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Economy of Israel

Economy of Israel
The Diamond Exchange District in Ramat Gan
CurrencyIsraeli new shekel (ILS; ₪)
Calendar year
Trade organisations
AIIB, EBRD, IADB, ICC, IMF, OECD, WTO and others
Country group
Statistics
PopulationIncrease 9,870,640[3]
GDP
  • Increase$564.15 billion (nominal, 2023)[3]
  • Increase$530.04 billion (PPP, 2023)[3]
GDP growth
  • 8.6% (2021)
  • 6.5% (2022)[3]
  • 3.1% (2023)
  • 3% (2024)
GDP per capita
  • Increase$58,273 (nominal, 2023)[3]
  • Increase$54,750 (PPP, 2023)[3]
GDP by sector
  • 4.3% (2023)[3]
  • 3.1% (2022 est.)[5]
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
12,987 shekel / €3,250 monthly
10,742 shekel / €2,700 monthly
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)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Israel is a highly developed free-market economy.[23][24][25][26][27] 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,[28][needs update] and the third-largest number of NASDAQ-listed companies after the U.S. and China.[29] American companies, such as Intel,[30] Microsoft,[31] and Apple,[32][33] 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.[34]

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 23.2% of all exports.[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]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
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  4. ^ a b c d e f "The World Factbook- Israel". Central Intelligence Agency. Retrieved 22 February 2023.
  5. ^ סימון, גיא בן (15 February 2022). "האינפלציה בשיא של עשר שנים וחורגת מהיעד של בנק ישראל". Globes.
  6. ^ ברקת, עמירם (31 December 2018). "דוח העוני 2017: פחות אי-שוויון, פחות עניים - אבל ישראל עדיין במקום הראשון בשיעור העניים". Globes. Retrieved 29 June 2022.
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  10. ^ a b c d "Oops, Something is wrong". www.cbs.gov.il. Central Bureau of Statistics. Retrieved 29 June 2022.
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  13. ^ "Reuters : Israel export 2022". Reuters. 25 December 2022.
  14. ^ a b "Israel". OEC. Archived from the original on 7 June 2019. Retrieved 4 April 2018.
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  17. ^ Sharon Wrobel (11 January 2023). "For first time in 35 years, Israel posts budget surplus driven by higher tax revenue".
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  20. ^ "Credit Rating - Moody's". moodys.com. Archived from the original on 10 February 2018. Retrieved 10 August 2018.
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  22. ^ "Bank of Israel - Press Releases - Foreign Exchange Reserves at the Bank of Israel, April 2021". Archived from the original on 6 May 2021. Retrieved 1 April 2021.
  23. ^ a b Chua, Amy (2003). World On Fire. Knopf Doubleday Publishing. pp. 219–220. ISBN 978-0385721868.
  24. ^ Cite error: The named reference CIA was invoked but never defined (see the help page).
  25. ^ "Country Rankings: World & Global Economy Rankings on Economic Freedom". www.heritage.org. Archived from the original on 5 July 2018. Retrieved 29 October 2019.
  26. ^ "Israel's shift towards a knowledge-based economy".
  27. ^ "Top 15 Most Advanced Countries in the World". finance.yahoo.com. 4 December 2022. Retrieved 4 March 2023.
  28. ^ Bounfour, Ahmed; Edvinsson, Leif (2005). Intellectual Capital for Communities: Nations, Regions, and Cities. Butterworth-Heinemann. p. 47 (368 pages). ISBN 0-7506-7773-2.
  29. ^ Richard Behar (11 May 2016). "Inside Israel's Secret Startup Machine". Forbes. Retrieved 30 October 2016.
  30. ^ Krawitz, Avi (27 February 2007). "Intel to expand Jerusalem R&D". The Jerusalem Post. Retrieved 20 March 2012.
  31. ^ "Microsoft Israel R&D center: Leadership". Microsoft. Archived from the original on 13 March 2012. Retrieved 19 March 2012. Avi returned to Israel in 1991, and established the first Microsoft R&D Center outside the US ...
  32. ^ Shelach, Shmulik (14 December 2011). "Apple to set up Israel development center". Globes. Retrieved 10 February 2013.
  33. ^ Shelach, Shmulik (10 February 2013). "Apple opens Ra'anana development center". Globes. Retrieved 10 February 2013.
  34. ^ "Berkshire Announces Acquisition". The New York Times. 6 May 2006. Retrieved 15 May 2010.
  35. ^ "OEC - Israel (ISR) Exports, Imports, and Trade Partners". atlas.media.mit.edu. Archived from the original on 7 June 2019. Retrieved 19 January 2019.
  36. ^ Cite error: The named reference Gas1 was invoked but never defined (see the help page).
  37. ^ Cite error: The named reference Gas was invoked but never defined (see the help page).
  38. ^ David Adler (10 March 2014). "Ambitious Israeli students look to top institutions abroad". ICEF. Retrieved 20 January 2015.
  39. ^ Karr, Steven (24 October 2014). "Imagine a World Without Israel - Part 2". Huffington Post. Retrieved 29 October 2016.
  40. ^ Chua, Amy (2003). World On Fire. Knopf Doubleday Publishing. p. 31. ISBN 978-0385721868.
  41. ^ "The Intellectual Capital of the State of Israel" (PDF). State of Israel Ministry of Industry, Trade, and Labor. November 2007. p. 27. Archived from the original (PDF) on 16 March 2016. Retrieved 18 March 2013.
  42. ^ "Israel's technology cluster". The Economist. 19 March 2008. Retrieved 17 October 2012.
  43. ^ Dolmadjian, Katia (28 June 2011). "Israeli innovators build new 'Silicon Valley'". Agence France-Presse. Archived from the original on 22 February 2014. Retrieved 17 October 2012.
  44. ^ "FUNDING THE FUTURE: Advancing STEM in Israeli Education" (PDF). STEM Israel. 4 December 2012. Archived from the original (PDF) on 15 May 2013. Retrieved 18 March 2013.
  45. ^ Yehuda Gradus; Shaul Krakover; Eran Razin (10 April 2006). The Industrial Geography of Israel. Routledge. pp. 13–61. ISBN 978-1-134-97632-4. Archived from the original on 26 July 2020. Retrieved 26 July 2020.
  46. ^ Shlomo Swirski; Etty Konor; Aviv Lieberman (20 February 2020). Israel – A Social Report 2020: The Public Interest Needs to Return to Center Stage (Report). Avda Center. Archived from the original on 26 July 2020. Retrieved 26 July 2020.
  47. ^ "Top 15 Most Advanced Countries in the World". finance.yahoo.com. 4 December 2022. Retrieved 10 January 2023.
  48. ^ Human Development Report 2021-22: Uncertain Times, Unsettled Lives: Shaping our Future in a Transforming World (PDF). United Nations Development Programme. 8 September 2022. pp. 272–276. ISBN 978-9-211-26451-7. Archived (PDF) from the original on 8 September 2022. Retrieved 8 September 2022. {{cite book}}: |website= ignored (help)
  49. ^ "Global Wealth Report". Credit Suisse. Retrieved 2 February 2023.
  50. ^ "Global Wealth Databook 2022" (PDF). Credit Suisse. Archived (PDF) from the original on 19 October 2022. Retrieved 19 October 2022. Financial assets by adult in selected countries on page 109.
  51. ^ "SIPRI Arms Transfers Database". sipri.org. Retrieved 14 June 2022.
  52. ^ Chang, Richard J. "The Countries With The Most Billionaires 2022". Forbes. Retrieved 29 March 2023.
  53. ^ "Israel Economic Snapshot – OECD". www.oecd.org. Retrieved 10 February 2023.
  54. ^ "Israel ranked 4th-best-performing economy among OECD countries in 2022 | The Times of Israel". www.timesofisrael.com. Retrieved 8 February 2023.
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  58. ^ "Israel signs free trade agreement with Mercosur". Israel Ministry of Foreign Affairs. 19 December 2007. Retrieved 15 October 2012.

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