| Economy | Israel |
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Economy - overview:
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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 worlds'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):
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$235.1 billion (2011 est.)
$224.4 billion (2010 est.)
$214 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$31,000 (2011 est.)
$30,200 (2010 est.)
$29,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$245.3 billion (2011 est.) |
GDP - real growth rate:
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4.8% (2011 est.)
4.8% (2010 est.)
0.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.5%
industry: 31.2%
services: 64.7% (2011 est.) |
Investment (gross fixed):
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18.8% of GDP (2011 est.) |
Population below poverty line:
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23.6%
note: Israel's poverty line is $7.30 per person per day (2007) |
Household income or consumption by percentage share:
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lowest 10%: 2.5%
highest 10%: 24.3% (2008) |
Distribution of family income - Gini index:
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39.2 (2008)
35.5 (2001) |
Inflation rate (consumer prices):
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3.2% (2011 est.)
2.7% (2010 est.) |
Central bank discount rate:
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2.75% (31 December 2011 est.)
2.02% (31 December 2010 est.) |
Commercial bank prime lending rate:
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5.5% (31 December 2011 est.)
4.492% (31 December 2010 est.) |
Stock of money:
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$18.9 billion (31 December 2008)
$19.99 billion (31 December 2007) |
Stock of money - per capita:
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2,530 USD per capita |
Stock of quasi money:
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$170.6 billion (31 December 2008)
$154.3 billion (31 December 2007) |
Stock of quasi money - per capita:
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22,829 USD per capita |
Stock of domestic credit:
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$186.9 billion (31 December 2011 est.)
$175.6 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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25,010 USD per capita |
Stock of narrow money:
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$32.3 billion (31 December 2011 est.)
$31.24 billion (31 December 2010 est.) |
Stock of broad money:
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$208.8 billion (31 December 2009 est.)
$195.7 billion (31 December 2008 est.) |
Labor force:
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3.227 million (2011 est.) |
Labor force participation rate:
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43.18 % of population |
Labor force - by occupation:
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agriculture: 2%
industry: 16%
services: 82% (September 2008) |
Unemployment rate:
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5.6% (2011 est.)
6.7% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 14.7%
male: 15.7%
female: 13.9% (2009) |
Budget:
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revenues: $68.29 billion
expenditures: $75.65 billion (2011 est.) |
Budget revenues per capita:
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9,139 USD per capita |
Taxes and other revenues:
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28.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3% of GDP (2011 est.) |
Public debt:
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74% of GDP (2011 est.)
74.6% of GDP (2010 est.) |
Industries:
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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:
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5.2% (2011 est.) |
Electricity - production:
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53.04 billion kWh (2008 est.) |
Electricity - production per capita:
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7,098 kWh per capita |
Electricity - consumption:
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47.16 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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6,311 kWh per capita |
Electricity - exports:
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3.666 billion kWh (2008 est.) |
Electricity - imports:
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3.666 billion kWh (2008 est.) |
Oil - production:
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4,029 bbl/day (2010 est.) |
Oil - production per capita:
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540 bbl/day per capita |
Oil - consumption:
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238,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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11.62 bbl/year per capita |
Oil - exports:
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86,010 bbl/day (2009 est.) |
Oil - imports:
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282,200 bbl/day (2009 est.) |
Oil - proved reserves:
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1.94 million bbl (1 January 2011 est.) |
Natural gas - production:
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1.55 billion cu m (2009 est.) |
Natural gas - production per capita:
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208 cu m per capita |
Natural gas - consumption:
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3.25 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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435 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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1.7 billion cu m (2009 est.) |
Natural gas - proved reserves:
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198.2 billion cu m (1 January 2011 est.) |
Agriculture - products:
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citrus, vegetables, cotton; beef, poultry, dairy products |
Current account balance:
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$866.7 million (2011 est.)
$6.366 billion (2010 est.) |
Current account balance - per capita:
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116 USD per capita |
Exports:
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$62.5 billion (2011 est.)
$55.67 billion (2010 est.) |
Exports per capita:
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8,364 USD per capita |
Exports - commodities:
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machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel |
Exports - partners:
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US 32.1%, Hong Kong 6.3%, India 5.1%, Belgium 5.1% (2010) |
Imports:
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$70.62 billion (2011 est.)
$58.04 billion (2010 est.) |
Imports per capita:
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9,450 USD per capita |
Imports - commodities:
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raw materials, military equipment, investment goods, rough diamonds, fuels, grain, consumer goods |
Imports - partners:
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US 12.8%, China 8.1%, Germany 6.3%, Belgium 5.8%, Switzerland 4.6%, Italy 4.2% (2010) |
Reserves of foreign exchange and gold:
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$78.93 billion (31 December 2011 est.)
$70.91 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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10,562 USD per capita |
Debt - external:
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$112 billion (31 December 2011 est.)
$106.1 billion (31 December 2010 est.) |
Debt - external - per capita:
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14,988 USD per capita |
Stock of direct foreign investment - at home:
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$82.82 billion (31 December 2011 est.)
$77.82 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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11,083 USD per capita |
Stock of direct foreign investment - abroad:
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$68.87 billion (31 December 2011 est.)
$64.97 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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9,216 USD per capita |
Market value of publicly traded shares:
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$218.1 billion (31 December 2010)
$182.1 billion (31 December 2009)
$134.5 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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29,185 USD per capita |
Currency (code):
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new Israeli shekel (ILS); note - NIS is the currency abbreviation; ILS is the International Organization for Standardization (ISO) code for the NIS |
Exchange rates:
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new Israeli shekels (ILS) per US dollar -
3.532 (2011 est.)
3.73 (2010 est.)
3.93 (2009)
3.588 (2008)
4.14 (2007) |
Fiscal year:
|
calendar year |
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