Bank of Israel: GDP “Higher Than Most Advanced Economies”

March 30, 2017

Thursday, 30 March 2017 | Israel’s gross domestic product “grew strongly” at a rate of 4% in 2016 which was “higher than growth in most advanced economies,” the Bank of Israel said in its annual report on Wednesday.

Israel’s labor market is “robust,” with an economy nearly full employment and an increase in real wages, the report noted. Inflation is currently low and long-term projections for inflation are in the target range.

“At 4%, Israel’s economic growth was double of the United States’ economic growth in the past year; it was 2.3 times higher than the average growth among Organization for Economic Cooperation and Development (OECD) members; and 2.5 times higher than average growth in the Eurozone,” Israel Hayom explained.

“According to the data, since 2011, the Israeli economy grew by a cumulative 21.6%, exceeding all OECD member states,” the paper added.

The OECD is an organization comprised mostly of Western nations with advanced economies dedicated to creating “a stronger, cleaner and fairer world.”

The Bank of Israel report recommended that the government increase its expenditure per student in the education system in order to spur the “potential growth of the economy and the standard of living of all of Israel’s citizens.”

Israel saw unemployment drop in August to historically low levels.

A 2015 OECD report showed that Israel invested the highest percentage of its gross domestic product per capita among member nations.

Posted on March 30, 2017

Source: (This article was originally published by The Israel Project, in its publication The Tower on 29 March 2017. Time related language has been modified to reflect our republication today. See the original article at this link.)

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