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Israel:
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Other pages in this profile of Israel:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Israel has a technologically advanced market economy with substantial, though diminishing, government participation. 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. Israel imports substantial quantities of grain but is largely self-sufficient in other agricultural products. 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, has grown by about 5% per year since 2003. The economy grew an estimated 5.4% in 2007, the fastest pace since 2000. The government's prudent fiscal policy and structural reforms over the past few years have helped to induce strong foreign investment, tax revenues, and private consumption, setting the economy on a solid growth path. |
GDP (purchasing power parity) |
Definition - World rank and map $185.9 billion (2007 est.) |
GDP (official exchange rate) |
Definition $161.9 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 5.3% (2007 est.) |
GDP - per capita |
Definition - World rank and map $25,800 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 2.7% industry: 30.2% services: 67.1% (2007 est.) |
Labor force |
Definition 2.894 million (2007 est.) |
Labor force - by occupation |
Definition agriculture 18.5%, industry 23.7%, services 50%, other 7.8% (2002) |
Unemployment rate |
Definition - World rank and map 7.3% (2007 est.) |
Population below poverty line |
Definition 21.6% note: Israel's poverty line is $7.30 per person per day (2005) |
Household income or consumption by percentage share |
Definition lowest 10%: 2.4% highest 10%: 28.3% (2005) |
Distribution of family income - Gini index |
Definition - World rank and map 38.6 (2005) |
Inflation rate (consumer prices) |
Definition - World rank and map 0.5% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 18.5% of GDP (2007 est.) |
Budget |
Definition revenues: $53.6 billion expenditures: $53.63 billion (2007 est.) |
Public debt |
Definition - World rank and map 80.6% of GDP (2007 est.) |
Agriculture - products |
Definition citrus, vegetables, cotton; beef, poultry, dairy products |
Industries |
Definition high-technology projects (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 |
Definition - World rank and map 4.1% (2007 est.) |
Electricity - production |
Definition - World rank and map 46.85 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 43.28 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 6,085.2 kWh (2005) |
Electricity - exports |
Definition 1.663 billion kWh (2005) |
Electricity - imports |
Definition 0 kWh (2005) |
Oil - production |
Definition - World rank and map 100 bbl/day (2006 est.) |
Oil - consumption |
Definition - World rank and map 249,500 bbl/day (2006 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 35.1 bbl/day (2006 est.) |
Oil - exports |
Definition - World rank and map 75,980 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 315,200 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 2 million bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 709.7 million cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 709.7 million cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 100 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 37.34 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $4.993 billion (2007 est.) |
Exports |
Definition - World rank and map $50.24 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel |
Exports - partners |
Definition US 34.9%, Belgium 7.5%, Hong Kong 5.8% (2006) |
Imports |
Definition - World rank and map $55.76 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition raw materials, military equipment, investment goods, rough diamonds, fuels, grain, consumer goods |
Imports - partners |
Definition US 13.9%, Belgium 7.9%, Germany 6.2%, China 6.1%, Switzerland 5.1%, UK 4.7%, Italy 4.1% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $28.52 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $89.95 billion (31 December 2007) |
Stock of direct foreign investment - at home |
Definition $57.43 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $41.98 billion (2007 est.) |
Market value of publicly traded shares |
Definition $173.3 billion (2006) |
Economic aid - recipient |
Definition $240 million from US (FY06) |
Currency (code) |
Definition new Israeli shekel (ILS); note - NIS is the currency abbreviation; ILS is the International Organization for Standardization (ISO) code for the NIS |
Exchange rates |
Definition new Israeli shekels per US dollar - 4.14 (2007), 4.4565 (2006), 4.4877 (2005), 4.482 (2004), 4.5541 (2003) |
Fiscal year |
Definition calendar year |
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