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Israel Economy 2017
https://theodora.com/wfbcurrent/israel/israel_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Israel Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Israel has a technologically advanced free market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among its 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 2013, 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. Israel's economy also weathered the 2011 Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects.Slowing domestic and international demand and decreased investment resulting from Israel’s uncertain security situation reduced GDP growth to an average of roughly 2.6% per year during 2014-15. 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 in the last decade. Political and regulatory issues have delayed the development of the massive Leviathan field, but production from Tamar provided a 0.8% boost to Israel's GDP in 2013 and a 0.3% boost in 2014. One of the most carbon intense OECD countries, Israel generates about 57% of its power from coal and only 2.6% from renewable sources.Income inequality and high housing and commodity prices continue to be a concern for many Israelis. 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. Government officials have called for reforms to boost the housing supply and to increase competition in the banking sector to address these public grievances. Despite calls for reforms, the restricted housing supply continues to impact the well-being of younger Israelis seeking to purchase homes. Tariffs and non-tariff barriers, coupled with guaranteed prices and customs tariffs for farmers have kept food prices high through 2015.In the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultraorthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only about 8% of the workforce, with the rest mostly employed in manufacturing and services - sectors which face downward wage pressures from global competition. Expenditures on educational institutions remain low compared to most other OECD countries with similar GDP per capita.

GDP (purchasing power parity):
$297 billion (2016 est.) $289 billion (2015 est.) $281.9 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 57
[see also: GDP country ranks ]

GDP (official exchange rate):
$311.7 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2016 est.) 2.5% (2015 est.) 3.2% (2014 est.)
country comparison to the world: 106
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$34,800 (2016 est.) $34,500 (2015 est.) $34,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 56
[see also: GDP - per capita country ranks ]

Gross national saving:
22.5% of GDP (2016 est.) 24.6% of GDP (2015 est.) 24.2% of GDP (2014 est.)
country comparison to the world: 64
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 55.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 22.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -27% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 69% (2016 est.)
[see also: GDP - composition, by sector of origin - services 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, met

Industrial production growth rate:
2.6% (2016 est.)
country comparison to the world: 89
[see also: Industrial production growth rate country ranks ]

Labor force:
3.927 million (2016 est.)
country comparison to the world: 94
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 81.6% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5% (2016 est.) 5.3% (2015 est.)
country comparison to the world: 53
[see also: Unemployment rate country ranks ]

Population below poverty line:
22%
note: Israel's poverty line is $7.30 per person per day (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.3% (2010)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
42.8 (2013) 39.2 (2008)
country comparison to the world: 50
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $80.75 billion
[see also: Budget revenues country ranks ]
expenditures: $88.4 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
25.9% of GDP (2016 est.)
country comparison to the world: 108
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (2016 est.)
country comparison to the world: 84
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
63.2% of GDP (2016 est.) 63.3% of GDP (2015 est.)
country comparison to the world: 57
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.5% (2016 est.) -0.6% (2015 est.)
country comparison to the world: 14
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.1% (15 December 2015) 0.25% (31 December 2014)
country comparison to the world: 137
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.3% (31 December 2016 est.) 3.46% (31 December 2015 est.)
country comparison to the world: 165
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$73.05 billion (31 December 2016 est.) $63.41 billion (31 December 2015 est.)
country comparison to the world: 45
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$246 billion (31 December 2014 est.) $155.6 billion (31 December 2013 est.)
country comparison to the world: 40
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$233.6 billion (31 December 2016 est.) $211.6 billion (31 December 2015 est.)
country comparison to the world: 41
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$243.9 billion (31 December 2015 est.) $200.5 billion (31 December 2014 est.) $203.3 billion (31 December 2013 est.)
country comparison to the world: 29
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$9.541 billion (2016 est.) $13.89 billion (2015 est.)
country comparison to the world: 21
[see also: Current account balance country ranks ]

Exports:
$51.61 billion (2016 est.) $56.29 billion (2015 est.)
country comparison to the world: 48
[see also: Exports country ranks ]

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

Exports - partners:
US 27.5%, Hong Kong 8%, UK 6.1%, China 4.9% (2015)

Imports:
$57.9 billion (2016 est.) $59.49 billion (2015 est.)
country comparison to the world: 44
[see also: Imports country ranks ]

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

Imports - partners:
US 13%, China 9.3%, Switzerland 7.1%, Germany 6.1%, Belgium 5.3%, Italy 4% (2015)

Reserves of foreign exchange and gold:
$97.22 billion (31 December 2016 est.) $90.58 billion (31 December 2015 est.)
country comparison to the world: 25
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$91.08 billion (31 December 2016 est.) $89.36 billion (31 December 2015 est.)
country comparison to the world: 52
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$113.2 billion (31 December 2016 est.) $104.1 billion (31 December 2015 est.)
country comparison to the world: 45
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$95.74 billion (31 December 2016 est.) $89.39 billion (31 December 2015 est.)
country comparison to the world: 33
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
new Israeli shekels (ILS) per US dollar - 3.871 (2016 est.) 3.8869 (2015 est.) 3.8869 (2014 est.) 3.5779 (2013 est.) 3.86 (2012 est.)


NOTE: The information regarding Israel on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Israel Economy 2017 information contained here. All suggestions for corrections of any errors about Israel Economy 2017 should be addressed to the CIA.




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