## Israel: Staff Report for the 2004 Article IV Consultation

_IMF Staff Country Reports, April 18, 2005_

## Source details

**Canonical URL:** [Israel: Staff Report for the 2004 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/israel-staff-report-for-the-2004-article-iv-consultation-18199)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/israel-staff-report-for-the-2004-article-iv-consultation-18199/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/israel-staff-report-for-the-2004-article-iv-consultation-18199/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/israel-staff-report-for-the-2004-article-iv-consultation-18199/bundle-manifest.json)

## Bibliographic details
- Published: April 18, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451819564.002

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### Executive summary and outlook
- Israel’s economic recovery is under way after a prolonged recession.
- Growth is being supported by:
  - more favorable global economic conditions,
  - an improvement in the security situation,
  - appropriate policies, which have included tightening the fiscal stance and easing monetary policy.
- Real GDP grew by an estimated 4.3 percent in 2004.
- Exports and private consumption were the main growth contributors in 2004.
- The economy is expected to continue to strengthen, albeit at a slightly lower growth rate in 2005.

### Key findings and themes
- Macroeconomic stabilization:
  - Fiscal stance: tightening measures were part of policy adjustments supporting recovery.
  - Monetary policy: easing has accompanied fiscal tightening to support growth.
- External sector:
  - Exports played a leading role in the 2004 recovery.
- Domestic demand:
  - Private consumption contributed significantly to 2004 growth.

### Coverage and subject areas
- Subjects covered in the report include:
  - Banking, Capital markets, External debt, Financial institutions, Financial markets, Inflation, Mutual funds, Prices, Public debt, Real interest rates.
- Keywords listed:
  - authority, budget framework, Capital markets, CR, enforcement authorities, Global, government, Inflation, inflation targeting range, investigation of Bank Hapoalim, ISCR, Mutual funds, policy, staff appraisal.

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## Content in this bundle

- **_cr05133 - Executive Summary and Supplement**
  - [_cr05133 - Executive Summary and Supplement (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr05133.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr05133 - Executive Summary and Supplement (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr05133.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/israel-staff-report-for-the-2004-article-iv-consultation-18199_