Israel

BMI View: In the light of excellent Q1 growth figures, particularly the upturn in fixed investment (up by 9.7% year-on-year), we have increased our 2006 growth forecast to 4.9% (from 4.5%), and have nudged our 2007 growth forecast up to 3.9% (from 3.6%). We continue to expect annual growth to hover around 3.5% per year for the remainder of the forecast period, but if the recent uptick in fixed investment is sustained, resulting in a long-awaited investment recovery, the medium-term trend level of growth will

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