Economy of Israel

Last updated

Economy of Israel
View of Diamond Exchange Center from Azrieli Center.jpg
Currency Israeli new shekel (ILS; )
Calendar year
Trade organisations
AIIB, EBRD, IADB, ICC, IMF, OECD, WTO and others
Country group
Statistics
PopulationIncrease2.svg 9,998,754 [3]
GDP
  • Decrease2.svg $509 billion (nominal, 2023) [3]
  • Increase2.svg $531 billion (PPP, 2023) [3]
GDP growth
  • 6.5% (2022)
  • 2.0% (2023)
  • 1.6% (2024) [3]
GDP per capita
  • Decrease2.svg $52,219 (nominal, 2023) [3]
  • Increase2.svg $54,385 (PPP, 2023) [3]
GDP by sector
    • 3.1% (2022 est.) [5]
  • 4.2% (2023)
  • 2.4% (2024) [3]
Population below poverty line
20.9% (2023) [6]
32.8 medium (2021) [7]
Labour force
  • 4,065,500 (May 2020) [10]
  • 59.0% employment rate (May 2020) [10]
Labour force by occupation
  • Agriculture: 1.1%
  • Industry: 17.3%
  • Services: 81.6%
  • (2015) [4]
Unemployment
  • 3.5% (May 2022) [10]
  • 6.0% youth unemployment (Q1-2020) [11]
  • 143,800 unemployed (May 2022) [10]
Average gross salary
₪14,104 / €3,377 monthly (2024)
₪13,305 / €3,186 monthly (2024)
Main industries
High-technology goods and services (including aviation, communications, telecommunications equipment, computer hardware and software, aerospace and defense contracting, medical devices, fiber optics, scientific instruments), pharmaceuticals, potash and phosphates, metallurgy, chemical products, plastics, diamond cutting, financial services, petroleum refining, textiles [12]
External
Exports$166 billion (2022 est.) [13]
Export goods
Cut diamonds, refined petroleum, pharmaceuticals, machinery and equipment, medical instruments, computer hardware and software, agricultural products, chemicals, textiles and apparel. [4] [14]
Main export partners
Imports$108.26 billion (2019 est.) [4]
Import goods
Raw materials, military equipment, motor vehicles, investment goods, rough diamonds, crude petroleum, grain, consumer goods. [4] [14]
Main import partners
FDI stock
$28.7 billion (2022 est.; 19th) $82.82 billion (2011 est.)
$97.463 billion (July 2019 est.)
Public finances
59.8% of GDP (2018 est.; 28th)
−3% of GDP (2011 est.; 105th)
Revenues$126.35 billion (2022 est.) [17]
Expenses$123.73 billion (2022 est.)
Economic aid
$204.669 billion (January 2024 est.; [22] 15th)
All values, unless otherwise stated, are in US dollars.

The economy of Israel is a highly developed free-market economy. [23] [4] [24] [25] [26] The prosperity of Israel's advanced economy allows the country to have a sophisticated welfare state, a powerful modern military said to possess a nuclear-weapons capability with a full nuclear triad, modern infrastructure rivaling many Western countries, and a high-technology sector competitively on par with Silicon Valley. [23] It has the second-largest number of startup companies in the world after the United States, [27] [ needs update ] and the third-largest number of NASDAQ-listed companies after the U.S. and China. [28] American companies, such as Intel, [29] Microsoft, [30] and Apple, [31] [32] built their first overseas research and development facilities in Israel. More than 400 high-tech multi-national corporations, such as IBM, Google, Hewlett-Packard, Cisco Systems, Facebook and Motorola have opened R&D centers throughout the country. [33] As of 2024, the IMF estimated Israel has the 26th largest economy in the world by nominal GDP, and one of the biggest economies in the Middle East. [34]

Contents

The country's major economic sectors are high-technology and industrial manufacturing. The Israeli diamond industry is one of the world's centers for diamond cutting and polishing, amounting to 21% of all exports in 2017. [35] As the country is relatively poor in natural resources, it consequently depends on imports of petroleum, raw materials, wheat, motor vehicles, uncut diamonds and production inputs. Nonetheless, the country's nearly total reliance on energy imports may change in the future as recent discoveries of natural gas reserves off its coast and the Israeli solar energy industry have taken a leading role in Israel's energy sector. [36] [37]

Israel's quality higher education and the establishment of a highly motivated and educated populace is largely responsible for ushering in the country's high technology boom and rapid economic development by regional standards. [38] The country has developed a strong educational infrastructure and a high-quality business startup incubation system for promoting cutting edge new ideas to create value-driven goods and services. These developments have allowed the country to create a high concentration of high-tech companies across the country's regions. These companies are financially backed by a strong venture capital industry. [39] Its central high technology hub, the "Silicon Wadi", is considered second in importance only to its Californian counterpart. [40] [41] [42] [43] Numerous Israeli companies have been acquired by global multinational corporations for their profit-driven technologies in addition to their reliable and quality corporate personnel. [44]

In its early decades, the Israeli economy was largely state-controlled and shaped by social democratic ideas. In the 1970s and 1980s, the economy underwent a series of free-market reforms and was gradually liberalized. [45] In the past three decades, the economy has grown considerably, though GDP per capita has increased faster than wages. [46] Israel is the most developed and advanced country in West Asia, [47] [48] possessing the 17th largest foreign-exchange reserves in the world and the highest average wealth per adult in the Middle East (10th worldwide by financial assets per capita). [4] [49] [50] Israel is the 9th largest arm exporter in the world [51] and has the highest number of billionaires in the Middle East, ranked 18th in the world. [52] In recent years, Israel has had among the highest GDP growth rates within the developed world along with Ireland. [53] The Economist ranked Israel as the 4th most successful economy among developed countries for 2022. [54] The IMF estimated Israel's GDP at US$564 billion and its GDP per capita at US$58,270 in 2023 (13th highest in the world), a figure comparable to other highly developed countries. [55] Israel was invited to join the OECD in 2010. [56] Israel has also signed free trade agreements with the European Union, the United States, the European Free Trade Association, Turkey, Mexico, Canada, Ukraine, Jordan, and Egypt. In 2007, Israel became the first non-Latin-American country to sign a free trade agreement with the Mercosur trade bloc. [57] [58]

History

Change in per capita GDP of Israel since 1950. Figures are inflation-adjusted to 2011 International dollars. GPD per capita development of Israel.jpg
Change in per capita GDP of Israel since 1950. Figures are inflation-adjusted to 2011 International dollars.

The British Mandate for Palestine that came into effect in 1920 aimed at restricting land purchases by Jewish immigrants. For this reason, the Jewish population was initially more urban and had a higher share in industrial occupations. This particular development resulted economically in one of the few growth miracles of the region whereby the structure of firms was determined mainly by private businessmen rather than by the government. [59] The first survey of the Dead Sea in 1911, by the Russian Jewish businessman and engineer Moshe Novomeysky, led to the establishment of Palestine Potash Ltd. in 1930, later renamed the Dead Sea Works. [60] In 1923, the businessman and hydraulic engineer Pinhas Rutenberg was granted an exclusive concession for the production and distribution of electric power. He founded the Palestine Electric Company, later the Israel Electric Corporation. [61] Between 1920 and 1924, some of the country's largest factories were established, including the Shemen Oil Company, the Societe des Grand Moulins, the Palestine Silicate Company and the Palestine Salt Company. [62]

In 1937, there were 86 spinning and weaving factories in the country, employing a workforce of 1,500. Capital and technical expertise were supplied by Jewish professionals from Europe. The Ata textile plant in Kiryat Ata, which went on to become an icon of the Israeli textile industry, was established in 1934. [63] In 1939, the cornerstone was laid for one of the kibbutz industry's first factories: the Naaman brick factory, which supplied the growing need for construction materials. [64]

The textile underwent rapid development during World War II, when supplies from Europe were cut off while local manufacturers were commissioned for army needs. By 1943, the number of factories had grown to 250, with a workforce of 5,630, and output increased tenfold. [65]

From 1924, trade fairs were held in Tel Aviv. The Levant Fair was inaugurated in 1932. [66]

After independence

After statehood, Israel faced a deep economic crisis. As well as having to recover from the devastating effects of the 1948 Arab–Israeli War, it also had to absorb hundreds of thousands of Jewish refugees from Europe and almost a million from the Arab world. Israel was financially overwhelmed and faced a deep economic crisis, which led to a policy of austerity from 1949 to 1959. Unemployment was high, and foreign currency reserves were scarce. [67]

In 1952, Israel and West Germany signed an agreement stipulating that West Germany was to pay Israel to compensate for Jewish property stolen by the Nazis, material claims during the Holocaust, and absorption of refugees as a result. Over the next 14 years, West Germany paid Israel 3 billion marks (around US$714 million according to 1953–1955 conversion rates [68] or equivalent to approximately US$7 billion in modern currency). The reparations became a decisive part of Israel's income, comprising as high as 87.5% of Israel's income in 1956. [67] Israel never had any formal diplomatic relations with East Germany. In 1950, the Israeli government launched Israel Bonds for American and Canadian Jews to buy. In 1951, the final results of the bonds program exceeded $52 million. Additionally, many American Jews made private donations to Israel, which in 1956 were thought to amount to $100 million a year. In 1957, bond sales amounted to 35% of Israel's special development budget. [69] Later in the century, Israel became significantly reliant on economic aid from the United States, [70] a country that also became Israel's most important source of political support internationally.

The proceeds from these sources were invested in industrial and agricultural development projects, which allowed Israel to become economically self-sufficient. Among the projects made possible by the aid was the Hadera power plant, the Dead Sea Works, the National Water Carrier, port development in Haifa, Ashdod, and Eilat, desalination plants, and national infrastructure projects.

After statehood, priority was given to establishing industries in areas slated for development, among them, Lachish, Ashkelon, the Negev and Galilee. The expansion of Israel's textile industry was a consequence of the development of cotton growing as a profitable agricultural branch. By the late 1960s, textiles were one of the largest industrial branches in Israel, second only to the foodstuff industry. Textiles constituted about 12% of industrial exports, becoming the second-largest export branch after polished diamonds. [71] In the 1990s, cheap East Asian labor decreased the profitability of the sector. Much of the work was subcontracted to 400 Israeli Arab sewing shops. As these closed down, Israeli firms, among them Delta, Polgat, Argeman and Kitan, began doing their sewing work in Jordan and Egypt, usually under the QIZ arrangement. In the early 2000s, Israeli companies had 30 plants in Jordan. Israeli exports reached $370 million a year, supplying such retailers and designers as Marks & Spencer, The Gap, Victoria's Secret, Walmart, Sears, Ralph Lauren, Calvin Klein, and Donna Karan. [71]

In its first two decades of existence, Israel's strong commitment to development led to economic growth rates that exceeded 10% annually. Between 1950 and 1963, the expenditure among wage-earner's families rose 97% in real terms. [72] Between 1955 and 1966, per capita consumption rose by 221%. [73] In the 1970s, investment began to shift from agriculture and basic infrastructure to industry and defense programs. [74] These latter investments would later become the foundation of Israel's technology sector. [74] The years after the 1973 Yom Kippur War were a lost decade economically, as growth stalled, inflation soared and government expenditures rose significantly. Also worthy of mention is the 1983 Bank stock crisis. By 1984, the economic situation became almost catastrophic with inflation reaching an annual rate close to 450% and projected to reach over 1000% by the end of the following year. However, the successful economic stabilization plan implemented in 1985 [75] and the subsequent introduction of market-oriented structural reforms [76] [77] reinvigorated the economy and paved the way for its rapid growth in the 1990s and became a model for other countries facing similar economic crises. [78]

Israeli new shekel banknotes and coins Money IL WV.JPG
Israeli new shekel banknotes and coins

Two developments have helped to transform Israel's economy since the beginning of the 1990s. The first is waves of Jewish immigration, predominantly from the countries of the former USSR, that has brought over one million new citizens to Israel. These new Soviet Jewish immigrants, many of them highly educated, had a wellspring of scientific and technical expertise to help spur Israel's burgeoning technology sector, now constitute some 15% of Israel's population. [79] The second development benefiting the Israeli economy is the peace process that begun at the Madrid conference of October 1991, which led to the signing of accords and later to a peace treaty between Israel and Jordan (1994).

Israeli New Shekel, new banknotes since 2018 hSHtrvt hKHdSHym SHl ySHrAl.jpg
Israeli New Shekel, new banknotes since 2018

During the early 2000s, the Israeli economy went into a downturn due to the crashing of the global dot-com bubble which bankrupted many startups established during the height of the bubble. The Second Intifada, which cost Israel billions of dollars in security costs, and a decline in investment and tourism, [80] sent unemployment in Israel to the double digits; growth in one quarter of 2000 was 10%. In 2002, the Israeli economy declined about 4% in one quarter. Afterward, Israel managed to create a remarkable recovery by opening up new markets to Israeli exporters farther afield, such as in the rapidly growing countries of East Asia. This was possible thanks to a rebound in the Israeli tech sector, spurred on by the gradual bottoming out of the dotcom crash and a growing increase in demand for computer software, which in turn was due to burgeoning rates of global internet usage at this time. The explosion in demand for security and defense products following 9/11 also allowed Israel to sell even more of its technologies abroad – a situation only made possible due to Israel's prior investments in the technology sector in an effort to curb high levels of domestic unemployment.

In the 2000s, there was an influx of foreign investment in Israel from companies that formerly shunned the Israeli market. In 2006, foreign investment in Israel totalled $13 billion, according to the Manufacturers Association of Israel. [81] The Financial Times said that "bombs drop, yet Israel's economy grows". [82] Moreover, while Israel's total gross external debt is US$95 billion, or approximately 41.6% of GDP, since 2001 it has become a net lender nation in terms of net external debt (the total value of assets vs. liabilities in debt instruments owed abroad), which as of June 2012 stood at a significant surplus of US$60 billion. [83] The country also maintains a current account surplus in an amount equivalent to about 3% of its gross domestic product in 2010. In 2023, Israel's account surplus was 25.3 billion U.S. dollars. [84]

Bank of Israel BankIsrael01 ST 06.jpg
Bank of Israel

The Israeli economy weathered and withstood the late-2000s recession, registering positive GDP growth in 2009 and ending the decade with an unemployment rate lower than that of many of its Western counterparts. [85] There are several reasons behind this economic resilience, for example, the fact that the country is a net lender rather than a borrower nation and the government and the Bank of Israel's generally conservative macro-economic policies. Two policies, in particular, can be cited, one is the refusal of the government to succumb to pressure by the banks to appropriate large sums of public money to aid them early in the crisis, thus limiting their risky behavior. [86] The second is the implementation of the recommendations of the Bach'ar commission in the early to mid-2000s which recommended decoupling the banks' depository- and Investment banking activities, contrary to the then-opposite trend, particularly in the United States, of easing such restrictions which had the effect of encouraging more risk-taking in the financial systems of those countries. [87] American investors today make up the most significant portion of investors in Israel. [74]

OECD membership

In May 2007, Israel was invited to open accession discussions with the OECD. [88] In May 2010, the OECD voted unanimously to invite Israel to join, despite Palestinian objections. [89] It became a full member on 7 September 2010. [56] [90] The OECD praised Israel's scientific and technological progress and described it as having "produced outstanding outcomes on a world scale." [89]

Challenges

Despite economic prosperity, the Israeli economy faces many challenges, some are short term and some are long term challenges. On the short term its inability to duplicate its success in the telecommunication industry into other growing industries hampers its economic outlooks. Its inability to foster large multinational companies in the last decade also calls into question its ability to employ large numbers of people in advanced industries. [91] On the long term, Israel is facing challenges of high dependency of the growing number of Ultra-Orthodox Jews who have a low level of official labor force participation amongst men, and this situation could lead to a materially lower employment-to-population ratio and a higher dependency ratio in the future. [92] The governor of the Bank of Israel, Stanley Fischer, stated that the growing poverty amongst the Ultra-Orthodox is hurting the Israeli economy. [93] According to the data published by Ian Fursman, 60% of the poor households in Israel are of the Haredi Jews and the Israeli Arabs. Both groups together represent 25–28% of the Israeli population. Organizations such as The Kemach Foundation, Gvahim, Jerusalem Village and The Jerusalem Business Networking Forum are addressing these challenges with job placement services and networking events. [94] [95] [96] [97] [98]

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green. [99]

YearGDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

198028.47,240.124.96,356.5Increase2.svg3.6%Increase Negative.svg316.6%4.8%n/a
1981Increase2.svg32.5Increase2.svg8,240.4Increase2.svg26.4Increase2.svg6,687.2Increase2.svg4.7%Increase Negative.svg116.8%Increase Negative.svg5.1%n/a
1982Increase2.svg35.0Increase2.svg8,717.7Increase2.svg28.3Increase2.svg7,040.6Increase2.svg1.4%Increase Negative.svg120.4%Decrease Positive.svg5.0%n/a
1983Increase2.svg37.3Increase2.svg9,100.1Increase2.svg31.6Increase2.svg7,688.7Increase2.svg2.6%Increase Negative.svg145.6%Decrease Positive.svg4.6%n/a
1984Increase2.svg39.5Increase2.svg9,514.1Decrease2.svg29.9Decrease2.svg7,186.1Increase2.svg2.2%Increase Negative.svg373.8%Increase Negative.svg5.9%n/a
1985Increase2.svg42.6Increase2.svg10,072.8Decrease2.svg27.8Decrease2.svg6,562.4Increase2.svg4.5%Increase Negative.svg304.6%Increase Negative.svg6.7%n/a
1986Increase2.svg45.0Increase2.svg10,477.6Increase2.svg34.2Increase2.svg7,955.1Increase2.svg3.6%Increase Negative.svg48.2%Increase Negative.svg7.1%n/a
1987Increase2.svg49.6Increase2.svg11,355.8Increase2.svg40.8Increase2.svg9,349.1Increase2.svg7.5%Increase Negative.svg19.9%Decrease Positive.svg6.1%n/a
1988Increase2.svg53.2Increase2.svg11,975.7Increase2.svg50.6Increase2.svg11,391.5Increase2.svg3.6%Increase Negative.svg16.2%Increase Negative.svg6.4%n/a
1989Increase2.svg56.0Increase2.svg12,408.2Increase2.svg51.5Increase2.svg11,394.3Increase2.svg1.4%Increase Negative.svg20.2%Increase Negative.svg8.9%n/a
1990Increase2.svg62.0Increase2.svg13,308.1Increase2.svg60.7Increase2.svg13,035.7Increase2.svg6.6%Increase Negative.svg17.2%Increase Negative.svg9.6%n/a
1991Increase2.svg67.0Increase2.svg13,553.3Increase2.svg68.9Increase2.svg13,924.0Increase2.svg4.6%Increase Negative.svg19.0%Increase Negative.svg10.6%n/a
1992Increase2.svg73.5Increase2.svg14,340.4Increase2.svg77.0Increase2.svg15,021.2Increase2.svg7.2%Increase Negative.svg11.9%Increase Negative.svg11.2%n/a
1993Increase2.svg78.1Increase2.svg14,841.5Increase2.svg77.4Decrease2.svg14,708.3Increase2.svg3.8%Increase Negative.svg10.9%Decrease Positive.svg10.0%n/a
1994Increase2.svg85.3Increase2.svg15,813.5Increase2.svg88.3Increase2.svg16,367.6Increase2.svg7.0%Increase Negative.svg12.3%Decrease Positive.svg7.8%n/a
1995Increase2.svg95.5Increase2.svg17,233.8Increase2.svg104.9Increase2.svg18,927.9Increase2.svg9.7%Increase Negative.svg10.0%Decrease Positive.svg6.9%n/a
1996Increase2.svg103.0Increase2.svg18,131.5Increase2.svg114.5Increase2.svg20,153.2Increase2.svg5.9%Increase Negative.svg11.3%Increase Negative.svg8.3%n/a
1997Increase2.svg108.8Increase2.svg18,677.3Increase2.svg118.9Increase2.svg20,410.4Increase2.svg3.8%Increase Negative.svg9.0%Increase Negative.svg9.5%n/a
1998Increase2.svg114.5Increase2.svg19,191.2Increase2.svg120.1Decrease2.svg20,119.2Increase2.svg4.1%Increase Negative.svg5.4%Increase Negative.svg10.7%n/a
1999Increase2.svg120.0Increase2.svg19,616.7Increase2.svg120.9Decrease2.svg19,766.9Increase2.svg3.3%Increase Negative.svg5.2%Increase Negative.svg11.1%n/a
2000Increase2.svg133.4Increase2.svg21,216.5Increase2.svg136.0Increase2.svg21,641.3Increase2.svg8.7%Increase2.svg1.1%Decrease Positive.svg10.9%77.4%
2001Increase2.svg136.8Increase2.svg21,258.3Decrease2.svg134.6Decrease2.svg20,918.3Increase2.svg0.3%Increase2.svg1.1%Increase Negative.svg11.6%Increase Negative.svg81.3%
2002Increase2.svg138.8Decrease2.svg21,137.0Decrease2.svg125.1Decrease2.svg19,044.9Decrease2.svg-0.1%Increase Negative.svg5.7%Increase Negative.svg12.9%Increase Negative.svg87.3%
2003Increase2.svg143.5Increase2.svg21,460.9Increase2.svg131.3Increase2.svg19,634.9Increase2.svg1.4%Increase2.svg0.7%Increase Negative.svg13.4%Increase Negative.svg89.7%
2004Increase2.svg154.4Increase2.svg22,687.4Increase2.svg140.0Increase2.svg20,565.8Increase2.svg4.8%Increase2.svg-0.4%Decrease Positive.svg12.9%Decrease Positive.svg88.3%
2005Increase2.svg165.8Increase2.svg23,941.4Increase2.svg147.1Increase2.svg21,233.8Increase2.svg4.1%Increase2.svg1.3%Decrease Positive.svg11.2%Decrease Positive.svg85.4%
2006Increase2.svg180.5Increase2.svg25,596.8Increase2.svg158.7Increase2.svg22,501.1Increase2.svg5.6%Increase2.svg2.1%Decrease Positive.svg10.5%Decrease Positive.svg77.7%
2007Increase2.svg196.6Increase2.svg27,390.9Increase2.svg184.1Increase2.svg25,647.7Increase2.svg6.0%Increase2.svg0.5%Decrease Positive.svg9.2%Decrease Positive.svg70.9%
2008Increase2.svg206.8Increase2.svg28,309.7Increase2.svg220.5Increase2.svg30,182.5Increase2.svg3.3%Increase2.svg4.6%Decrease Positive.svg7.7%Decrease Positive.svg70.4%
2009Increase2.svg210.0Decrease2.svg28,068.5Decrease2.svg212.0Decrease2.svg28,330.2Increase2.svg0.9%Increase2.svg3.3%Increase Negative.svg9.4%Increase Negative.svg73.0%
2010Increase2.svg224.6Increase2.svg29,469.5Increase2.svg238.4Increase2.svg31,278.0Increase2.svg5.7%Increase2.svg2.7%Decrease Positive.svg8.3%Decrease Positive.svg69.3%
2011Increase2.svg242.0Increase2.svg31,172.7Increase2.svg266.8Increase2.svg34,366.9Increase2.svg5.6%Increase2.svg3.4%Decrease Positive.svg7.1%Decrease Positive.svg67.4%
2012Increase2.svg255.7Increase2.svg32,336.1Decrease2.svg262.3Decrease2.svg33,170.0Increase2.svg2.6%Increase2.svg1.7%Decrease Positive.svg6.9%Decrease Positive.svg67.1%
2013Increase2.svg280.0Increase2.svg34,755.0Increase2.svg297.7Increase2.svg36,957.4Increase2.svg4.4%Increase2.svg1.5%Decrease Positive.svg6.2%Decrease Positive.svg66.0%
2014Increase2.svg285.4Increase2.svg34,755.7Increase2.svg314.3Increase2.svg38,276.6Increase2.svg3.9%Increase2.svg0.5%Decrease Positive.svg5.9%Decrease Positive.svg64.9%
2015Increase2.svg300.5Increase2.svg35,876.9Decrease2.svg303.4Decrease2.svg36,221.1Increase2.svg2.5%Increase2.svg-0.6%Decrease Positive.svg5.2%Decrease Positive.svg63.1%
2016Increase2.svg326.6Increase2.svg38,229.6Increase2.svg322.1Increase2.svg37,701.9Increase2.svg4.5%Increase2.svg-0.5%Decrease Positive.svg4.8%Decrease Positive.svg61.4%
2017Increase2.svg344.3Increase2.svg39,533.6Increase2.svg358.2Increase2.svg41,131.7Increase2.svg4.3%Increase2.svg0.2%Decrease Positive.svg4.2%Decrease Positive.svg59.7%
2018Increase2.svg366.9Increase2.svg41,320.4Increase2.svg376.7Increase2.svg42,422.9Increase2.svg4.1%Increase2.svg0.8%Decrease Positive.svg4.0%Increase Negative.svg59.9%
2019Increase2.svg389.0Increase2.svg42,977.1Increase2.svg402.5Increase2.svg44,466.8Increase2.svg4.2%Increase2.svg0.8%Decrease Positive.svg3.8%Decrease Positive.svg58.8%
2020Decrease2.svg386.4Decrease2.svg41,930.7Increase2.svg413.3Increase2.svg44,850.4Decrease2.svg-1.9%Increase2.svg-0.6%Increase Negative.svg4.3%Increase Negative.svg70.7%
2021Increase2.svg437.1Increase2.svg46,659.3Increase2.svg488.5Increase2.svg52,151.9Increase2.svg8.6%Increase2.svg1.5%Increase Negative.svg5.0%Decrease Positive.svg68.0%
2022Increase2.svg496.8Increase2.svg52,173.1Increase2.svg527.2Increase2.svg55,358.8Increase2.svg6.1%Increase2.svg4.5%Decrease Positive.svg3.9%Decrease Positive.svg61.5%
2023Increase2.svg530.0Increase2.svg54,750.6Increase2.svg564.2Increase2.svg58,273.4Increase2.svg3.0%Increase2.svg3.6%Decrease Positive.svg3.8%Decrease Positive.svg57.6%
2024Increase2.svg557.4Increase2.svg56,633.2Increase2.svg591.3Increase2.svg60,082.8Increase2.svg3.0%Increase2.svg2.5%Decrease Positive.svg3.7%Decrease Positive.svg55.7%
2025Increase2.svg585.1Increase2.svg58,474.2Increase2.svg618.8Increase2.svg61,846.7Increase2.svg3.1%Increase2.svg2.2%Steady2.svg3.7%Decrease Positive.svg55.1%
2026Increase2.svg615.6Increase2.svg60,526.4Increase2.svg647.4Increase2.svg63,650.9Increase2.svg3.3%Increase2.svg2.0%Steady2.svg3.7%Decrease Positive.svg54.7%
2027Increase2.svg649.5Increase2.svg62,813.2Increase2.svg678.6Increase2.svg65,625.6Increase2.svg3.5%Increase2.svg1.9%Steady2.svg3.7%Decrease Positive.svg54.4%

Sectors

Agriculture

The Kibbutzim, collective communities in Israel traditionally based on agriculture, played an important role in Israel's economy until the late 1970s. PikiWiki Israel 3584 Gan-Shmuel sb12- 7.jpg
The Kibbutzim, collective communities in Israel traditionally based on agriculture, played an important role in Israel's economy until the late 1970s.

In 2017, 2.4% of the country's GDP is derived from agriculture. Of a total labor force of 2.7 million, 2.6% are employed in agricultural production while 6.3% in services for agriculture. [100] While Israel imports substantial quantities of grain (approximately 80% of local consumption), it is largely self-sufficient in other agricultural products and foodstuffs. For centuries, farmers of the region have grown varieties of citrus fruits, such as grapefruit, oranges and lemons. Citrus fruits are still Israel's major agricultural export. In addition, Israel is one of the world's leading greenhouse-food-exporting countries. Israel also produces and exports flowers and cotton. The country exports more than $1.3 billion worth of agricultural products every year, including farm produce as well as $1.2 billion worth of agricultural inputs and technology. [101] Israeli technological innovations in agriculture and water technology have given the Israeli AgTech sector a competitve edge and allows Israeli agtech companies to operate in numerous countries around the world. [102]

Financial services

Jerusalem Venture Partners (JVP) compound in Jerusalem, one of Israel's largest venture capital firms Madpis.jpg
Jerusalem Venture Partners (JVP) compound in Jerusalem, one of Israel's largest venture capital firms

Israel has over 100 active venture capital funds operating throughout the country with US$10 billion under management. In 2004, international foreign funds from various nations around the world committed over 50 percent of the total dollars invested exemplifying the country's strong and sound reputation as an internationally sought after foreign investment by many countries. [103] Israel's venture capital sector has rapidly developed from the early 1990s, and has about 70 active venture capital funds (VC), of which 14 international VCs have Israeli offices. Israel's thriving venture capital and business-incubator industry played an important role in financing the country's flourishing high-tech sector. [104] In 2008, venture capital investment in Israel, rose 19 percent to $1.9 billion. [105]

"Between 1991 and 2000, Israel's annual venture-capital outlays, nearly all private, rose nearly 60-fold, from $58 million to $3.3 billion; companies launched by Israeli venture funds rose from 100 to 800; and Israel's information-technology revenues rose from $1.6 billion to $12.5 billion. By 1999, Israel ranked second only to the United States in invested private-equity capital as a share of GDP. Israel led the world in the share of its growth attributable to high-tech ventures: 70 percent." [106]

Israel's thriving venture capital industry has played an important role in funding the country's booming high-technology sector, with hundreds of prosperous Israeli private equity and venture capital firms. [107] The 2007–2008 financial crisis negatively affected the availability of venture capital locally. In 2009, there were 63 mergers and acquisitions in the Israeli market worth a total of $2.54 billion; 7% below 2008 levels ($2.74 billion), when 82 Israeli companies were merged or acquired, and 33% lower than 2007 proceeds ($3.79 billion) when 87 Israeli companies were merged or acquired. [108] Numerous Israeli high tech companies have been acquired by various global multinational corporations for their ability to produce profit-driven technologies in addition to their arsenal of reliable corporate management and quality administrative personnel. [44] In addition to venture capital funds, many of the world's leading investment banks, pension funds, and insurance companies have a strong presence in Israel committing their funds to financially back Israeli high-tech firms and benefit from its prosperous high tech sector. These institutional investors include Goldman Sachs, Bear Stearns, Deutsche Bank, JP Morgan, Credit Suisse First Boston, Merrill Lynch, CalPERS, Ontario Teachers Pension Plan, and AIG. [109]

Israel also has a small but fast growing hedge fund industry. Within five years between 2007 and 2012, the number of active hedge funds doubled to 60. Israel-based hedge funds have registered an increase of 162% from 2006 to 2012, when they managed a total of $2 billion (8 billion) and employed about 300 people. [110] [111] [112] [113] [114] The ever-growing hedge fund industry in Israel is also attracting a myriad of investors from around the world, particularly from the United States. [115]

In 2023, despite the occurrence of war and significant events like a legal reform and interest rate rise that shook the capital market and created uncertainty, about 40% of the companies traded on the Tel Aviv Stock Exchange continued to distribute dividends to their shareholders. This was particularly evident in the energy, oil and gas industries, and in the banking and financial services sector. The year marked a record in the total dividend distributed to public shareholders, with about 62% of the distributed amount (16.8 billion shekels), compared to about 55% of the dividends (15.8 billion shekels) in 2022, with the remainder being paid to stakeholders. The average dividend yield of the exchange-listed companies in 2023 was approximately 2.9%, compared to about 2.8% in the previous year. This was the highest return since 2017 and higher than that of 2022, the record year, as the average market value in 2023 was about 9% lower than in 2022, while the total dividend was only about 5% lower than the previous year. [116]

High technology

Weizmann Institute of Science, Rehovot Weizmann accelerator.jpg
Weizmann Institute of Science, Rehovot

Science and technology in Israel is one of the country's most highly developed and industrialized sectors. The modern Israeli ecosystem of high technology is highly optimized making up a significant bulk of the Israeli economy. The percentage of Israelis engaged in scientific and technological inquiry, and the amount spent on research and development (R&D) concerning gross domestic product (GDP), is among the highest in the world, [117] with 140 scientists and technicians per 10,000 employees. In comparison, the same is 85 per 10,000 in the United States and 83 per 10,000 in Japan. [118] Israel ranks fourth in the world in scientific activity, as measured by the number of scientific publications per million citizens. Israel's percentage of the total number of scientific articles published worldwide is almost 10 times higher than its percentage of the world's population. [119] The country is home to over 1,400 life science companies, including about 300 pharmaceutical companies, 600 medical device companies, 450 digital health companies, and 468 biotechnology companies. [120] [121] [122] Israeli scientists, engineers, and technicians have contributed to the modern advancement of the natural sciences, agricultural sciences, computer sciences, electronics, genetics, medicine, optics, solar energy and various fields of engineering. The country has one of the world's technologically most literate populations. [123] Israel has the second largest number of startup companies globally, behind only the United States, and remains one of the largest centers in the world for technology start-up enterprises. [39] [23] As of 2013, around 200 start-ups were being created annually in Israel. [41] [124] In 2019, there were nearly 7,000 active start-ups operating throughout the country. [125] In 2021, there were 79 Israeli-estalished tech unicorns, with 32 of them headquartered in Israel. [126] More than one-third of cybersecurity unicorns in the world were Israeli in 2021. [127] Israel is also home to nearly 400 research and development centers owned by various multinational companies, including prominent high-technology giants such as Google, Microsoft, and Intel. [128] [129] [130] [131]

Israel is also a major semiconductor design hub. The country is home to numerous chip design centers owned by major multinational corporations, and is considered as having one of the most advanced chip design industries in the world. In 2021, a total of 37 multinational corporations were operating in Israel in the semiconductor field. [132] [133]

In 1998, Tel Aviv was named by Newsweek as one of the ten technologically most influential cities in the world. [134] In 2012, the city was also named one of the best places for high-tech startup companies, placed second behind its California counterpart. [135] [136] In 2013, The Boston Globe ranked Tel Aviv as the second-best city for business start-ups, after Silicon Valley. [137] In 2020, StartupBlink ranked Israel as having the third best startup ecosystem in the world, behind only the United States and United Kingdom. [138]

As a result of the country's highly prolific and dynamic start-up culture, Israel is often referred to as the "Start-Up Nation." [139] [140] [141] and the "Silicon Valley of the Middle East". [107] Programs that send people to Israel to explore the "Start-Up Nation" economy include TAVtech Ventures and TAMID Group. [142] [143] [144] This success has been attributed by some to widespread service in the Israel Defense Forces and its development of talent which then fuels the high-tech industry upon discharge.

In recent years, the industry has faced a shortage of technology specialists; 15% of positions in the high technology sector of Israel were unfilled as of 2019. [145] [146] However, the largest number of unfilled job positions (31%) are in software engineering specialities: DevOps, back-end, data science, machine learning and artificial intelligence. [147] Therefore, salaries of specialists in the Israeli market also increased significantly. To solve this problem, IT companies look for filling the gaps abroad. Consequently, they employ about 25% of their entire workforce overseas. Most companies choose to hire employees from Ukraine (45%) and the United States (with 16%) are the second most popular offshoring destination country. [148] [149] In 2017, the Council for Higher Education in Israel launched a five-year program to increase the number of graduates from computer science and engineering programs by 40%. [145] [147]

Energy

Known oil and gas fields in the Levant Basin (US EIA) Levant Basin.png
Known oil and gas fields in the Levant Basin (US EIA)
Consumption of fossil fuel energy sources in Israel since 1980. Coal consumption rose steadily since 1980 when it was negligible. Natural gas consumption was nearly zero in 2003 and has risen steadily since. Fossil fuel consumption in Israel.svg
Consumption of fossil fuel energy sources in Israel since 1980. Coal consumption rose steadily since 1980 when it was negligible. Natural gas consumption was nearly zero in 2003 and has risen steadily since.

Historically, Israel relied on external imports for meeting most of its energy needs, spending an amount equivalent to over 5% of its GDP per year in 2009 on imports of energy products. [150] The transportation sector relies mainly on gasoline and diesel fuel, while the majority of electricity production is generated using imported coal. As of 2013, Israel was importing about 100 mln barrels of oil per year. [151] The country possesses negligible reserves of crude oil but does have domestic natural gas resources which were discovered in more significant quantities starting in 2009, after many decades of previously unsuccessful exploration. [36] [152] [153] [154] [155]

Natural gas

Until the early 2000s, natural gas use in Israel was minimal. In the late 1990s, the government of Israel decided to encourage the usage of natural gas because of environmental, cost, and resource diversification reasons. At the time however, there were no domestic sources of natural gas and the expectation was that gas would be supplied from overseas in the form of LNG and by a future pipeline from Egypt (which eventually became the Arish–Ashkelon pipeline). Plans were made for the Israel Electric Corporation to construct several natural gas-driven power plants, for erecting a national gas distribution grid, and for an LNG import terminal.

Natural Gas Usage in Israel [156]
2004200520062007200820092010201420162018*2020*2022*2024*2026*2028*2030*
1.21.62.32.73.74.25.27.69.510.111.111.71314.315.316.8
Figures are in Billion Cubic Meters (BCM) per year.*Projected

Recent discoveries

In 2000, a 33-billion-cubic-metre (BCM), or 1,200-billion-cubic-foot, natural-gas field was located offshore Ashkelon, with commercial production starting in 2004. As of 2014 however, this field is nearly depleted—earlier than expected due to increased pumping to partially compensate for the loss of imported Egyptian gas in the wake of unrest associated with the fall of the Mubarak regime in 2011. In 2009, a significant gas find named Tamar, with proven reserves of 223 BCM or 7.9×10^12 cu ft (307 BCM total proven + probable) was located in deep water approximately 90 km (60 mi) west of Haifa, as well as a smaller 15 BCM (530×10^9 cu ft) field situated nearer the coastline. [157] [158] [159] [160] Furthermore, results of 3D seismic surveys and test drilling conducted since 2010 have confirmed that an estimated 621 BCM (21.9×10^12 cu ft) natural-gas deposit named Leviathan exists in a large underwater geological formation nearby the large gas field already discovered in 2009. [161] [162] [163]

The Tamar field began commercial production on 30 March 2013 after four years of development. [164] The supply of gas from Tamar was expected to aid the Israeli economy, which had suffered losses of more than 20 billion between 2011 and 2013 resulting from the disruption of gas supplies from neighboring Egypt (and which are not expected to resume due to Egypt's decision to indefinitely suspend its gas supply agreement to Israel). [165] [166] As a result, Israel, as well as its other neighbor Jordan, which also suffered from disruption of gas deliveries from Egypt, had to resort to importing significantly more expensive and polluting liquid heavy fuels as substitute sources of energy. The ensuing energy crisis in Israel was lifted once the Tamar field came online in 2013, while Jordan committed to a US$10 billion, 15-year gas supply deal totaling 45 BCM from the Israeli Leviathan field which is scheduled to come online in late 2019. [167] The agreement is estimated to save Jordan US$600 million per year in energy costs. [168] In 2018, the owners of the Tamar and Leviathan fields announced that they are negotiating an agreement with a consortium of Egyptian firms for the supply of up to 64 BCM of gas over 10 years valued at up to US$15 billion. [169] In early 2012 the Israeli cabinet announced plans to set up a sovereign wealth fund (called "the Israeli Citizens' Fund"). [170]

Field [171] DiscoveredProductionEstimated size
Noa North1999 [172] 2012 to 2014originally, 50 billion cubic feet (1.4 billion cubic metres); field depleted
Mari-B20002004 to 2015originally, 1 trillion cubic feet (28 billion cubic metres); field depleted
Tamar 2009201310.8 trillion cubic feet (310 billion cubic metres) [160]
Dalit2009Not in production700 billion cubic feet (20 billion cubic metres)
Leviathan 2010201922 trillion cubic feet (620 billion cubic metres)
Dolphin2011Not in production81.3 billion cubic feet (2.30 billion cubic metres) [173]
Tanin 2012Not in production1.2–1.3 trillion cubic feet (34–37 billion cubic metres)
Karish 201320222.3–3.6 trillion cubic feet (65–102 billion cubic metres)

Electricity

Israel electricity production.svg
Israel renewable electricity production.svg

Since the founding of the state through the mid-2010s decade, the state-owned utility, Israel Electric Corporation (IEC) had an effective monopoly on power generation in the country. In 2010 the company sold 52,037 GWh of electricity. Until the mid-2010s the country also faced a persistently low operating reserve, which is mostly the result of Israel being an "electricity island". Most countries have the capability of relying on power drawn from producers in adjacent countries in the event of a power shortage. Israel's grid however, is unconnected to those of neighboring countries. This is mostly due to political reasons but also to the considerably less-developed nature of the power systems of Jordan and Egypt, whose systems constantly struggle to meet domestic demand and whose per-capita electric generation is less than one fifth that of Israel's. Nevertheless, while operating reserves in Israel were low, the country possessed sufficient generation and transmission capacity to meet domestic electricity needs and unlike in the countries surrounding it, rolling blackouts have historically been quite rare, even at periods of extreme demand.

Facing the increasing demand for electricity and concerned about the low reserve situation, the government of Israel began taking steps to increase the supply of electricity and operating reserve, as well to reduce the monopoly position of the IEC and increase competition in the electricity market starting in the second half of the 2000s decade. It instructed the IEC to construct several new power stations and encouraged private investment in the generation sector. By 2015, the IEC's share of total nationwide installed electric generation capacity had fallen to about 75%, with the company then possessing an installed generation capacity of about 13.6 gigawatts (GW). Since 2010, Independent Power Producers have constructed three new gas-fired combined cycle power stations with a total generation capacity of about 2.2 GW, while various industrial concerns constructed on-premises cogeneration facilities with a total electricity output of about 1 GW, and which are licensed by the electric authority to sell surplus electricity to the national grid at competitive rates. Also under construction is a 300 MW pumped storage facility, with two more in planning, plus several solar-powered plants.

In addition to the above steps, Israel and Cyprus are considering implementing the proposed EuroAsia Interconnector project. This consists of laying a 2000MW HVDC undersea power cable between them and between Cyprus and Greece, thus connecting Israel to the greater European power grid. [174] If carried out, this will allow a further increase in the country's operating reserve as well as sell surplus electricity abroad.

In 2016, total nationwide electricity production was 67.2 GWh, of which 55.2% was generated using natural gas and 43.8% using coal – the first time the share of electricity production using natural gas exceeded that generated using coal.

Share of Total Electricity Generation Capacity at Full Output
by Plant Type and Fuel Types Used by the IEC in 2010
Coal Fuel oil Natural gas Diesel
Installed capacity by plant type39.7%3.4%39.8%18.9%
Total annual generation by fuel source61.0%0.9%36.6%1.5%

Solar power

The Negev Desert is home to the Israeli solar research industry, in particular the National Solar Energy Center and the Arava Valley, which is the sunniest area of Israel. Solar dish at Ben-Gurion National Solar Energy Center in Israel.jpg
The Negev Desert is home to the Israeli solar research industry, in particular the National Solar Energy Center and the Arava Valley, which is the sunniest area of Israel.

Solar power in Israel and the Israeli solar energy industry has a history that dates to the founding of the country. In the 1950s, Levi Yissar developed a solar water heater to help assuage an energy shortage in the new country. [175] By 1967 around one in twenty households heated their water with the sun and 50,000 solar heaters had been sold. [175] With the 1973 oil crisis, Harry Zvi Tabor, the father of Israel's solar industry, developed the prototype solar water heater that is now used in over 90% of Israeli homes. [176]

Industrial manufacturing

Israel has a large industrial capacity. It has a well-developed chemical industry with many of its products aimed at the export market. Most of the chemical plants are located in Ramat Hovav, the Haifa Bay area and near the Dead Sea. Israel Chemicals is one of the largest fertilizer and chemical companies in Israel and its subsidiary, the Dead Sea Works in Sdom is the world's fourth-largest producer and supplier of potash products. [177] The company also produces other products such as magnesium chloride, industrial salts, de-icers, bath salts, table salt, and raw materials for the cosmetic industry. [177] Industrial production of metals, machinery and electrical equipment, construction materials, consumer goods, and textiles, as well as food processing also form a significant part of the manufacturing sector. Machinery and equipment manufactured in Israel includes computer equipment, medical equipment, agricultural equipment, and robots. [178] Israel has a successful semiconductor device fabrication industry, with several semiconductor manufacturing facilities in the country. [179]

One of the country's largest employers is Israel Aerospace Industries which produces mainly aviation, space, and defense products. In 2017 the company had an order backlog of 11.4 billion US dollars. [180] There are numerous other aerospace companies. Israeli aerospace companies are primarily sub-suppliers, focusing on fields such as machining, electronic systems and components, and composite materials. [181] Israel is a major manufacturer and exporter of unmanned aerial vehicles. [182] Israel also has a significant pharmaceutical industry and is home to Teva Pharmaceutical Industries, one of the world's largest pharmaceutical companies, which employed 40,000 people as of 2011. It specializes in generic and proprietary pharmaceuticals and active pharmaceutical ingredients. It is the largest generic drug manufacturer in the world and one of the 15 largest pharmaceutical companies worldwide. [183] [184] In addition, Israel also has a shipbuilding industry through the company Israel Shipyards, which has one of the largest shipbuilding and repair facilities in the Eastern Mediterranean. For the civilian market, it builds merchant ships and other civilian watercraft as well as machinery for ports and heavy industries. It also builds naval craft for the defense market. [185] [186]

Diamond industry

Israel is one of the world's three major centers for polished diamonds, alongside Belgium and India. Israel's net polished diamond exports slid 22.8 percent in 2012 as polished diamond exports fell to $5.56 billion from $7.2 billion in 2011. Net exports of rough diamonds dropped 20.1 percent to $2.8 billion and net exports of polished diamonds slipped 24.9 percent to $4.3 billion, while net rough diamond imports dropped 12.9 percent to $3.8 billion. Net exports and imports dropped during the Great Recession, particularly within the Eurozone, affected by the European sovereign-debt crisis, and the United States. The United States is the largest market accounting for 36% of overall export market for polished diamonds while Hong Kong remains at second with 28 percent and Belgium at 8 percent coming in third. [187] [188] [189] [190] As of 2016, cut diamonds were Israel's largest export product, comprising 23.2% of all exports. [35]

Defense contracting

Israel is one of the world's major exporters of military equipment, accounting for 10% of the world total in 2007. Three Israeli companies were listed on the 2010 Stockholm International Peace Research Institute index of the world's top 100 arms-producing and military service companies: Elbit Systems, Israel Aerospace Industries and RAFAEL. [191] [192] The Defense industry in Israel is a strategically important sector and a large employer within the country. It is also a major player in the global arms market and is the 11th largest arms exporter in the world as of 2012. [193] Total arms transfer agreements topped 12.9 billion between 2004 and 2011. [194] There are over 150 active defense companies based in the country with combined revenues of more than US$3.5 billion annually. [195] [ better source needed ] Israeli defense equipment exports have reached 7 billion U.S. dollars in 2012, making it a 20 percent increase from the amount of defense-related exports in 2011. Much of the exports are sold to the United States and Europe. Other major regions that purchase Israeli defense equipment include Southeast Asia and Latin America. [196] [197] [198] India is also major country for Israeli arms exports and has remained Israel's largest arms market in the world. [199] [200] Israel is considered to be the leading UAV exporter in the world. [201] According to the Stockholm International Peace Research Institute, Israeli defense companies were behind 41% of all drones exported in 2001–2011. [202] Israel's defense exports in 2021 reached US$11.2 billion in sales. Exports to Arab countries that joined the Abraham Accords made up 7% of all Israeli defense exports. [203]

Tourism

Israel is a major tourist destination, especially for those of Jewish ancestry, with 4.55 million foreign tourists visiting the country in 2019 (about one tourist per two Israelis), [204] [205] yielding a 25% growth since 2016 and contributed 20 billion to the economy, making it an all-time record at that time. [206] [207] [208] [209] The most popular paid visited site is Masada. [210]

External trade

Map of Israeli exports in 2016 Israel exports bubble map 2016.png
Map of Israeli exports in 2016

In 2016, Israeli goods exports totaled US$55.8 billion. [211] It imported US$61.9 billion worth of goods in the same year. [212] In 2017 total exports (goods and services) amounted to US$102.3 billion, while imports totaled $96.7 billion. [213] Israel usually posts a modest trade deficit in goods. Its main goods imports consist of raw materials, crude oil, production inputs and finished consumer goods. Most of its exports are high-value-added items such as electronic components and other high-technology equipment, tools, and machinery, cut diamonds, refined petrochemicals, and pharmaceuticals. It normally posts a substantial trade surplus in services thanks to tourism and service industries such as software development, engineering services, and biomedical and scientific research and development. Therefore, overall external trade is positive, contributing to a significant current account surplus which as of 2017 stood at 4.7% of GDP. [4]

The United States is Israel's largest trading partner, and Israel is the United States' 26th-largest trading partner; [214] two-way trade totaled some $24.5 billion in 2010, up from $12.7 billion in 1997. The principal U.S. exports to Israel include computers, integrated circuits, aircraft parts and other defense equipment, wheat, and automobiles. Israel's chief exports to the U.S. include cut diamonds, jewelry, integrated circuits, printing machinery, and telecommunications equipment. The two countries signed a free trade agreement (FTA) in 1985 that progressively eliminated tariffs on most goods traded between the two countries over the following ten years. An agricultural trade accord was signed in November 1996, which addressed the remaining goods not covered in the FTA. Some non-tariff barriers and tariffs on goods remain, however. Israel also has trade and cooperation agreements in place with the European Union and Canada, and is seeking to conclude such agreements with a number of other countries, including Turkey, Jordan and several countries in Eastern Europe.

In regional terms, the European Union is the top destination for Israeli exports. In the four-month period between October 2011 and January 2012, Israel exported goods totalling $5 billion to the EU – amounting to 35% of Israel's overall exports. During the same period, Israeli exports to East Asia and the Far East totaled some $3.1 billion. [215]

Until 1995, Israel's trade with the Arab world was minimal due to the Arab League boycott, which was begun against the Jewish community of Palestine in 1945. Arab nations not only refused to have direct trade with Israel (the primary boycott), but they also refused to do business with any corporation that operated in Israel (secondary boycott), or any corporation that did business with a corporation that did business with Israel (tertiary boycott).

In 2013, commercial trade between Israel and the Palestinian territories were valued at US$20 billion annually. [216]

In 2012, ten companies were responsible for 47.7% of Israel's exports. These companies were Intel Israel, Elbit Systems, Oil Refineries Ltd, Teva Pharmaceuticals, Iscar, Israel Chemicals, Makhteshim Agan, Paz Oil Company, Israel Aerospace Industries and the Indigo division of Hewlett-Packard. The Bank of Israel and Israel's Export Institute have warned that the country is too dependent on a small number of exporters. [217]

Export destinations and import origins

Top ten export destinations for Israel in 2016
 Country/AreaVolume (bln. US $)% of exportsPrimary export(s)
1Flag of the United States.svg  United States 17.632% Cut diamonds, medicaments [218]
2Flag of Hong Kong.svg  Hong Kong 4.448%Cut diamonds [219]
3 Flag of the United Kingdom.svg United Kingdom 3.917%Medicaments [220]
4Flag of the People's Republic of China.svg  China 3.336%Electrical equipment, integrated circuits [221]
5Flag of Belgium (civil).svg  Belgium / Flag of Luxembourg.svg  Luxembourg 2.514.5%Cut diamonds (as of 2015) [222]
6Flag of India.svg  India 2.44.3%Cut diamonds [223]
7Flag of the Netherlands.svg  Netherlands 2.143.8%Medicaments, computer equipment [224]
8Flag of Germany.svg  Germany 1.522.7%Varied [225]
9Flag of Switzerland (Pantone).svg   Switzerland 1.472.6%Cut diamonds [226]
10Flag of France.svg  France 1.452.6%Varied [227]
Source: The Observatory of Economic Complexity Archived 11 May 2019 at the Wayback Machine , MIT
Top ten import origins for Israel in 2016
 CountryVolume (bln. US $)% of importsPrimary import(s)
1Flag of the United States.svg  United States 8.113%Diamonds, electronics [228]
2Flag of the People's Republic of China.svg  China (not including Hong Kong)5.99.5%Varied [229]
3Flag of Switzerland (Pantone).svg   Switzerland 4.296.9%Oil, chemicals, diamonds [230]
4Flag of Germany.svg  Germany 4.076.6%Varied [231]
5Flag of Belgium (civil).svg  Belgium / Flag of Luxembourg.svg  Luxembourg 3.916.3%Diamonds (as of 2015) [232]
6Flag of the United Kingdom.svg  United Kingdom 3.675.9%Oil [233]
7Flag of the Netherlands.svg  Netherlands 2.74.4%Computers and electronics [234]
8Flag of Italy.svg  Italy 2.694.4%Varied [235]
9Flag of Turkey.svg  Turkey 2.64.2%Varied [236]
10Flag of Japan.svg  Japan 2.353.8%Cars, photo lab equipment [237]
Source: The Observatory of Economic Complexity Archived 11 May 2019 at the Wayback Machine , MIT

Rankings

The Global Competitiveness Report of 2016 to 2017 ranked Israel as having the world's second most innovative economy. [238] [ needs update ] It was also ranked 19th among 189 world nations on the UN's Human Development Index. As of 2018, Israel ranks 20th out of 133 countries on the economic complexity index. The IMD World Competitiveness Yearbook of 2016 ranked Israel's economy as world 21st most competitive out of the 61 economies surveyed. [239] The Israeli economy was ranked as the world's most durable economy in the face of crises, and was also ranked first in the rate research and development center investments. [240] The Bank of Israel was ranked first among central banks for its efficient functioning, up from the 8th place in 2009. Israel was ranked first also in its supply of skilled manpower. [240] Israeli companies, particularly in the high-tech area, have enjoyed considerable success raising money on Wall Street and other world financial markets: as of 2010 Israel ranked second among foreign countries in the number of its companies listed on U.S. stock exchanges. [241]

Having moved away from the socialist economic model since the mid-1980s and early 1990s, Israel has made dramatic moves toward the free-market capitalist paradigm. As of 2020, Israel's economic freedom score is 74.0, making its economy the 26th freest in the 2020 Index of Economic Freedom. Israel ranks 35th on the World Bank's ease of doing business index. Israel's economic competitiveness is helped by strong protection of property rights, relatively low corruption levels, and high openness to global trade and investment. Income and corporate tax rates remain relatively high. [242] As of 2020, Israel ranks 35th out of 179 countries in Transparency International's Corruption Perceptions Index. Bribery and other forms of corruption are illegal in Israel, which is a signatory to the OECD Bribery Convention since 2008. [242]

See also

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The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine. Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of US$20,000, total revenue of US$1.5 billion, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing US$8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.

<span class="mw-page-title-main">Economy of Egypt</span>

The economy of Egypt is a highly centralized economy, focused on import substitution under president Gamal Abdel Nasser (1954–1970). During the rule of president Abdel Fattah el-Sisi (2014–present), the economy follows Egypt's 2030 Vision. The policy is aimed at diversifying Egypt's economy. The country's economy is the second largest in Africa by nominal GDP, and 39th in worldwide ranking as of 2024.

<span class="mw-page-title-main">Economy of Jordan</span>

The economy of Jordan is classified as a lower middle income economy. Jordan's GDP per capita rose by 351% in the 1970s, declined 30% in the 1980s, and rose 36% in the 1990s. After King Abdullah II's accession to the throne in 1999, liberal economic policies were introduced. Jordan's economy had been growing at an annual rate of 8% between 1999 and 2008. However, growth has slowed to 2% after the Arab Spring in 2011. The substantial increase of the population, coupled with slowed economic growth and rising public debt led to a worsening of poverty and unemployment in the country. As of 2023, Jordan has a GDP of US$50.85 billion, ranking it 89th worldwide.

<span class="mw-page-title-main">Economy of Kazakhstan</span>

The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms. As of 2023, Kazakhstan attracted more than US$370 billion of foreign investments since becoming an independent republic after the dissolution of the former Soviet Union.

<span class="mw-page-title-main">Economy of Kyrgyzstan</span>

The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.

<span class="mw-page-title-main">Economy of Malaysia</span>

The economy of Malaysia is an emerging and developing, upper-middle income, highly industrialised, mixed economy. It ranks the 36th largest in the world in terms of nominal GDP, however, when measured by purchasing power parity, its GDP climbs to the 30th largest. Malaysia is forecasted to have a nominal GDP of nearly half a trillion US$ by the end of 2024. The labour productivity of Malaysian workers is the third highest in ASEAN and significantly higher than Indonesia, Vietnam, and the Philippines.

<span class="mw-page-title-main">Economy of Mauritania</span>

The economy of Mauritania is still largely based on agriculture, slave labour and livestock, even though most of the nomads and many subsistence farmers were forced into the cities by recurring droughts in the 1970s and 1980s.

<span class="mw-page-title-main">Economy of Romania</span>

The economy of Romania is a developing high-income mixed economy, with a high degree of complexity. It ranks 12th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power (PPP). The World Bank notes that Romania's efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with 2022 seeing a better-than-expected 4.8% increase.

<span class="mw-page-title-main">Economy of Russia</span>

The economy of Russia is an emerging and developing, high-income, industrialized, mixed market-oriented economy. It has the eleventh-largest economy in the world by nominal GDP and the fourth-largest economy by GDP (PPP). Due to a volatile currency exchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.

<span class="mw-page-title-main">Economy of South Korea</span>

The economy of South Korea is a highly developed mixed economy. By nominal GDP, the economy was worth ₩2.61 quadrillion. It has the 4th largest economy in Asia and the 12th largest in the world as of 2024. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join the OECD and the G20. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century. Among OECD members, South Korea has a highly efficient and strong social security system; social expenditure stood at roughly 15.5% of GDP. South Korea spends around 4.93% of GDP on advance research and development across various sectors of the economy.

<span class="mw-page-title-main">Economy of Turkey</span>

Turkey is a founding member of the OECD and G20. The country's economy ranked as the 17th-largest in the world and 7th-largest in Europe by nominal GDP in 2024. It also ranked as the 12th-largest in the world and 5th-largest in Europe by PPP in 2024. Turkey is a developing, upper-middle income, mixed economy. Turkey has often been defined as a newly industrialized country since the turn of the 21st century. The country is the fifth most visited destination in the world, and has over 1,500 R&D centres established both by multinational and national firms. Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances. Among OECD nations, Turkey has a highly efficient and strong social security system; social expenditure stood at roughly 12.5% of GDP.

<span class="mw-page-title-main">Economy of Ukraine</span>

The economy of Ukraine is a developing, upper-middle income, mixed economy. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. The Russian incursion in Ukraine caused a severe economic decline from 2014 to 2015, with the country's gross domestic product in 2015 barely surpassing half of what it was in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.

<span class="mw-page-title-main">Economy of Iran</span>

Iran is a mixed economy with a large public sector. Some 60% of Iran's economy is centrally planned. Iran's economy is characterized by its hydrocarbon, agricultural, and service sectors, in addition to manufacturing and financial services, with over 40 industries directly involved in the Tehran Stock Exchange. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".

<span class="mw-page-title-main">Economy of Bangladesh</span>

The economy of Bangladesh is a major developing mixed economy. As the second-largest economy in South Asia, Bangladesh's economy is the 35th largest in the world in nominal terms, and 25th largest by purchasing power parity. Bangladesh is seen by various financial institutions as one of the Next Eleven. It has been transitioning from being a frontier market into an emerging market. Bangladesh is a member of the South Asian Free Trade Area and the World Trade Organization. In fiscal year 2021–2022, Bangladesh registered a GDP growth rate of 7.2% after the global pandemic. Bangladesh is one of the fastest growing economies in the world.

<span class="mw-page-title-main">Economy of the State of Palestine</span>

The economy of the State of Palestine refers to the economic activity of the State of Palestine. Palestine receives substantial financial aid from various international donors, including governments and international organizations. In 2020, the inflation rate of -0.7% and unemployment rate was 25.9%. While exports were recorded at US$1 billion, with an import value of US$6 billion. Contributors to the national economy is service sector (47%), wholesale and repair (19%), manufacturing (12%), agriculture (7%), finance and banking (3%), construction (5%), information technology (5%) and transportation sector (2%).

<span class="mw-page-title-main">Diamond industry in Israel</span> Diamond-cutting and trading in Israel

The diamond industry of Israel is an important world player in producing cut diamonds for wholesale. In 2010, Israel became the chair of the Kimberley Process Certification Scheme. As of 2016, cut diamonds constituted 23.2% of Israel's total exports and they were the country's biggest export product, amounting to 12% of the world's production.

<span class="mw-page-title-main">Economy of China</span>

The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. China is the world's second largest economy by nominal GDP, behind the United States, and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP). China accounted for 19% of the global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022. The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector which contribute approximately 60% of the GDP, 80% of urban employment and 90% of new jobs, the system also consist of a high degree of openness to foreign businesses. According to the annual data of major economic indicators released by the National Bureau of Statistics since 1952, China's GDP grew by an average of 6.17% per year in the 26 years from 1953 to 1978. China implemented economic reform in 1978, and from 1979 to 2023, the country's GDP growth rate grew by an average of 8.93% per year in the 45 years since its implementing economic reform. According to preliminary data released by the authorities, China's GDP in 2023 was CN¥126.06 trillion with a real GDP increase of at least 5.2% from 2022.

<span class="mw-page-title-main">Economy of the Western Cape</span>

The economy of the Western Cape in South Africa is dominated by the city of Cape Town, which accounted for 72% of the Western Cape's economic activity in 2016. The single largest contributor to the region's economy is the financial and business services sector, followed by manufacturing. Close to 30% of the gross regional product comes from foreign trade with agricultural products and wine dominating exports. High-tech industries, international call centres, fashion design, advertising and TV production are niche industries rapidly gaining in importance.

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