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EconomyEconomy - overview
Israel has a technologically advanced market economy. It depends on imports of crude oil, grains, raw materials, and military equipment. 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 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. 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. 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) World Ranking: 52
$238.2 billion (2011 est.)
$227.5 billion (2010 est.) $217 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$242.9 billion (2011 est.)
Gdp - real growth rate World Ranking: 76
4.7% (2011 est.)
4.8% (2010 est.) 0.8% (2009 est.) Gdp - per capita (ppp) World Ranking: 41
$31,400 (2011 est.)
$30,600 (2010 est.) $29,800 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 2.5%
Industry 31.1% Services 64.9% (2011 est.) Labor force World Ranking: 101
3.204 million (2011 est.)
Labor force - by occupation
Agriculture 2%
Industry 16% Services 82% (September 2008) Unemployment rate World Ranking: 58
5.6% (2011 est.)
6.7% (2010 est.) Population below poverty line
23.6%
Note Israel's poverty line is $7.30 per person per day (2007) Household income or consumption by percentage share
Lowest 10% 2.5%
Highest 10% 24.3% (2008) Distribution of family income - gini index World Ranking: 66
39.2 (2008)
35.5 (2001) Investment (gross fixed) World Ranking: 103
19.6% of GDP (2011 est.)
Budget
Revenues $66.68 billion
Expenditures $74.8 billion (2011 est.) Taxes and other revenues World Ranking: 106
27.5% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 109
-3.3% of GDP (2011 est.)
Public debt World Ranking: 31
72.8% of GDP (2011 est.)
74.6% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 79
3.5% (2011 est.)
2.7% (2010 est.) Central bank discount rate World Ranking: 110
2.75% (31 December 2011 est.)
2.02% (31 December 2010 est.) Commercial bank prime lending rate World Ranking: 161
5.54% (31 December 2011 est.)
4.492% (31 December 2010 est.) Stock of narrow money World Ranking: 60
$30.21 billion (31 December 2011 est.) $31.29 billion (31 December 2010 est.) Stock of broad money World Ranking: 41
$208.8 billion (31 December 2009 est.) $195.7 billion (31 December 2008 est.) Stock of domestic credit World Ranking: 40
$186.9 billion (31 December 2011 est.) $175.6 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 33
$145 billion (31 December 2011) $218.1 billion (31 December 2010) $182.1 billion (31 December 2009) 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 World Ranking: 123
2% (2011 est.)
Electricity - production World Ranking: 45
53.04 billion kWh (2008 est.)
Electricity - consumption World Ranking: 48
47.16 billion kWh (2008 est.)
Electricity - exports
3.666 billion kWh (2008 est.)
Electricity - imports
NA kWh (2008 est.)
Oil - production World Ranking: 99
4,029 bbl/day (2010 est.)
Oil - consumption World Ranking: 51
238,000 bbl/day (2010 est.)
Oil - exports World Ranking: 65
86,010 bbl/day (2009 est.)
Oil - imports World Ranking: 37
282,200 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 95
1.94 million bbl (1 January 2011 est.) Natural gas - production World Ranking: 60
1.55 billion cu m (2009 est.)
Natural gas - consumption World Ranking: 69
3.25 billion cu m (2009 est.)
Natural gas - exports World Ranking: 119
0 cu m (2009 est.)
Natural gas - imports World Ranking: 50
1.7 billion cu m (2009 est.)
Natural gas - proved reserves World Ranking: 46
198.2 billion cu m (1 January 2011 est.) Current account balance World Ranking: 51
$191 million (2011 est.)
$6.335 billion (2010 est.) Exports World Ranking: 53
$62.85 billion (2011 est.)
$56.09 billion (2010 est.) 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 World Ranking: 44
$71.93 billion (2011 est.)
$58.04 billion (2010 est.) 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 World Ranking: 29
$74.87 billion (31 December 2011 est.) $70.91 billion (31 December 2010 est.) Debt - external World Ranking: 44
$102.3 billion (31 December 2011 est.) $106.4 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 49
$66.57 billion (31 December 2011 est.) $60.19 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 30
$69.83 billion (31 December 2011 est.) $66.3 billion (31 December 2010 est.) Exchange rates
New Israeli shekels (ILS) per US dollar - 3.5781 (2011 est.)3.739 (2010 est.) 3.93 (2009) 3.588 (2008) 4.14 (2007) Fiscal year
Calendar year
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Israel (Jerusalem):
GPS points from Israel (Jerusalem)
Wilhelma Central District
Herzliya Tel Aviv
Horbat Quqiyya Southern District
Ma`ale Noah Hadarom
Tall Ghaba'in Northern District
Tel Qasila Tel Aviv
Kefar Shammai Northern District
Taybah Northern District |