Bank of Israel - Annual Report 2003

The Bank of Israel has published its Annual Report for the year ended 2003. The report says there was a turnaround in 2003 and economic activity rallied: GDP and business-sector product rose, after declining in the two previous years. The recovery was led by an expansion of exports, and also by the growth of private consumption.

The turnaround was driven by the global economic recovery and the slight improvement in Israel's security situation, supported by the coordinated change in the policy mix

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