More, But
Slower Activity
Fewer Seeking
Jobs In Israel
Economic activity in Israel con-
tinued to expand in the first quar-
ter of the year, albeit at a slower
rate than in the previous quar-
ter, according to the quarterly
company survey conducted by the
Bank of Israel's research depart-
ment.
Growth was most significant
in the industrial and construction
sectors.
The number ofjob-seekers in Is-
rael dropped 3.7 percent in March
after increasing in January and
February.
Some 98,500 people registered
at Employment Service offices in
March, compared with 102,300
the previous month. Without
taking seasonal factors into
account, the number ofjob-seek-
ers in March was 102,600,
compared with 105,200 in Feb-
ruary.
Trade Deficit
Hinders Growth
The Israeli economy is in need of
a real devaluation, accompanied
by a cut in the budget, industry
and bank leaders said at a Man-
ufacturers Association emergency
meeting.
Manufacturers Association
president Dan Propper said the
economy's major problem is the
trade deficit, which hinders
growth and makes it more diffi-
cult to repay foreign currency
obligations.
"Israel's trade deficit, which is ex-
pected to reach $11 billion this year,
is one of the economy's most press-
ing problems," Mr. Propper said.
"The government and Bank of Is-
rael must take immediate action
'e are in an era in which the
economy has the potential to
shoot upward, but instead com-
panies have their hands tied."
Mr. Propper said the first 120
public companies to publish their
financial statements for 1994 re-
ported a drop in operating profit.
He blamed the fall on the gov-
ernment's and Bank of Israel's
monetary policy.
Budget Has
A Surplus
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MEN'S
Developer
Picks Baran
The Baran group has been se-
lected by developer Merhav Hold-
ing to coordinate all Israeli
exports to the Israeli-Egyptian
oil refinery to be built near
Alexandria.
Baran, a holding company in-
volved in the construction field,
will manage all procurement,
commissioning of engineering
work, orders and services from
the Israeli side.
Merhav and its Egyptian part-
ners have instructed all major in-
ternational contractors to prepare
bids for a $200 million construc-
tion contract.
Selection of a chief contractor
is expected to be completed in
three months.
Construction of the refinery
will take years, at a cost of $1 bil-
lion.
The oil refinery will be a state-
of-the-art facility. It will process
fuel from Egypt and other
sources, with products to be sold
in Egypt and Israel.
Baran is 65 percent owned by
founders Meir David, Yitzhak
Friedman, Menahem Gal, Israel
Gutman, Yehonatan Inbar and
Israel Scop.
The Israeli state budget regis-
tered a NIS 96 million surplus
last month, the Treasury report-
ed. Expenditures were NIS 10.1
billion, while revenues totaled
NIS 10.2 billion.
The jump in the volume of gov-
ernment spending and revenues Imports to Israel jumped in the
of about NIS 3 billion each re- first two months of the year, fu-
flected the cashing of National In- eled by a large demand for con-
surance Institute bonds and the sumer goods, machinery and
reinvestment of the money in equipment, and production in-
puts, the Central Bureau of Sta-
bonds.
Since the beginning of the year, tistics reported.
Imports soared 51.1 percent in
a budget surplus of NIS 664 mil-
January and February as indus-
lion has accumulated.
trial machinery and equipment
imports rose a sharp 120.3 per-
cent and industrial input imports
increased 53.5 percent. Con-
sumer imports expanded by 118.9
percent.
Barzilai Accountancy and Part-
Durable imports, including
ners of Israel has joined the U.S.- cars, furniture, refrigerators and
based Horwath chain, which laundry machines, shot up 111
specializes in international percent after rising 40 percent in
tourism.
November and December.
Imports Are
Up 51.1 Percent
Barzilai Joins
Horwath Chain
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