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December 30, 2016 9:00 am

Exceeding Projections, Israeli Economy Grows, Unemployment Reaches Record Lows in 2016

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Israeli shekel coins. Photo: Wikimedia Commons.

Israeli shekel coins. Photo: Wikimedia Commons.

JNS.org — The growth of the Israeli economy exceeded projections this year and unemployment dropped to a record low, the central Bank of Israel’s research department said Wednesday.

Predictions had suggested Israel would see 2.8% growth, but the country has closed out 2016 with 3.8% growth and unemployment of 4.8%.

Citizens’ standard of living grew by 2.9%, private consumption rose by 5.9% and earnings per capita increased by 1.5%. The Bank of Israel had initially predicted 0.5% per capita growth in 2016.

According to the report, the economy began accelerating in the second quarter of 2016, when overall investments jumped by 10%, double the central bank’s original projections.

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