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World > Middle East > Israel > Economy (Facts)

Israel - Economy (Facts)
Economy - overview: Israel has a technologically advanced market economy with substantial, though diminishing, government participation. It depends on imports of crude oil, grains, raw materials, and military equipment. Despite limited natural resources, Israel has intensively developed its agricultural and industrial sectors over the past 20 years. Israel imports substantial quantities of grain, but is largely self-sufficient in other agricultural products. Cut diamonds, high-technology equipment, and agricultural products (fruits and vegetables) are the leading exports. Israel usually posts sizable trade deficits, which are covered by large transfer payments from abroad and by foreign loans. Roughly half of the government's external debt is owed to the US, which is its major source of economic and military aid. The bitter Israeli-Palestinian conflict; difficulties in the high-technology, construction, and tourist sectors; and fiscal austerity in the face of growing inflation led to small declines in GDP in 2001 and 2002. The economy rebounded in 2003-05, growing at a 4% to 5.2% rate each year, as the government tightened fiscal policy and implemented structural reforms to boost competition and efficiency in the markets. The conflict with Lebanon in summer 2006 slightly dampened GDP growth, but continuing strong foreign investment, tax revenue, and private consumption levels helped the economy recover quickly.
GDP - real growth rate: 4.8% (2006 est.)
GDP (purchasing power parity): $170.3 billion (2006 est.)
GDP (official exchange rate): $140.3 billion (2006 est.)
GDP - per capita (PPP): $26,800 (2006 est.)
GDP - composition by sector: agriculture: 2.6%
industry: 30.8%
services: 66.6% (2006 est.)
Population below poverty line: 21.6% (2005)
Household income or consumption by percentage share: lowest 10%: 2.4%
highest 10%: 28.31% (2005)
Inflation rate (consumer prices): -0.1% (2006)
Labor force: 2.6 million (2006 est.)
Labor force - by occupation: agriculture, forestry, and fishing 1.8%, manufacturing 15.7%, construction 5.3%, wholesale and retail trade 12.9%, transport, storage, and communications 6.3%, finance and business 16.9%, personal and other services 11.5%, public services 28.6% (1996)
Unemployment rate: 8.3% (30 September 2006)
Budget: revenues: $48.4 billion
expenditures: $49.57 billion; including capital expenditures of NA (2006 est.)
Industries: high-technology projects (including aviation, communications, computer-aided design and manufactures, medical electronics, fiber optics), wood and paper products, potash and phosphates, food, beverages, and tobacco, caustic soda, cement, construction, metals products, chemical products, plastics, diamond cutting, textiles, footwear
Industrial production growth rate: 8.6% (2006 est.)
Electricity - production: 46.07 billion kWh (2004)
Electricity - consumption: 41.38 billion kWh (2004)
Electricity - exports: 1.47 billion kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 100 bbl/day (2006 est.)
Oil - consumption: 249,500 bbl/day (2006 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 2 million bbl (1 January 2005)
Natural gas - production: 792 million cu m (2005 est.)
Natural gas - exports: 0 cu m (2005 est.)
Natural gas - imports: 0 cu m (2005 est.)
Agriculture - products: citrus, vegetables, cotton; beef, poultry, dairy products
Exports: $42.86 billion f.o.b. (2006 est.)
Exports - commodities: machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel
Exports - partners: US 38.4%, Belgium 6.5%, Hong Kong 5.9% (2006)
Imports: $47.8 billion f.o.b. (2006 est.)
Imports - commodities: raw materials, military equipment, investment goods, rough diamonds, fuels, grain, consumer goods
Imports - partners: US 12.4%, Belgium 8.2%, Germany 6.7%, Switzerland 5.9%, UK 5.1%, China 5.1% (2006)
Debt - external: $81.98 billion (30 June 2006 est.)
Economic aid - recipient: $240 million from US (FY06)
Currency: Israeli New Shekel (ILS)

Current Israeli New Shekel Exchange Rates
Historical Israeli New Shekel Exchange Rates
Chart Israeli New Shekel Exchange Rates
Currency code: ILS
Exchange rates: new Israeli shekels per US dollar - 4.4565 (2006), 4.4877 (2005), 4.482 (2004), 4.5541 (2003), 4.7378 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Israeli New Shekel Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Israeli New Shekel Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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