Anddra
May 26th, 2008, 04:35 PM
(IsraelNN.com) Israel's Gross Domestic Product (GDP) grew by an annualized 5.4% in the first quarter, as the dollar continues to fall against the shekel, which is now an internationally recognized currency.
The 5.4% GDP jump is a slightly lower rate than in the two previous quarters, but higher than government forecasts. The Central Bureau of Statistics further reported this week that business product rose by 6.1% in the first quarter of this year, compared with 7.6% and 7.3% in last year's 4th and 3rd quarters, respectively.
The results negate the pessimistic forecasts of 4.3% GDP growth by the Ministry of Finance and 3.2% by the Bank of Israel.
Israeli Shekel Recognized by World
Meanwhile, as of this week, the Israeli shekel has become legal tender internationally, now that Israel has been made an official member of the international CLS (continuous linked settlement) clearing system. Israeli shekels can now be used in trading on markets overseas, banks the world over can convert shekels into other currencies, and Israeli companies and firms can settle payments in shekels either by check or bank transfer to their customers' overseas accounts.
Read more... (http://www.israelnationalnews.com/News/News.aspx/126298)
The 5.4% GDP jump is a slightly lower rate than in the two previous quarters, but higher than government forecasts. The Central Bureau of Statistics further reported this week that business product rose by 6.1% in the first quarter of this year, compared with 7.6% and 7.3% in last year's 4th and 3rd quarters, respectively.
The results negate the pessimistic forecasts of 4.3% GDP growth by the Ministry of Finance and 3.2% by the Bank of Israel.
Israeli Shekel Recognized by World
Meanwhile, as of this week, the Israeli shekel has become legal tender internationally, now that Israel has been made an official member of the international CLS (continuous linked settlement) clearing system. Israeli shekels can now be used in trading on markets overseas, banks the world over can convert shekels into other currencies, and Israeli companies and firms can settle payments in shekels either by check or bank transfer to their customers' overseas accounts.
Read more... (http://www.israelnationalnews.com/News/News.aspx/126298)