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The Bank of Israel: data from the CSB on new construction steadily inflated

The Bank of Israel published a report containing an unprecedented criticism of the Central Bureau of statistics Israel, an organization on the basis of data which is accepted by a significant part of decisions at all levels of the Executive and legislative authorities.

According to the Central Bank, in the period from 2004 to 2014, the data of the CSB the number of housing units on which construction was started, were overstated by an average of 10% and were corrected to the real level only in hindsight, approximately two years after first publication.

The analysis, conducted by an employee of the research Department of the Bank of Israel ADI Finkelstein, showed that especially noticeable the problem is in the Haifa and tel Aviv districts.

In addition, in the period from 2009 to 2014 data of the CSB about the construction of housing, initiated by the authorities were increased on average by 28%.

Recall that on 2 February this year, the leadership of the CSB announced a temporary cessation of publication of data on sales of apartments. The decision was made in connection with the discovery of serious errors in recent publications, due to the low quality of the information provided by the Ministry of construction and housing.

Note that at the end of last year the Ministry of Finance and the construction of a banned publication data main real estate appraiser, and was discontinued the publication of the data of the Ministry of construction. Thus, the CSB remains the only official structure that publishes information on the situation on the real estate market.

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The Bank of Israel: data from the CSB on new construction steadily inflated 13.02.2017

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