This document presents the forecast of macroeconomic developments compiled by the Bank of Israel Research Department in September 2014. The forecast was presented to the Monetary Committee on September 21, 2014, during its meeting prior to the decision on the Bank of Israel interest rate for October 2014. According to the staff forecast, gross domestic product (GDP) is projected to increase by 2.3 percent in 2014, and by 3.0 percent in 2015. The rate of inflation over the next year (ending in the third quarter of 2015) is expected to be 1 percent. The Bank of Israel interest rate is expected to be 0.25 percent during 2015.

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