Global consumer electronic sales are expected to top $700 billion this year, according to the Consumer Electronics Association.

While sales grew 13.7% to $694 billion in 2008, this year’s growth will only be 4.3%. Still with the economy in a downturn, consumer confidence at lows and consumer electronics companies suffering, any growth is sure to be welcome.

According to the Consumer Electronics Association, about 2.5 billion consumer electronic products will be sold in 2009 with sales nearly evenly divided between North America, Western Europe, Asia, South and Central America and emerging markets

In terms of product categories the CEA said mobile phones will see 2.1% growth, while TVs will see 2.6% growth.  TV sales will benefit from the transition to the digital signal. Laptop computers are expected to see 8.2% growth in 2009, while Blu-ray DVD sales are expected to take off this year. CEA is predicting Blu-ray DVD revenues will surpass standard DVD revenues. As for game consoles, that’s expected to see 5.4% growth in units and 1.1% growth in revenue.

The one market that is set to continue rapid growth is the portable navigation market. After having unit sales growth of 55% in 2008, the CEA is predicting another 22% of growth this year.

The CEA will release its forecast for U.S. sales on Thursday.