The Israeli economy grew by 7.8% in the fourth quarter of 2010, according to figures released Sunday by the Central Bureau of Statistics.

This is the third estimate for the second half of 2010, which points to a significant rise in the gross domestic product compared to previous quarters – a 4.6% increase in the third quarter and a 5.4% increase in the second quarter.

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According to CBS calculations, the GDP of the business sector rose by 6.3% in the second half of 2010, according to an annual calculation, following a 6.4% increase in the first half and a 3.6% increase in the second half of 2009.

The development of the business sector's GDP, according to the CBS, reflects rises in the finance and business services industry's GDP (14.0% according to an annual calculation), in the construction industry's GDP (7.4%), and in the transportation and communication industries' GDP (5.5%).

The trend also includes declines in the industries' GDP (4.3% according to an annual calculation) and in the commerce and food and accommodation services' GDP (5.8%).

The CBS also released figures relating to the past few months. The economy's proceeds were up 3.6% (according to an annual calculation) between December-February, following a 4.3% rise between September-November 2010. The proceeds in the commerce and services industries were up 7.9%

The import and export of goods saw a significant increase since the beginning of the year as well. Exports (excluding diamonds) were up 27.3% between January-March 2011, according to an annual calculation (an average of 2.0% per month), following a 19.9% increase between October-December 2010.

A breakdown according to countries shows that the exports to the European Union from January to March 2011 rose by 6.1% according to an annual calculation, following a 5.2% drop between October-December 2010.

The import of goods rose 34.7% between January-March 2011, according to an annual calculation (an average 2.5% increase per month), following a 38.9% increase (an average 2.8% increase per month) between October-December 2010.

In March 2011, the import of goods (excluding diamonds) totaled $5.9 billion. Thirty-six percent of the imports were from the European Union, 22% from Asian countries, and 12% from the United States.