Bank of Israel optimistic on economic activity

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The Bank of Israel revealed moderate growth in the country's economic activity between May and August in a report on the country's latest economic developments.

The growth rate during the second quarter of 2012 was 3.4%, the report said, an increase from 3% in the first quarter. The central bank responded to the continuing modest growth by reducing its benchmark interest rate by 25 basis points in July, to 2.25%.

The central bank said the country's output gap remains low, as does unemployment

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