Israel's economic growth hits 4.7% in second quarter of 2010, leaving behind Euro bloc at 4.1%
Gad Lior

Surprising data: Contrary to earlier estimates by the Bank of Israel and government bodies, Israel's economic growth did not slow down in the second quarter of 2010, instead rising to an annualized 4.7% growth rate.

In the second quarter of 2010, Israel had the second fastest growing economy in the West, behind Germany, which saw an impressive 9% growth. But when compared to the entire Euro bloc, which includes Germany and recorded only 4.1% growth, Israel is number one in the West.

The US came in third with 2.4% growth, and while the rate of economic growth in Japan stood at a meager 0.4%.

In the first half of 2010, economic growth in Israel amounted to 4.1%. This comes after a decline from 4.3% in the last quarters of 2009 to 3.6% in the first quarter of the current year.

Data published by the Central Bureau of Statistics on Monday showed that many Israelis and labor unions, who have complained of cuts in wages and worsened conditions, actually spent more money and caused an almost unprecedented increase in expenditures for personal consumption.

Consequently, Israel's standard of living rose at a much higher rate than any other Western country.

Finance Minister Yuval Steinitz said, "The government's economic plan in the biennial budget is, without a doubt, the main reason for the high growth rate in Israel. The plan for the coming two years will also increase growth."

I want to call on American Jews that might be out of work to think of making Aliyah. Israel is doing very well on the economic front, so why not try to find a good job in the Land of your fore fathers.

I have kept my home in Israel even as I have worked in other places in the world.