OOOO
•
Smaller Growth
Rate Predicted
The Israel business sector's
growth rate will fall to 5 per-
cent this year as a result of the
decline in exports and the re-
cent events in the capital mar-
ket, Manufacturers Association
president Dan Propper said.
Mr. Propper predicted the
Treasury's initial growth fore-
cast of 6.5 percent will not be
attained this year.
He blamed the slowdown in
growth on the fall in industri-
al exports during the last few
months and the sharp drop in
securities traded on the capital
market.
The Manufacturers Associ-
ation -Aso blamed the slow-
down on the continued delay in
the peace process, the closure
of the territories and the after-
math of the Hebron massacre
on tourism and other sectors.
Mr. Propper said the basic
economic conditions necessary
for rapid economic growth have
not changed despite the fall in
exports and drop in the capital
market in the first quarter of
the year.
He said the business sector
remains in a good position to
raise capital from the public.
Mr. Propper said a reduction
in the unemployment rate will
be difficult with a growth rate
of only 5 percent. He warned
there could be a growth in un-
employment to 10.5 percent
compared with initial forecasts
of a fall to 9.4 percent.
Agricultural
Production Rises
Agricultural production in Is-
rael rose 2 percent last year fol-
lowing a 7 percent increase in
1992, the Central Bureau of
Statistics announced.
The prices farmers received
for their produce rose 5 percent
last year and the price of raw
materials went up 9 percent,
while the Consumer Price In-
dex increased 11 percent.
Total agricultural produc-
tion rose nominally 7 percent
to MS 8.3 billion.
Agricultural input rose 2
percent (in set prices). There
was no change from 1991 to
1992.
Last year the net local pro-
duce in agriculture (defined as
the difference between overall
agricultural production and to-
tal agricultural input) rose ap-
proximately 2 percent (in set
prices) to NIS 3 billion, corn-
pared to a 19 percent rise in
1992 and a 7 percent decrease
in 1991. ❑
• • • • • • •
•
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1994
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Since 1971
FREE
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M TER
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