Page last updated on February 20, 2013
Economy - overview:
Israel has a technologically advanced market economy. Its major imports include crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals - following years of prudent fiscal policy and a resilient banking sector. The economy has recovered better than most advanced, comparably sized economies. In 2010, Israel formally acceded to the OECD. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Natural gasfields discovered off Israel's coast during the past two years have brightened Israel's energy security outlook. The Leviathan field was one of the world's largest offshore natural gas finds this past decade, and production from the Tama field is expected to meet all of Israel's natural gas demand beginning mid-2013. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. The government formed committees to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands.
GDP (purchasing power parity):
$247.9 billion (2012 est.)
country comparison to the world: 51
$240.8 billion (2011 est.)
$230.2 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$246.8 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.9% (2012 est.)
country comparison to the world: 115
4.6% (2011 est.)
5.7% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$32,200 (2012 est.)
country comparison to the world: 41
$32,000 (2011 est.)
$31,200 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 2.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
31.4%
services:
66.1% (2012 est.)
Labor force:
3.269 million (2012 est.)
country comparison to the world: 100
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
16%
services:
82% (September 2008)
Unemployment rate:
6.3% (2012 est.)
country comparison to the world: 65
5.6% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
23.6%
note:
Israel's poverty line is $7.30 per person per day (2007)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
24.3% (2008)
Distribution of family income - Gini index:
39.2 (2008)
country comparison to the world: 65
35.5 (2001)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
19.5% of GDP (2012 est.)
country comparison to the world: 105
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $62.64 billion
[see also: Budget revenues country ranks ]
expenditures:
$72 billion (2012 est.)
Taxes and other revenues:
25.4% of GDP (2012 est.)
country comparison to the world: 123
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-3.8% of GDP (2012 est.)
country comparison to the world: 121
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
74.4% of GDP (2012 est.)
country comparison to the world: 33
72.6% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
2.1% (2012 est.)
country comparison to the world: 32
3.5% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
2.75% (31 December 2011 est.)
country comparison to the world: 112
2.02% (31 December 2010 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
4.8% (31 December 2012 est.)
country comparison to the world: 149
5.54% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$30.23 billion (31 December 2012 est.)
country comparison to the world: 58
$30.21 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$208.8 billion (31 December 2009 est.)
country comparison to the world: 40
$195.7 billion (31 December 2008 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$180.1 billion (31 December 2012 est.)
country comparison to the world: 41
$178 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$145 billion (31 December 2011)
country comparison to the world: 33
$218.1 billion (31 December 2010)
$182.1 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
Agriculture - products:
citrus, vegetables, cotton; beef, poultry, dairy products
Industries:
high-technology products (including aviation, communications, computer-aided design and manufactures, medical electronics, fiber optics), wood and paper products, potash and phosphates, food, beverages, and tobacco, caustic soda, cement, construction, metals products, chemical products, plastics, diamond cutting, textiles, footwear
Industrial production growth rate:
2% (2011 est.)
country comparison to the world: 123
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$2.579 billion (2012 est.)
country comparison to the world: 146
$1.873 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$64.74 billion (2012 est.)
country comparison to the world: 54
$64.19 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel
Exports - partners:
US 28.8%, Hong Kong 7.9%, Belgium 5.6%, UK 5%, India 4.5%, China 4% (2011)
Imports:
$77.59 billion (2012 est.)
country comparison to the world: 40
$72.03 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
raw materials, military equipment, investment goods, rough diamonds, fuels, grain, consumer goods
Imports - partners:
US 11.8%, China 7.4%, Germany 6.2%, Belgium 6.1%, Switzerland 5.4%, Italy 4.2% (2011)
Reserves of foreign exchange and gold:
$75.24 billion (31 December 2012 est.)
country comparison to the world: 27
