GREAT RATE!

Economy Continues
To Expand

Israel's economy continued ex-
panding in the last quarter of
1994 because of a significant
surge in trade and increased in-
dustrial and construction activi-
ty, according to the Bank of
Israel's quarterly company sur-
vey.
Industrial firms recorded con-
tinued growth in their activities,
reporting increased exports and,
to a lesser extent, higher sales
within the country.
They also reported a rise in the
number of workers employed and
a similar increase in machinery
and equipment use.
Trading firms continued reg-
istering high sales, as in the pre-
vious quarter, with a significant
increase in inventories and sales
on credit.
Construction work stabilized
in the fourth quarter, although
construction companies noted an
increase in building starts and no
changes in building completions.
Hotels reported that activity
was flat compared to the same
quarter in 1993.

Annual
Percentage
Yield

6 MONTH CD

Visit the Investment Specialists at

Sterling

Norm Lining

810-646-8787

West Bloomfield — Jeff Thompson

810-855-6644

Southfield — Charles Rollo

bank
&trust

Trade Deficit
Jumps 23 Percent

The trade deficit in Israel bal-
looned 23 percent last year to $7.5
billion from $6.1 billion in 1993.
Imports of consumer goods and
production materials and equip-
ment far outpaced exports, the
Central Bureau of Statistics re-
ported.
Goods imports, excluding di-
amonds, shot up 15 percent and
were $2.7 billion higher than in
1993.
Exports jumped 13 percent last
year to $15.93 billion compared
with 1993. Three-quarters of the
rise reflected increases in ma-
chinery, electronics and chemi-
cals.
About one quarter of the in-
crease in exports last year, or
$300 million, ended up in the Far
East, including Japan, South Ko-
rea, Singapore and Thailand. The
United States absorbed 22 per-
cent of the rise, amounting to
$270 million.
The European Union (EU)
countries were responsible for 18
percent of the additional exports.
That was a dramatic turnaround,
reflecting their improved eco-
nomic situation. Only a year be-
fore, exports to the EU dropped.
The EU continued to be the
main source of imports last year,
accounting for 60 percent of the
increase. The United States con-
tributed about a quarter to the
rise, while the remainder origi-
nated in the Far East and East-
ern Europe.

Birmingham

810-355-9831

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810-546-2590

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