Cabinet, the Knesset, and my
party were unable to withstand
\ exaggerated pressures and mis-
,D taken perceptions that the tax
led to the (stock market) crisis
and that the political price to be
paid is too high," said Mr.
Shohat.
Although Mr. Shohat in the
past attributed concerted attacks
against the tax to business in-
terests, he admitted that the op-
position has spread beyond those
• who would directly benefit from
/-1 the tax's cancellation.
"There's no doubt that those
who had an interest in the can-
cellation of the tax will feel — jus-
tifiably so from their perspective
— victorious today. However, the
pressure went beyond that group
to the broader political and pub-
lic arena," Mr. Shohat said.
He defended the original de-
• cision to impose the tax.
•
"I still think (the tax) was, and
remains, right and just from the
economic perspective and from
a social standpoint. It broadens
the tax base and taxes not only
work, but capital as well," he
said.
Asked whether the defeat of
the tax, one of Mr. Shohat's ma-
, jor policy initiatives, will lead to
his resignation, Mr. Shohat said:
• "I don't see any reason to resign
in light of my announcement to-
day."

• The Gross Domestic Product
(GDP) soared 20 percent last
year in Judea and Samaria ac-
cording to early estimates, the
Israel Central Bureau of Statis-
tics reported. The sharp increase
reflected the large olive crop.
The GDP rose 12 percent in
1992 and 1993 in Judea and
Samaria and 15 percent in Gaza.
In both areas, the population
• / grew at a phenomenal 4-5 per-
cent annually.

Sterling-

The Bank of Israel's "S," or state
of the economy, indicator rose 0.5
percent in December following a
0.6 percent drop in the previous
month.
According to the central bank,
economic growth slowed in the
last third of 1994 as it moved in
fits and starts, reflecting the
volatility of retail trade and im-
ports.
Retail sales, a good consump-
tion indicator, increased 0.4 per-
> cent in December after rising 1.4
percent in the previous month.
In 1994, the retail trade index
jumped 9.7 percent.

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