By Simon Griver, November 19, 2009
Israel is officially out of recession after the Central Bureau of Statistics reported that the country’s economy grew 2.2 per cent on an annualised basis in the third quarter of 2009.
This followed 1 per cent growth in the second quarter.
Israel was one of the last Western countries into recession, enjoying growth of 4 per cent last year despite a contraction of 1.6 per cent in the fourth quarter of 2008. The recession hit hardest in the first quarter of this year, when the Israeli economy contracted by 3.2 per cent.