Israel’s standard of living, as shown through increased ownership of homes and higher expenditures in various other fields, rose during the fiscal year ending March 31, 1960, by comparison with the 1956-57 fiscal period, according to the Government’s latest Israel economic survey published here today. Among other data, the figures, comparing fiscal 1959-60 with fiscal 1956-57, show:
Expenditures for furniture and home appliances went up from 3.1 percent to 8.4 percent; the average Israeli’s budget for culture, entertainment and education increased from 6.6 percent to eight percent. The ratio of income spent for food during the two periods had dropped from 43.1 percent to 38.8 percent. But the higher standard of living was reflected by increases in the consumption of coffee and alcoholic beverages, and by expenditures for movies, musical concerts and records.
The population of Israel will increase by 100,000, or five percent of the present number of inhabitants, by the end of the 1962-63 fiscal year, according to forecasts issued here today by the Planning Authority of the Israel Treasury and the research division of the Bank of Israel. At the same time, the data showed Israel’s national out put will rise by 10 percent.
The country’s deficit in foreign payments, it was predicted, will decrease slightly, due mainly to the recent devaluation of the Israeli pound. Imports are expected to rise by only three percent to five percent, while exports will increase by between 13 and 20 percent. The report envisaged a continued rise in the inflow of foreign capital. Israel’s foreign currency reserve is expected to rise by an additional $120,000,000 or $140,000,000.
The report warned, however, that, with the imminence of the end of German reparations payments and the payments of restitution to individuals, “a decline in the inflow of capital may be expected over the coming years, for which the economy must be prepared by building larger currency reserves.”
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
