Israel’s gross domestic product “grew strongly” at a rate of 4 percent in 2016, which was “higher than growth in most advanced economies,” the Bank of Israel said in its annual report on Wednesday.

Israel’s labor market is “robust,” with an economy near full employment and an increase in real wages, the report noted. Inflation is currently low and long-term projections for inflation are in the target range.

“At 4%, Israel’s economic growth was double of the United States’ economic growth in the past year; it was 2.3 times higher than the average growth among Organization for Economic Cooperation and Development (OECD) members; and 2.5 times higher than average growth in the Eurozone,” Israel Hayom explained.

“According to the data, since 2011, the Israeli economy grew by a cumulative 21.6%, exceeding all OECD member states,” the paper added.

The OECD is an organization comprised mostly of Western nations with advanced economies dedicated to creating “a stronger, cleaner and fairer world.”

The Bank of Israel report recommended that the government increase its expenditure per student in the education system in order to spur the “potential growth of the economy and the standard of living of all of Israel’s citizens.”

Israel saw unemployment drop in August to historically low levels.

A 2015 OECD report showed that Israel invested the highest percentage of its gross domestic product per capita among member nations.

[Photo: Bank of Israel / YouTube ]