Israel's high-tech exports are an important factor that will help Israel weather the slowdown in the American economy, Citibank said. Globes quoted Citibank analyst David Lubin, who said that the Bank of Israel now is more concerned with inflation than growth.

Economic growth in Israel this year is estimated at 3.2 percent, a sharp decline from last year's 5.3 percent growth but still a healthy rate. Continued consumer purchases suggest that the growth in 2008 will be closer to eight percent, Lubin added.