Israel’s economy is slowing down? Have grown at over 5%  for the 18 months to June 2011, the figures for the second half of 2011 are stuck at 3.5%.

Thus reveals official stats this week. But let’s be honest, many in the OECD would settle for even 2%. So here are a few brief takeaways that elaborate why Israel has not dipped into recession along with some of its competitors.

1) Within twelve months, Israel will become a producer of gas, probably even an exporter. This will significantly alter the country’s revenue structure and balance of payments. The change will near end the dependency on the troublesome gas supplies from Egypt.  

2) Impressive high tech deals continue to set headlines in the press. This week, Objet, 3D printer developers from south of Tel Aviv and near bankrupt a few years back, created a US$1.4 billion partnership with Stratasys.

3) Brainsway is just one of several biotech companies leading the Tel Aviv stock exchange higher. Tucked away in an industrial zone in north Jerusalem, the company is pioneering drug development for sufferers of depression.

Ed Mlavsky is one of the founders of Israel’s high tech revolution. In an interview with the “Times” of London, he repeated his maantra about the elitism of hightech.

So while the IMF and Israeli technocrats may differ as to whether growth in 2012 will hit the 3% mark in the Holy Land, one thing is clear. The UK and others in Europe have a lot to learn from Israel’s economy, which continues to perform well.