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Investment Clubs
Hear Leventen

A

lan Leventen, vice
president of Merrill-
Lynch brokerage firm
in New York and
director of a team specializ-
ing in providing services in
Israeli stocks trading in the
United States, will address a
general membership meeting
of the three local Israel
Investment Clubs sponsored
by the ZOA and of the
Michigan Israel Investment
Club 1 p.m. Sept. 19 at the
Zionist Cultural Center in
Southfield.
An authority on Israel's
economic scene and its indus-
trial potential, Alan Leven-
ten served as professor of
finance at Hebrew University
in Jerusalem, professor of
international financial rela-
tions at New York's Colum-
bia University and the New
School of Social Research.
Mr. Leventen also has lec-
tured at the University of Tel
Aviv, Bank of Israel, the
Institute for International
Research and the Chicago
Mercantile Exchange.
The meeting is open to the
public. 0

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Israel's GDP
Drops .7 Percent

T

he Gross Domestic
Product fell .7 percent
in the second quarter,
reflecting a drop in pub-
lic construction and the clo-
sure of the territories, the
Central Bureau of Statistics
said.
The GDP measures the
value of goods and services
produced by the economy.
Eli Sagi, director of
Economic Models, said the
slowdown resulted from the
sharp reduction in public
construction, which also
affected related industries.
Mr. Sagi estimates the
economy will be more vigor-
ous in the second half of the
year, as the influence of con-
struction will stop being felt
and the strong underlying
elements - such as exports,
private consumption and
industrial production - will
take over.
The anemic growth of less
than 1 percent in the busi-
ness product during the first
half of the year reflected a 15
percent drop in construction
during the same period.
Industrial production only
grew 1 percent to 2 percent
as construction-related
industry production fell and
GDP page 159

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