'Israel's economy doing well, without a doubt'

Bank of Israel presents annual report, President Rivlin says Israel's economy is good, but Israel must 'monitor economic processes closely.'

Arutz Sheva Staff ,

President Reuven Rivlin
President Reuven Rivlin
Flash 90

The Bank of Israel Annual Report for 2016 will be published on Wednesday, after it is presented by the Governor to President Reuven Rivlin, Prime Minister Binyamin Netanyahu, and Finance Minister Moshe Kahlon (Kulanu).

According to the report, Israel's economy is growing, employment rose by 2.6%, and its unemployment rate is low, providing a stable foundation for economic reforms which will allow continued growth to all sectors of Israeli society, especially weaker sectors where the Knesset is trying to increase upward mobility.

The report also said Israel's real estate market is dealing well with the challenges, and the construction industry, which requires foreign workers, had found a way to import foreign companies and workers in a productive fashion.

Upon receiving the Report, President Reuven Rivlin said:

"The state of Israel’s economy is, without a doubt, good," Rivlin said. "The government finished 2016 with a deficit significantly lower than the deficit ceiling set out in the budget. The bottom line of the Bank of Israel’s Annual Report is that the Israeli economy is showing signs of strength relative to other economies, and came through the global crisis well. At the same time, not everything is roses."

"There are a number of weak points in the Israeli economy, and we must therefore monitor economic processes closely as we move forward, improve and lead.

"I believe in the importance of maintaining the independence of the central bank, whether in setting monetary policy, as economic advisor to the government, or in supervising the stability of the financial system.

"I would like to thank you, Madam Governor, and you, the Bank of Israel’s staff, for this important and comprehensive report. Well done!”