Israel's Central Bureau of Statistics released data Monday that shows Israel has been in a recession since the second half of 2008, reports Haaretz.

The overall gross domestic product for the second half of 2008 increased by 1.1 percent, following a 4.8 percent increase in the first half of the year.

In response to growing economic concerns, Israel's Bank of Israel reduced interest rates to the lowest in Israel's history.

For the report from Israel's Central Bureau of Statistics, go here.