the highest increase in around seven years.

The CBS said the overall 0.5% increase on 2006 was mainly due to increased exports but investments and consumption also helped. The construction industry and service providers led the above-average growth in productivity.
Householders spent more money on luxury goods – but growth in that sector was down on 2006.
Last week, the central bank warned against high expectations for growth this year, which it expects to be just 1.5%. And on Wednesday sources said the government’s economic policy think tank CPB is to revise down its 2008 estimate to 1.75%.

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