1 Israeli new sheqel = 0.2672 US dollars
February 13, 2012
Concluding Statement of the 2012 Article IV Consultation Mission to Israel
1. Israel's economy remains strong. Output fell for only two quarters during the "Great Recession", then grew almost 5 percent in 2010 and 2011 led by strong exports and consumption, with investment rising more recently. At 5½ percent, unemployment is at a historic low, while inflation and inflation expectations have both fallen back from slightly above to squarely inside the 1–3 percent target range—the latter reflecting in part the timely tightening of monetary policy in the upswing. The shekel is now broadly consistent with fundamentals and international reserves are appropriate by most measures.
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