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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