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Israel Economy 2011
https://theodora.com/wfb2011/israel/israel_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Israel has a technologically advanced market economy. It depends on imports of crude oil, grains, raw materials, and military equipment. Despite limited natural resources, Israel has intensively developed its agricultural and industrial sectors over the past 20 years. Cut diamonds, high-technology equipment, and agricultural products (fruits and vegetables) are the leading exports. Israel usually posts sizable trade deficits, which are covered by large transfer payments from abroad and by foreign loans. Roughly half of the government's external debt is owed to the US, its major source of economic and military aid. Israel's GDP, after contracting slightly in 2001 and 2002 due to the Palestinian conflict and troubles in the high-technology sector, grew about 5% per year from 2004-07. 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 series of liberalizing reforms - and a resilient banking sector, and the economy has shown signs of an early recovery. Following GDP growth of 4% in 2008, Israel's GDP slipped to 0.2% in 2009, but reached 3.4% in 2010, as exports rebounded. The global economic downturn affected Israel's economy primarily through reduced demand for Israel's exports in the United States and EU, Israel's top trading partners. Exports account for about 25% of the country's GDP. The Israeli Government responded to the recession by implementing a modest fiscal stimulus package and an aggressive expansionary monetary policy - including cutting interest rates to record lows, purchasing government bonds, and intervening in the foreign currency market. The Bank of Israel began raising interest rates in the summer of 2009 when inflation rose above the upper end of the Bank's target and the economy began to show signs of recovery.

GDP (purchasing power parity):
$217.1 billion (2010 est.)
country comparison to the world: 51

$210 billion (2009 est.)
$209.6 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$201.3 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.4% (2010 est.)
country comparison to the world: 103

0.2% (2009 est.)
4.4% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$29,500 (2010 est.)
country comparison to the world: 47

$29,000 (2009 est.)
$29,500 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 32.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 65% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
3.08 million (2009 est.)
country comparison to the world: 102
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16%
[see also: Labor force - by occupation - industry country ranks ]
services: 82% (September 2008)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.4% (2010 est.)
country comparison to the world: 60

7.6% (2009 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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.2 (2008)
country comparison to the world: 67

35.5 (2001)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
16.7% of GDP (2009 est.)
country comparison to the world: 120
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $60.59 billion
[see also: Budget - revenues country ranks ]
expenditures: $68.68 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
77.3% of GDP (2010 est.)
country comparison to the world: 20

77.7% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.6% (2010 est.)
country comparison to the world: 80

3.3% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1% (31 December 2009)
country comparison to the world: 130

2.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.73% (31 December 2009 est.)
country comparison to the world: 137

6.06% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$27.58 billion (31 December 2010 est)

$25.16 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$208.8 billion (31 December 2009 est.)

$195.7 billion (31 December 2008 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$169.9 billion (31 December 2010 est.)
country comparison to the world: 40

$148.5 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$182.1 billion (31 December 2009)
country comparison to the world: 29

$134.5 billion (31 December 2008)
$236.4 billion (31 December 2007)
[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:
5.7% (2009 est.)
country comparison to the world: 58
[see also: Industrial production growth rate country ranks ]

Electricity - production:
54.5 billion kWh (2008 est.)
country comparison to the world: 46
[see also: Electricity - production country ranks ]

Electricity - consumption:
46.38 billion kWh (2007 est.)
country comparison to the world: 48
[see also: Electricity - consumption country ranks ]

Electricity - exports:
2.081 billion kWh (2007)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008)
[see also: Electricity - imports country ranks ]

Oil - production:
3,806 bbl/day (2009 est.)
country comparison to the world: 99
[see also: Oil - production country ranks ]

Oil - consumption:
231,000 bbl/day (2009 est.)
country comparison to the world: 52
[see also: Oil - consumption country ranks ]

Oil - exports:
69,580 bbl/day (2007 est.)
country comparison to the world: 74
[see also: Oil - exports country ranks ]

Oil - imports:
318,900 bbl/day (2007 est.)
country comparison to the world: 34
[see also: Oil - imports country ranks ]

Oil - proved reserves:
1.94 million bbl (1 January 2010 est.)
country comparison to the world: 95
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
1.19 billion cu m (2008 est.)
country comparison to the world: 62
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
1.19 billion cu m (2008 est.)
country comparison to the world: 88
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 167
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 160
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
30.44 billion cu m (1 January 2010 est.)
country comparison to the world: 70
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$6.269 billion (2010 est.)
country comparison to the world: 30

$7.637 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$54.31 billion (2010 est.)
country comparison to the world: 49

$45.9 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 35.05%, Hong Kong 6.02%, Belgium 4.95% (2009)

Imports:
$55.6 billion (2010 est.)
country comparison to the world: 45

$45.99 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
US 12.35%, China 7.43%, Germany 7.1%, Switzerland 6.94%, Belgium 5.42%, Italy 4.49%, UK 4.03%, Netherlands 3.98% (2009)

Reserves of foreign exchange and gold:
$66.98 billion (31 December 2010 est.)
country comparison to the world: 19

$60.61 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$89.68 billion (31 December 2010 est.)
country comparison to the world: 38

$86.78 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$64.82 billion (31 December 2010 est.)
country comparison to the world: 50

$58.82 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$58.42 billion (31 December 2010 est.)
country comparison to the world: 30

$55.02 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
new Israeli shekels (ILS) per US dollar - 3.7461 (2010), 3.9326 (2009), 3.588 (2008), 4.14 (2007), 4.4565 (2006)


NOTE: The information regarding Israel on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Israel Economy 2011 information contained here. All suggestions for corrections of any errors about Israel Economy 2011 should be addressed to the CIA.



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