Fitch Affirms Israel at “A”: Outlook Stable

July 7, 2011 at 11:50 am | Posted in Investment, Israel | Leave a comment
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Fitch ratings affirmed Israel’s long-term foreign currency issuer default rating (IDR) at “A” and local currency IDR at “A+” with a stable outlook.

“The affirmation reflects the resumption of the downward trend in public deficits and debt, the robust outlook for Israeli growth, and a strengthening in the sovereign’s external balance sheet,” said Purvi Harlalka, director at Fitch’s Middle East and Africa Sovereign Ratings Group.

 The ratings agency noted that the improvement in public finances reflects both revenue growth as a result of buoyant output, as well as expenditure control, resulting from the adoption of new fiscal rules. Given that, the central government deficit fell to 3.8% of GDP in 2010 from 5.2% in 2009 and debt moderated to 76.6% of GDP from 79.3% in 2009.

Fitch also noted that the Israel market would likely benefit from recent substantial gas discoveries and a much lower level of unfunded pension liabilities than in other OECD countries.

Israel’s Investment Promotion Centre

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IMF Forecasts Israeli Economy to Expand 3.8% in 2011

May 3, 2011 at 6:06 pm | Posted in Investment, Israel | Leave a comment
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The International Monetary Fund recently increased its growth prediction for the Israeli economy to 3.8% in 2011 and 2012.

Israel was cited along with Australia, Canada, Korea, Norway and Sweden, as a country in which economic conditions and underlying price pressures are somewhat stronger than in other advanced economies. The IMF also predicted that unemployment in Israel will drop to 5.5 percent in 2011 and 5 percent in 2012 from 6.7 percent last year.

The Bank of Israel has forecast the Israeli economy to grow 4.5% in 2011 and 4% in 2012. The Israeli economy grew 4.5% in 2010, and reached a 4-year record of 7.7% in the fourth quarter of 2010.

Israel’s Investment Promotion Centre

Israel’s Statistics Bureau Forecasts 4% Growth in 2010

November 3, 2010 at 1:04 pm | Posted in Africa, export | 2 Comments
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The Israeli Central Bureau of Statistics (CBS) forecasts 4% growth for 2010 based on data it accumulated over the first nine months of the year. The growth figure is largely based on a new 9.1% growth forecast for 2010 exports. Exports, which comprise more than 40% of Israel’s economic activity, had dropped 12.5% in 2009. The CBS further expects consumer spending to grow 4.6% in 2010 following a smaller 1.7% rise in 2009, while investment in fixed assets is estimated to grow 6.2% following a 5.8% drop in 2009.The Bank of Israel has also forecast 4% growth in 2010, though 2011 growth is seen slightly lower at 3.8% owing to projected weakness in the economies of Israel’s main trading partners, the United States and Europe.

Israel’s Investment Promotion Centre

Governor of the Bank of Israel: “The Israeli market is in a Good Condition”

October 4, 2010 at 7:00 am | Posted in Israel | Leave a comment
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The Governor of the Bank of Israel, Prof. Stanley Fisher. Said yesterday in the annual press conference, ahead of the gathering of the International Monetary Fund and the World Bank. According to Fisher, the Israeli market grew in 4.6% in the second quarter of 2010 and that the government managed to score below the deficit target, which is 4%. Israel has a surplus in the current account of 6.8% Million Dollars. Fisher said that these figures are very positive if taking in consideration the situation of the global market. He believes that the growth forecast to of the 3rd quarter should be higher, though 2011 might be lower, the last one is due to slow recovery in the developed world. Fisher believes that we will probably not suffer from a “W” crisis. He says that countries that didn’t suffer from a financial crisis managed to recover, while countries that did, did not recover yet. There is a lot of uncertainty at the moment.

Israeli Economy Grows 4.7% in 2nd Quarter

August 31, 2010 at 7:19 am | Posted in Israel, Trade | Leave a comment
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The Israeli economy grew at its fastest pace in over two years in the second quarter boosted by an increase in consumer spending and exports, surpassing earlier forecasts.

Domestic demand in Israel leaped 8.7 percent in the quarter. Exports, which make up 40-45 percent of economic activity, rose 15.8 percent as sales continued to rebound from the global financial crisis.

Annual inflation fell to a rate of 1.8 percent in July, staying within the official 1 to 3 percent inflation target. The Bank of Israel raised its benchmark lending rate for the fifth time this year to 1.75 percent, in an attempt to combat rising inflationary pressures stemming from surging housing prices.

Israel’s Investment Promotion Centre

Goldman Sachs Sees Israeli Growth Higher

August 11, 2010 at 9:14 am | Posted in Israel, Trade | Leave a comment
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Goldman Sachs projects higher economic growth for Israel in 2011 than Israeli leaders have so far estimated. Goldman Sachs analyst Ahmet Akarli predicts 3.5% real GDP growth for Israel in 2010 and 4.3% growth in 2011.

The Bank of Israel currently predicts 4% growth next year, and the Ministry of Finance predicts less than 4% growth. Israeli economic leaders project lower growth forecasts for the next two years, due to the anticipated impact from the debt crisis in Europe.

Akarli forecasts 2.4% inflation for the full years of 2010 and 2011.

Israel’s Investments Promotion Centre

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