Bank of Israel revises growth forcast upwards

The Bank of Israel has revised its GDP growth forecast for 2012 upwards to 3.1% from its previous forecast of 2.8%, reports Globes. The Bank of Israel research department also said that it expects growth to climb to 3.5% in 2013. The central bank added that it predicts inflation of 2.6% over the next 12 months and expects that the interest rate will be 2.5% (its current level) in the first quarter of 2013.

The Bank of Israel also expects unemployment to rise from its current level of 5.4% to 5.9% by the end of the year.

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