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Israel:
Economy

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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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