Macroeconomic Forecast Israel

We have upped our 2005 real growth forecast to 5.1%, in light of recent provisional data from the Bank of Israel (BoI) governor, and the successful completion of the Gaza pullout. Our forecast remains slightly lower than that of the Central Bureau of Statistics (CBS) to reflect our continuing caution about political risk. The Bank of Israel raised interest rates to 3.75% with effect from October, in line with the US Federal Reserve's monetary tightening.

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