Economy

*Governor of the Bank of Israel Stanley Fischer announced that economic growth in Israel 2007 exceeded the benchmark level in OECD member countries and the EU. Fischer reported 5.3% economic growth in 2007, against 2.2% only in the US, 3.1% on average in the EU, and an average 3.5% in OECD member countries

*In 2007, 27 Israeli high-tech companies raised $701 million through initial public offerings on US, European and Israeli stock exchanges. IPO dollar volumes have been relatively stable in the past three years: $692 million was raised through IPOs in 2006 and $694 million in 2005.

*After decades of developing water technologies aiming to “make the desert bloom,” Israel has shifted focus to selling its products abroad with a goal of doubling exports in the sector to $2 billion by 2010.

*Industry, Trade and Labor Minister Eli Yishai will sign the declaration with the African leaders to promote commercial and economic cooperation with Rwanda, Burundi, Benin and Liberia (“Israel to sign trade agreement with 4 African states,” Ynetnews.com, 25 April 2008).

*The number of unemployed people fell to 195,700. It is the first time the rate has fallen below the 7% level. The Central Bureau of Statistics announced last week that Israel's unemployment fell to a seasonally adjusted 6.7% in Q4/07, compared with 7.2% in the preceding quarter and 7.8% in Q4/06.

*Although the industrial export growth rate slowed during the initial months of 2008, the annualized growth rate remained high and amounted to 16% in that period. Israel is among the countries that are most affected by the situation in the USA, since exports of goods there account for 30% of merchandise exports (excluding diamonds) and 7% of GDP.