2016 hailed as best year for Israeli economy in 4 years

in BreakingNews @en by

According to the Israel’s Bank Israel economy grew by 4% in 2016, outperforming the U.S. and other Midlle East countries. The Israeli economy grew by 4% in 2016, exceeding projections by 1.2 percentage points and marking the most solid economic performance for the country since 2012, the Bank of Israel said Wednesday. In its 2016 annual report, the bank noted that the gross domestic product hit a record 1.22 trillion shekels ($337 billion); Israel had a record $12.4 billion surplus in its current account balance of payments; unemployment dropped to 4.8% in 2016; public debt dropped to an all-time low of 62.8% of GDP; the number of employed Israelis hit a record high of 3.74 million people; the GDP per capita reached a historic high of $36,800; private consumption climbed by 6%; and Israelis overall standard of living increased by 5%. Israel’s economy growth it was 2.3 times higher than the average growth among Organization for Economic Cooperation and Development members; and 2.5 times higher than average growth in the eurozone. According to the data, since 2011, the Israeli economy grew by a cumulative 21.6%, exceeding all OECD member states. Netanyahu hopes that economy growth even better thanks tto the excellent management of the country. Israel is also ranked second to last among OECD nations in terms of the actions taken by the government to help households out of poverty.

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