Israel’s National Income Tripled in Five Years, Minister Says

The national income of Israel bas more than tripled in the five years that the state exists. Finance Minister Levi Eshkol declared on a nationwide broadcast today.

Reviewing the economic and fiscal growth of the country on the occasion of the fifth anniversary of the establishment of Israel. Mr. Eshkol reported that national income had increased from 240,000,000 pounds in 1948 to 800,000,000 this year and that national income for the entire five-year period amounted to nearly 2,000,000,000 pounds. Total investments in the same period came to 690,000,00O pounds, he stressed and last year investments came to 40 percent of the national income.

Turning to the agricultural situation, he revealed that 3,700,000 denims of land (900,000 acres) are under cultivation this year as compared to 1,650,000 in 1949, while irrigation has been extended to 550,000 denims, or more than twice the 250,000 denims irrigated five years ago. Seventy-five thousand family heads earn their income from farming now as against 47,000 five years ago, he said.

Mr. Eshkol stated that the value of industrial goods produced in Israel in 1951 was 130,000,000 pounds and that the number of workers in industry had increased 50 percent from 80,000 to 120,000. He promised further concessions to both foreign and native investors, praised the accomplishments of Israeli capital and pointed up the government’s success in stabilizing the Israel pound.

The Bank Leumi L’Israel, Israel’s national bank, today reported that accounts and deposits in 1952 totaled 100,000,000 Israel pounds as compared to 92,000,000 pounds in 1951. Loans granted last year totaled 61,000,000 pounds as compared to 50,000,000 pounds in 1951. The bank opened eight new branches last year and five more branches are scheduled to be opened soon.