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Central Bank predicts 2.5% growth in 2010

Bank of Israel updates financial projections, says 2009 GDP to remain as is, add 2.5% next year. Unemployment predictions bleak

Yair Hasson
Published: 09.01.09, 14:09 / Israel Business

The Bank of Israel issued an updated financial forecast for the Israeli economy Tuesday.

 

April saw the Bank predict that Israel's gross domestic product will shrink by 1.5%, adding only 1% in 2010.

 

The bank now predicts that while 2009's GDP will be similar to that of 2008, the coming fiscal year will see it add some 2.5%.

 

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"The macroeconomic projection for 2009-2010 was updated following the positive performance of both the Israeli and world markets in Q2 2009, and following the positive trend noted in worldwide trade projections," a Bank statement said.

 

The growth predictions for 2010, added the Bank, "Are based on a 6.3% projected growth in exports."

 

Nevertheless, the Bank predicts that unemployment rates will continue to rise: "Q2 saw unemployment rates reach 8% and may reach 8.1% by the end of the year. In 2010, we may see unemployment rates increase to 8.3%."

 

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