Jerusalem, 11 October 1994
ECONOMIC SURVEY
(COMMUNICATED BY GPO ECONOMICS DESK)
GENERAL STATISTICS:
* INCREASE IN BALANCE OF PAYMENT'S DEFICIT FOR FIRST SIX MONTHS OF 1994.
Israel's balance of payments deficit increased during the first half of
1994 to reach $2.9 billion. During the same period in 1993, the deficit
was $ 1.7 billion. The Central Bureau of Statistics noted the increase in
imported goods as well as expanded use by Israelis of services provided by
foreign firms as the major elements of the increase in the balance of
payment's deficit. In order to offset this growth, Israel's foreign debt
load rose to $2.1 billion, compared to $1 billion during the same period
last year. During the first half of 1994, the value of total imports and
services into Israel was $16.4 billion compared to $14.7 billion for the
same period in 1993. Total exports from Israel reached $11.5 billion, up
from $10.8 billion for the first half of 1993.
Central Bureau of Statistics - David Neumann, (02)-553400
* ISRAEL'S NET EXTERNAL DEBT INCREASES DURING FIRST HALF OF 1994 TO $1.5
BILLION.
The Bank of Israel reported that Israel's net external debt rose to $18
billion or 27% of the nation's net output. This is an increase from the
net external debt of $16.5 billion reported at the end of 1993 (26% of the
country's output). At the end of June 1994, Israel's gross external debt
was $38.4 billion (56% of total output) which increased due to the
Government's taking on new debt, and a rise in the overseas obligations of
financial and non-financial institutions.
Bank of Israel - Ohad Bar-Efrat, (02)-552712
* IMPORTS AND EXPORTS UP DURING FIRST HALF OF 1994.
The Central Bureau of Statistics reported an increase in imports,
excluding diamonds and fuel, of 17% and industrial exports, excluding
diamonds, rose by 11% during the first half of 1994. Prices for imports,
excluding fuel and diamonds, rose during the second quarter by 1.7%
following a fall in import prices of about 1% during the first quarter of
the year. Industrial export prices, excluding diamonds, rose by 1% during
the second quarter following an average drop of a percentage point since
the last quarter of 1992. Agriculture export prices fell by 10% during the
second quarter after having rose by 6.5% during the first quarter.
Central Bureau of Statistics - David Neumann, (02)-553400
* IMPORTS, EXPORTS, TRADE DEFICIT DOWN DURING THIRD QUARTER.
A fall in imports and exports during the month of September, due to
fewer workdays because of the Jewish Holidays, caused imports and exports
to drop for the third quarter of 1994 compared to the year's second
quarter, the Central Bureau of Statistics reported. September's imports
fell to $1.45 billion exports fell $1.05 billion. The trade deficit fell
by about 2% during the quarter. However, for the first nine months of the
year, imports rose by 14% and exports rose by 7%, thereby expanding the
trade deficit by 28% to reach $5.99 billion compared to $4.66 billion
during the corresponding period in 1993. Imports during the third quarter
fell 2.5% following a drop in imports of 0.5% during the second quarter.
Imports of consumer goods rose 20% during the first three quarters of 1994
to $2.21 billion.
Central Bureau of Statistics - David Neumann, (02)-553400
NEWS:
* TADIRAN AWARDED $78 MILLION CONTRACT BY ARMY OF THAILAND.
Tadiran, a subsidiary of Koor Industries, was awarded a contract worth
$78 million earlier this month to supply the Thai Army with electronic
intelligence equipment and military communications systems. The systems
will be provided over the next three years and a number of production
lines for the products will be established in Thailand. Part of the
communications systems includes a personal radio weighing less than 1
kilogram that fits in the palm of one's hand.
Tadiran - Amiram Fleischer, (03)-5251115
* FIVE FINAL BIDDERS FOR CONSTRUCTION OF CARMEL TUNNEL IN HAIFA.
Five bidders have continued through to the final round in the bidding
to be the project contractor for the more than $100 million Carmel Tunnel
to be built underneath Haifa to expedite auto and rail traffic. The
project winner will have the concession on the toll-road for between 25-35
years. The Transportation and Finance Ministries are responsible for the
tender process.
Transportation Ministry - Eli Danon, (02)-319690
TOURISM:
* TOURISM UP 9% DURING FIRST SIX MONTHS OF 1994.
Statistics released by the Central Bureau of Statistics and Tourism
Ministry show that both the amount of money spent by tourists and the
numbers of tourists visiting Israel grew during the first half of 1994.
Revenues from tourist hotels rose to NIS 1.3 billion, of which 55% was in
foreign currency, during the period. This represents a 6% rise over the
figure for the corresponding period in 1993. The number of tourists
arriving in the country during the first six months rose to 1.45 million,
9% higher than the figure for the same time last year.
Tourism Ministry - Orly Doron, 02-754845/6