Prices were generally stable in Israel in 1955, David Horowitz, governor of the Israel State Bank, reported today in a review of the country’s economy last year. Prices levelled off to a far greater extent during 1955 than in 1954, he said.
National production rose by 10 percent during the year, Mr. Horowitz reported, while the number of employed persons increased by 5,5 percent. National income was up by 14 percent and investments increased by 22,5 percent.
Only slight progress was made, however, in solving basic economic problems of the country and there is a danger in the fact that the trade balance has not improved, Mr. Horowitz pointed out. He noted that the principal sources of capital imports–German reparations and American grants-in-aid–were being reduced and would gradually dry up.
It is know that Mr. Horowitz report is being given serious study by the government. It is expected that a series of measures will be introduced step up production in all fields.
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