(IsraelNN.com) Israel’s economy continues to improve, with unemployment continuing to decline according to figures published by the Central Bureau of Statistics.

Unemployment continued to fall during the second quarter of the year, hitting 7.6% - down from 9.2% in the first quarter of 2005 and from 7.7% during the first quarter of 2007. That translates to a decrease of 27,900 unemployed over the last two years.

The monthly average number of unemployed was 220,000 during the second quarter. Of the unemployed, 58% have not worked for over a year and 29% have not worked for at least six months. 117,200 people working part-time are still looking for full-time employment.

GDP Up
Israel’s Gross Domestic Product (GDP) rose by an annualized 6.6% in the first half of the year. The increase follows a 3.4% in the second half of 2006 and 6% in the first half of that year. The growth surpassed the predictions of the Bank of Israel and Finance Ministry.

Israel’s economy now has experienced five years of continuous growth - the longest period in the state’s history.

Prime Minister Ehud Olmert issued a statement saying that the data reflects the three main components of the Government's socio-economic policy – fiscal discipline, encouraging growth and reducing gaps by encouraging employment. "The Government's economic policy has proven itself and today's data are even better than the forecasts.”