Israel: Staff Report for the 2003 Article IV Consultation
IMF Staff Country Reports, June 3, 2004
Source details
- Canonical URL
- Israel: Staff Report for the 2003 Article IV Consultation
Other formats
Bibliographic details
- Published: June 3, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451819533.002
Executive summary
- Israel’s economy has entered a modest recovery path after almost three years of recession.
- Real GDP is estimated to have grown 1.3 percent in 2003, led by external demand, despite anemic investment.
- High frequency indicators suggest:
- output is recovering,
- private consumption is growing,
- tourism is rebounding.
- The external current account deficit continues to fall and is now close to balance.
- The sizable capital outflow of the last quarter of 2002 and the first quarter of 2003 has been reversed.
- Foreign direct investment has rebounded.
Major themes and topics covered
- Banking
- Budget planning and preparation
- External debt
- Inflation and inflation targeting
- Monetary policy
- Prices
- Public debt
- Public financial management (PFM)
Key statistics and temporal markers
- Real GDP growth: 1.3 percent in 2003
- Period of recession: almost three years (ending before 2003)
- Capital outflow reversal refers to the last quarter of 2002 and the first quarter of 2003
Source: Israel: Staff Report for the 2003 Article IV Consultation, IMF Staff Country Reports, 2004/158.