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Israel has been undergoing an economic slowdown since the beginning of the year, according to the Bank of Israel. A bank report, to be issued in a few days, says the main characteristics of the slowdown have been a drop in private consumption, a drop in real wages and an increase in unemployment. Industrial production went down 10 percent in the first three months of this year and the number of workers decreased by some 12,000. The bank warns that Israeli is entering a period of stagflation — a decline in industrial production and private consumption and a growth in unemployment — but at the same time a galloping inflation.

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