CBS forecasts a 4% growth in 2004

The economy, according to the Central Bureau of Statistics ( CBS ) will grow this year by 4 percent, after 1.3% growth last year.
 
The CBS's forecast for economic growth is higher than that forecasted by the Finance Ministry, which predicted growth rate of 3.8 percent, and the Bank of Israel's prediction of 3.7%.
 
Standard of living, measured in terms of GDP per capita, will, accoeding to the CBS, rise this year by 2.2%, after falling,last year, by 0.5%.
 
The data, released during the CBS's pre-New Year press conference, show a clear turnaround in the economy, which experienced two-years of deep recession.
 
Macro-economic indicators clearly pointed to a growing economy. However, the CBS noted that microeconomic data clearly showed that not all sectors were benefiting from the positive turnaround. Unemployment, according to the CBS, was still high.
 
The CBS also forecasts growth rate of 5.5% in the private sector this year, compared to 1.7 percent last year, and negative growth of 2.6% in 2002).