The most recent global financial crisis in 2009 produced a brief period of recession in Israel, but the country’s prudent fiscal policies and regulations, combined with a particularly robust banking sector, allowed the economy to recover quickly.
Israel consistently ranks high among the world’s economies in terms of its technological readiness, venture capital availability, and the quality of its research organizations. The country ranks 1st in availability of scientists and engineers, number of start-ups per capita, and venture capital investments per capita.
Over the years, Israel has experienced a high average rate of growth. Given its small consumer market domestically, Israel has strategically turned beyond its borders to sell its products and offer its technologies. This year, Israel was unanimously voted to join the
Organization for Economic Cooperation and Development, signifying its status as one of the world’s 34 most developed economies.Israel Economic Overview:
Area: 8,367 sq. mi.
Population: 8,412,000
Currency: Shekels - 1USD = 3.8220 ILS (Bank of Israel, 2016)
GDP: $304.22 Billion (2014)
GDP Per Capita: $36,051 (2014)
GDP Growth Rate: 4%
Unemployment: 4.9% (June 2015)
Literacy Rate: 97.76% (2015)
Exports: $45.76 Billion (2009)
Budget: Revenues ($51.52 Billion), Expenditures ($61.51 Billion, 2009 est.)
Labor Force: 3.015 Million (2009 est.)
Major Industries: high technology products (aviation, medical devices, communications, fiber optics, etc.), wood and paper products, metal products, food, beverages, chemical products, plastics, textiles, diamond cutting
Economic Reports:
Bank of Israel - Recent Economic Developments
Bank of Israel - Annual Reports
Bank of Israel - Inflation Report
Bank of Israel - Current Indicators of Financial Stability
Bank of Israel - State of the Economy Index
Central Bureau of Statistics - Israel Gross Domestic Product & Uses of Resources
Central Bureau of Statistics- Report on Israel's Foreign Trade
Central Bureau of Statistics- Report on Israel's Labor Force 2009
State of Israel Prospectuses and Annual Reports
Ministry of Finance - Objectives of Economic Policy 2011-2012
(Under "Other Ministry Publications & Reports")
Economic Press:
Globes: Israel's Business Arena
The Marker
Calcalist