Israel economy grew 4.7%

Israeli Gross Domestic Product grew 4.7 per cent last year, marginally down on the 4.8 per cent 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 per cent average for the 34 Organisation for Economic Cooperation and Development economies. Fourth quarter growth stood at 3.2 per cent against 4.8 per cent in the first, the figures showed. GDP per capita rose 2.8 per cent against 2.9 per cent in 2010. Israel was admitted to the OECD in May 2010 and hailed that as a mark of its emergence as a developed economy.