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Israel Economy 2015
http://www.theodora.com/wfbcurrent/israel/israel_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 22, 2014

Economy - overview:
Israel has a technologically advanced market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2011, growth averaged nearly 5% per year, led by exports. 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. 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. The economy has recovered better than most advanced, comparably sized economies, but slowing demand domestically and internationally, and a strong shekel, have reduced forecasts for the next decade to the 3% level. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is not due to come online until 2018, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and is expected to contribute 0.5% growth in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. 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. In May 2013 the Israeli government, in a politically difficult process, passed an austerity budget to reign in the deficit and restore confidence in the government's fiscal position. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition.

GDP (purchasing power parity):
$273.2 billion (2013 est.)
country comparison to the world: 49

$264.5 billion (2012 est.)
$255.9 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$272.7 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2013 est.)
country comparison to the world: 104

3.4% (2012 est.)
4.6% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$36,200 (2013 est.)
country comparison to the world: 37

$34,300 (2012 est.)
$34,000 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
22.2% of GDP (2013 est.)
country comparison to the world: 68

21% of GDP (2012 est.)
21.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 56.1%
government consumption: 22.7%
investment in fixed capital: 19.6%
investment in inventories: 0.7%
exports of goods and services: 34.4%
imports of goods and services: -33.5%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 2.4%
industry: 31.2%
services: 66.4% (2013 est.)

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, metal products, chemical products, plastics, cut diamonds, textiles, footwear

Industrial production growth rate:
5.5% (2013 est.)
country comparison to the world: 52
[see also: Industrial production growth rate country ranks ]

Labor force:
3.493 million (2013 est.)
country comparison to the world: 97
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.6%
industry: 18.1%
services: 80.3% (2012 est.)

Unemployment rate:
5.8% (2013 est.)
country comparison to the world: 56

6.8% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
21%
note: Israel's poverty line is $7.30 per person per day (2012)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 24.3% (2008)

Distribution of family income - Gini index:
37.6 (2012)
country comparison to the world: 75

39.2 (2008)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $109.7 billion
expenditures: $113.9 billion (2013 est.)

Taxes and other revenues:
40.2% of GDP (2013 est.)
country comparison to the world: 40
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.5% of GDP (2013 est.)
country comparison to the world: 72
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
67.1% of GDP (2013 est.)
country comparison to the world: 41

66.9% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2013 est.)
country comparison to the world: 55

1.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1% (31 December 2013 est.)
country comparison to the world: 117

1.75% (31 December 2012 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.8% (31 December 2013 est.)
country comparison to the world: 151

5.16% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$37.09 billion (31 December 2013 est.)
country comparison to the world: 55

$32.48 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$151.2 billion (31 December 2013 est.)
country comparison to the world: 46

$136.2 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$207.7 billion (31 December 2013 est.)
country comparison to the world: 40

$192.3 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$148.4 billion (31 December 2012 est.)
country comparison to the world: 32

$145 billion (31 December 2011)
$218.1 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$5.259 billion (2013 est.)
country comparison to the world: 30

$609 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$60.67 billion (2013 est.)
country comparison to the world: 55

$62.32 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel

Exports - partners:
US 27.8%, Hong Kong 7.7%, UK 5.7%, Belgium 4.6%, China 4.3% (2012)

Imports:
$67.03 billion (2013 est.)
country comparison to the world: 44

$71.67 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
raw materials, military equipment, investment goods, rough diamonds, fuels, grain, consumer goods

Imports - partners:
US 12.9%, China 7.3%, Germany 6.3%, Switzerland 5.5%, Belgium 4.8% (2012)

Reserves of foreign exchange and gold:
$80.74 billion (31 December 2013 est.)
country comparison to the world: 28

$75.91 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$96.3 billion (31 December 2013 est.)
country comparison to the world: 49

$93.98 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$86.04 billion (31 December 2013 est.)
country comparison to the world: 43

$75.94 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$80.85 billion (31 December 2013 est.)
country comparison to the world: 31

$74.75 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
new Israeli shekels (ILS) per US dollar -

3.621 (2013 est.)
3.8559 (2012 est.)
3.739 (2010 est.)
3.93 (2009)
3.588 (2008)


NOTE: The information regarding Israel on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Israel Economy 2015 information contained here. All suggestions for corrections of any errors about Israel Economy 2015 should be addressed to the CIA.



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