The year 2016 was one of the best ever for the Israeli economy, with a growth rate way beyond other advanced countries.
Israel’s gross domestic product “grew strongly” at a rate of four percent in 2016, which was “higher than growth in most advanced economies,” the Bank of Israel said in its annual report on Wednesday.
Israel’s labor market is “robust,” with an economy near full employment and an increase in real wages, the report noted.
Inflation is currently low and long-term projections are in the target range.
“At 4%, Israel’s economic growth was double of the United States’ economic growth in the past year; it was 2.3 times higher than the average growth among Organization for Economic Cooperation and Development (OECD) members; and 2.5 times higher than average growth in the Eurozone,” Israel Hayom reported.
“According to the data, since 2011, the Israeli economy grew by a cumulative 21.6%, exceeding all OECD member states,” the paper added.
The OECD is an organization comprised mostly of Western nations with advanced economies dedicated to creating “a stronger, cleaner and fairer world.”
“It is safe to say that 2016 will be remembered as one of the Israeli economy’s best years,” Finance Minister Moshe Kahlon stated earlier this month.
The Bank of Israel report recommended that the government increase its expenditure per student in the education system in order to spur the “potential growth of the economy and the standard of living of all of Israel’s citizens.”
Israel saw unemployment drop in August to historically low levels.
A 2015 OECD report showed that Israel invested the highest percentage of its gross domestic product per capita among member nations.
In November, Fitch Ratings upgraded Israel’s Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) to ‘A+’ from ‘A,’ great news for Israel’s economy and a testament to its stability and growth.
By: The Tower and United with Israel Staff
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