Photo Credit: Noam Revkin Fenton / Flash 90
Governor of the Bank of Israel Amir Yaron, January 7, 2019.

The Monetary Committee of the Bank of Israel has kept the interest rate unchanged at 0.25 percent, and has also cut the GDP growth forecast for 2019 from 3.6 percent to 3.4 percent. The Bank is now headed by its new Governor, Amir Yaron.

GDP growth in 2018 is predicted to be 3.2 percent, according to the Monetary Committee.

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“An analysis of recent data and of updated indicators of economic activity continues to support the assessment that the economy is converging to its potential growth rate, despite the low growth in the second and third quarters, the Bank of Israel said in a release.

“The tight labor market supports this assessment, as does the growth of imports and the widening of the trade deficit. Indicators of fourth quarter activity point to some acceleration in the growth rate.”

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Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for Babble.com, Chabad.org and other media outlets, in addition to her years working in broadcast journalism.
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