The Israel Treasury announced today that Israel’s foreign currency reserves rose to an all-time high of $700, 000, 000 at the end of the fiscal year, March 31. Foreign currency earnings increased $50, 000, 000, expenditures dropped $58, 000, 000 while the volume of external leans received during the fiscal year decreased, the Treasury said.
The Finance Ministry reported that the growth of output of all branches of Israel’s economy continued during the first half of 1965, but at a slower pace than during 1964.
The growth in Israel’s Gross National Product currently is at a rate of 9 to 10 percent, the Ministry estimated. The principal cause in the slowdown of GNP growth was attributed to restrictions in public building activity instituted as an anti-inflation step. However, there also was a slight dip in agricultural and industrial expansion.
At the same time, the Finance Ministry reported, the improvement in Israel’s international trade balance was due to cutbacks in imports and increased earnings from exports, particularly from tourism. Full employment and a shortage of skilled labor also continued during the first half of 1965, accompanied by a continued rise in the standard of living, the report said.
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