Israel Economy - 2024

Economic overview

high-income, technology- and industrial-based economy; highly dense, fast-growing labor force; recent debt spikes; persistent inequality and poverty; significant tariff and regulatory burdens, especially in agriculture;  quantitative easing in effect

Real GDP (purchasing power parity)

$393.861 billion (2021 est.)
$362.632 billion (2020 est.)
$369.494 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

8.61% (2021 est.)
-1.86% (2020 est.)
4.16% (2019 est.)

Real GDP per capita

$42,100 (2021 est.)
$39,400 (2020 est.)
$40,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$394.93 billion (2019 est.)

Inflation rate (consumer prices)

1.49% (2021 est.)
-0.59% (2020 est.)
0.84% (2019 est.)

Credit ratings

Fitch rating: A+ (2016)

Moody's rating: A1 (2008)

Standard & Poors rating: AA- (2018)

note: the year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.4% (2017 est.)

industry: 26.5% (2017 est.)

services: 69.5% (2017 est.)

GDP - composition, by end use

household consumption: 55.1% (2017 est.)

government consumption: 22.8% (2017 est.)

investment in fixed capital: 20.1% (2017 est.)

investment in inventories: 0.7% (2017 est.)

exports of goods and services: 28.9% (2017 est.)

imports of goods and services: -27.5% (2017 est.)

Agricultural products

milk, potatoes, poultry, tomatoes, carrots, turnips, tangerines/mandarins, green chillies/peppers, eggs, vegetables

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

Industrial production growth rate

6.05% (2021 est.)

Labor force

4.186 million (2021 est.)

Unemployment rate

5.05% (2021 est.)
4.33% (2020 est.)
3.8% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 8.8% (2021 est.)

male: 8.4%

female: 9.2%

Population below poverty line

22% (2014 est.)

note: Israel's poverty line is $7.30 per person per day

Gini Index coefficient - distribution of family income

38.6 (2018 est.)

Average household expenditures

on food: 16.2% of household expenditures (2018 est.)

on alcohol and tobacco: 2.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%

highest 10%: 31.3% (2010)

Remittances

0.25% of GDP (2021 est.)
0.28% of GDP (2020 est.)
0.24% of GDP (2019 est.)

Budget

revenues: $139.374 billion (2019 est.)

expenditures: $154.927 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2% (of GDP) (2017 est.)

Public debt

72.6% of GDP (2020 est.)
59.6% of GDP (2019 est.)
60.4% of GDP (2018 est.)

Taxes and other revenues

21.9% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$21.09 billion (2021 est.)
$22.486 billion (2020 est.)
$14.747 billion (2019 est.)

Exports

$143.884 billion (2021 est.)
$114.422 billion (2020 est.)
$117.779 billion (2019 est.)

note: data are in current year dollars

Exports - partners

United States 27%, China 8%, India 4%, Germany 3%, Ireland 3% (2021)

note: Approximately, 6% of Israel's exports went to the Gaza Strip and West Bank, but official data are not available individually for the Palestinian territories.

Exports - commodities

diamonds, integrated circuits, refined petroleum, medical instruments, packaged medicines, measuring instruments (2021)

Imports

$124.578 billion (2021 est.)
$95.977 billion (2020 est.)
$108.784 billion (2019 est.)

note: data are in current year dollars

Imports - partners

United States 12%, China 11%, Germany 7.5%, Switzerland 7%, Turkey 6% (2020)

Imports - commodities

diamonds, cars, crude petroleum, refined petroleum, broadcasting equipment (2021)

Reserves of foreign exchange and gold

$212.934 billion (31 December 2021 est.)
$173.292 billion (31 December 2020 est.)
$126.008 billion (31 December 2019 est.)

Debt - external

$132.5 billion (31 December 2020 est.)
$99.886 billion (2019 est.)
$94.247 billion (2018 est.)

Exchange rates

new Israeli shekels (ILS) per US dollar -

Exchange rates:
3.23 (2021 est.)
3.442 (2020 est.)
3.565 (2019 est.)
3.591 (2018 est.)
3.6 (2017 est.)