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Bur NG
Unemployment
Falls, Growth Up
Unemployment in Israel contin-
ued to fall in the first quarter and
is expected to stand between 8.5
and 9 percent, Central Bureau of
Statistics chief economist Ezra
Hader announced. Mr. Hader
also said vigorous economic ac-
tivity pushed the Gross Domes-
tic Product (GDP) up 7.8 percent.
The economy regained steam
in the first quarter, reaching the
high growth rates achieved in the
three years prior to 1993. Con-
sumption rose 12.1 percent, in-
vestments jumped 16.5 percent,
exports increased 8.2 percent and
imports grew by 8.7 percent, the
bureau reported.
Mr. Hadar refused to estimate
the economy's growth rate for the
remainder of the year. However,
he said he sees signs of a slow-
down in the construction indus-
try this quarter as a result of the
territories' closure.
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Budget Director
Seeks Money
The Israel Treasury will ask the
Knesset to approve a supple-
mentary budget for 1994 because
a budget overrun of between MS
1.5 billion and NIS 2 billion now
seems likely, State Budget Di-
rector David Brodet told the
Knesset finance committee.
Mr. Brodet said MS 500 mil-
lion will be needed because of the
recent public-sector wage agree-
ments. Another MS 350 million
stems from the agreement with
the PLO; MS 250 million is like-
ly to be needed for Israel Aircraft
Industries and other defense in-
dustries; MS 425 million will be
needed for local authorities; and
several hundred million will prob-
ably be needed for Kupat Holim
Clalit.
On the bright side, State Rev-
enue Director Yoram Gabbai told
the committee income from tax-
es was NIS 800 million higher
than expected during the first
third of the year, totaling NIS
23.1 billion. If this trend contin-
ues, it will give Israel more flex-
ibility in dealing with
"unexpected" expenses.
Scitex Profits
Plunge 49 Percent
Israeli company Scitex reported
first-quarter net profits of $15.3
million, down 49 percent from the
$30.2 million of last year. The fig-
ure includes a $2 million capital
gain resulting from the sale of the
*company's remaining one-third
share in Silver Arrow, a limited
partnership which develops un-
manned aircraft.
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May 31st!
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