Israel's economy grew by 7 percent in the fourth quarter of 2014.

JNS.org – The Israeli economy grew 7 percent in the last quarter of 2014, its highest rate of growth in recent years, Israel’s Central Bureau of Statistics reported.

In the third quarter of 2014, the Israeli economy grew only 0.3 percent while the war with Hamas was ongoing. The economy grew 1.5 percent in last year’s second quarter. By the end of 2014, Israel’s total economic value crossed the trillion-shekel threshold and reached its highest-ever amount: 1.09 trillion shekels ($278 billion).

Also in the fourth quarter of 2014, new car purchases jumped 75.5 percent in Israel, while purchases of refrigerators, televisions, washing machines, and dryers all increased about 22 percent. Purchases of clothing and footwear increased 10.3 percent, while spending on airfare for trips abroad rose 8.1 percent. The growth figures indicate that Israel’s military operation in Gaza took a smaller-than-expected toll on the country’s economy.