The Manufacturers Association also cut its forecast for exports of goods and services growth to 4.6% from 7.4%
The Manufacturers Association of Israel (MAI ) revised last week its 2008 economic growth and business product forecasts downwards.
The revision of its forecasts was necessary due to global slowdown, especially in the US, as well as the sharp appreciation in the shekel against other currencies.
In a detailed statement issued by the economic department of the association it noted a cut in its GDP forecast to 3.5% from 4.3% and its business product forecast to 4% from 5%.
GDP growth averaged 5.3% a year in the past four years, and business product growth averaged 6.6%.
The Manufacturers Association also cut its forecast for exports of goods and services growth to 4.6% from 7.4%. Exports of goods and services grew by 8.7% in 2007, compared with 2006.