Israel Economy Update
The IMF reported on October 16, 2017 its forecast for the economy growth in Israel.
According to the forecast the economy will grow by 3.1% in 2017 and by 3.4% in 2018, compared to the April forecast of growth of 3% in both 2017 and 2018.
Israel Credit Rating Upgrade
Fitch credit rating agency upgraded on November 11, 2016 Israel's credit rating to A+ with a stable economic outlook.
Following the new upgrade Israel is now ranked A+ by all the major credit rating agencies, including S&P and Moody's.
Israel GDP Rise
The Israeli statistics office reported on August 16, 2015 that the Israeli economy grew in the second quarter of 2015 by only 0.3% compared to a growth of 2% in the first quarter of 2015 and 6% in the fourth Quarter of 2014.
The slight increase in the GDP reflects an annual decline of 12.5% in exports and a decline of 3.8% in investments in fixed assets.
Israel Minimum Salary Rise
The Israeli workers union and the board of economic organizations reached on December 3, 2014 an agreement to raise the minimum monthly salary from current IS 4,300 to IS 5,000.
The minimum monthly salary will rise in 3 phases, to IS on 1.4.2015, further to IS 4,825 on 1.8.2016 and IS 5,000 ON 1.1.2017.
Starting 12.1.2017 the minimum salary which is now 47% of the average Israeli monthly salary will rise to a minimum of 52% of the average salary.
Currently the exchange rate is around IS 4 to one USD.
Israel Interest Cut
The bank of Israel cut on August 25, 2014 the interest rate for September by 0.25%, from the previous 0.5% rate to 0.25%.
The current cut follows a same cut for August resulting in an historic low interest rate in Israel.
Intel's Investment Plan
Intel Corp reported on April 30, 2014 its plan to invest additional $ 6 billion in enlarging its plant in Kiryat Gat, southern Israel.
Intel has at present four developing centers and two production plants in Israel with an annual production of about $ 1 billion.
The new plan is expected to add about 1,000 new employees.
Intel is expected to get back an investment grant amounting to 6%-8% of its investment and a reduced 5% corporate income tax on its future income.
Israel Credit Rating
The credit rating agency S&P's reaffirmed on March 28, 2014 Israel's A+ credit rating with a stable outlook.
The agency's rating is based on the improvement of the fiscal frame, a stable economy and constant lowering of the debt to GDP ratio.
S&P's forecasts a 3.2% growth of the economy in 2014 and 3.4% in each of the years 2015-2017.
Israel Interest Rate Down by 0.25%
The bank of Israel decided on December 24, 2012 to cut its January benchmark interest rate by 0.25% down to 1.75%.
The cut below 2% is the first since September 2010 following concerns of a slowdown in 2013.
Israel GDP Rise
According to a release by the Israeli statistics office the GDP in the second quarter of 2012 reached 3.2% on annual basis, far above the preliminary estimate of 2.5% growth.
The increase in the second quarter reflects an increase of 10.3% in the export of goods and services.
Israel Hot Real Estate Market
According to a survey by CNBC based on real estate agents Knights Frank Israel is the third hottest housing market in the last five years with a price growth of 54.5%.
China tops the list with a price growth of 110.9% in the last five years.
Israel's Credit Rating Upgraded
Standard & Poor's upgraded on September 9 Israel's foreign currency credit rating from the previous A to A+ with a stable outlook.
The upgrade which is the first since November 2011 is based, inter- alia, on future government royalties from sea gas reserves and the assumption that the Israeli budget would not be enlarged due to the recent social protest.
Israel's New Monthly Minimum Salary
Starting 1.7.2011 the new minimum gross monthly salary for employees aged 18 years or more will rise to IS 4,100, or IS 22 per hour for a total of 186 working hours per month.
Israel's Economic Forecast 2011
The governor of the bank of Israel Prof. Stanely Fischer presented on March 30 the annual 2010 bank's report.
The estimated GDP for 2011 is 4.5% compared to the previous 3.8% forecast.
The unemployment forecast for the next years is 6.1% for 2011 and 5.9% for 2012 compared to 6.7% in 2009.
Israel's Hot Real Estate Market
According to the Washington Post Israel is the fastest rising property market on earth.
Based on the trade magazine Global Property Guide Israeli housing prices in the second quarter of 2010 was the 6th fastest in a ranking of 36 countries, while taking into account the two years ending in June 2010 Israel's real estate market was the fastest growing market with 30% rise.
The Israeli finance minister believes the rise, due to over demand against supply, will be solved within two years by taking care of the supply side.
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