GN ISRAEL 30 05 08 http://www.angloraanana.com
Quote for the Week “The Israeli economy is the most successful one in the world today: I'm amazed by the performance of the Israeli economy." (Who, besides us at GN, would say a thing like this? Jean-Claude Trichet, President of the European Central Bank, considered Europe's most influential financial figure, that’s who. And who would care to contradict him? Now read on.)
Despite all the fears of an economic slowdown voiced by the Finance Ministry and the Bank of Israel, (by everybody in fact except us at GN, we admit, with due humility) the Israeli economy grew strongly in the first quarter of 2008. According to our favorite source of information the Central Bureau of Statistics (CBS), in figures released yesterday: Israel's gross domestic product grew by 5.4%, that’s right 5.4, on an annual basis, in the first three months of the year Business-sector GDP grew even more Exports of goods and services in Q1 increased by a huge 12.6% (with all figures annualized). The first-quarter growth rate was higher than the rate for 2007 as a whole, which was 5.3%. Really GN amongst all this GN was that exports grew last year by 8.4%. The CBS data showed a 6.2% rise in consumer spending and a 9.6% rise in investments in fixed assets. The rise in the standard of living was best reflected in the enormous, record-setting increase in purchases of durable goods, a whopping 99%. The engine behind this growth was the 180% rise in automobile purchases in the quarter. Wow! What else can one say? Obviously Israelis know how to earn it and they know how to spend it too All this goes to prove, if proof were really needed, that what Monsieur Trichet had to say [see Quote for the Week above] is not overstated. And this while other developed countries are limping along at 2% and less, as a result of a global economic slowdown. How do we do it!? The seasonally adjusted unemployment rate fell to 6.3% of the civilian labor force (with even less for men. That may be, but take note of this: more young ladies have been chosen for the prestigious IAF pilots’ course than ever before now there’s something to ponder) in the first quarter of 2008, the Central Bureau of Statistics reports (and see above for what we think of them). This is a 24-year low (and a 30 year low for males). The unemployment rate fell from 7.8% in the first quarter of 2007 to its present level. While these figures are interesting they don’t really convey what we never tire of saying: that employment doesn’t only provide the financial wherewithal to live, as important as that is, but it also gives the employee and his or her family a sense of dignity and self worth and what more can one want than that? Israel's defense companies signed contracts worth $5.6 billion in 2007 - an all-time high for the country's defense exports and $700 million greater than the $4.87 billion in 2006, the previous record and that makes $11 billion in the past two years not a figure to be sneezed at. In fact it’s an amazing achievement for a small country that does not manufacture large armament platforms. It underscores the added value that Israel supplies for the defense and aerospace markets and makes the country one of the world's top four arms suppliers. The fifth annual Cinema of the South Festival starts at the Sderot Cinematheque on Sunday. Sderot? But isn’t that where…? Yes it is, but Sderot movie lovers and their thousands of visitors are a brave bunch, who have never let the security situation stop them from enjoying cinema. This year's festival focuses on Israeli and international movies and includes world premieres of Israeli films, movies from India and the Far East as well as examples of the cinematic art made by students from Sapir College situated right in the city. One of the creations featured is Waltz with Bashir, an animated documentary about the first Lebanon War, which generated a good deal of buzz recently at the Cannes Film Festival. Well worth a visit we’d say. Altair Semiconductor Ltd. has won a huge contract to supply its mobile WiMAX chipset to leading Japanese communications operator Willcom Inc. The deal could be worth tens of million of dollars. Altair is following the new script for start-ups: target the Far East rather than North America. This is the firm's largest deal to date, and can be considered one of the largest chipset deals ever made by an Israeli start-up. A very special group of people known as philatelists, who buy, sell, collect, exchange, study and generally cherish those little squares (and perhaps more important, triangles) of paper, sometimes perforated around the edges, sometimes not, sometimes of great beauty of design and sometimes not and which we philatelic philistines use merely for sticking on envelopes to make sure that our letters get to where we want them to go, met in Israel from all over the world last week for the International Stamp Exhibition which was previously held here ten years ago. I70 exhibitors from 35 countries showed off their wares and a fascinating time was had by all. The Israeli shekel has officially become an international currency. Following regulatory approval, the Shekel has joined an exclusive club of the world’s fifteen top currencies. What does it all mean? Basically it means that Israel will now be able to settle foreign exchange transactions in Shekels without resorting to converting to other currencies first, it’s a significant further step in Israel’s increasing integration into the global economy, it reinforces the stability and efficiency of Israel’s banks and financial system, and benefits the entire economy. You could be forgiven for thinking that our neighbors spend their whole day plotting our demise without so much as taking a half an hour for lunch, but, of course they don’t and here’s proof positive Direct exports to Jordan, Egypt, Tunisia, and Morocco continue to grow. By 45% in fact, quarter on quarter Exports to Jordan totaled $102 million in the first quarter up by more than half on 2007, 1,050 companies exported goods to Jordan last year, 7.8% more than a year earlier. Israeli and Palestinian scientists are meeting regularly and drawing up a master plan for protecting the environment. Israeli security force officers meet with their Palestinian counterparts for ongoing discussions on security matters. GN has heard that these meetings, conducted in Arabic, are invariably cordial and lead to significant cooperation on the ground. To quote the song-This may be the start of something big. Back to the topic of the cinema: GN has reported on the ongoing burgeoning of the Israeli film industry and once again the Country had a winner at the Cannes Festival which is as close as a film maker will come to winning an Oscar without actually winning one. Israeli director Elad Keidan's Anthem was awarded First Prize Cin?fondation, which is the students’ competition with 19 other films submitted from schools all over the world, including entries from France, China, Brazil and Romania. It now seems that Cannes can’t conclude without at least one Israeli name on its list of prizewinners.
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