Economy of Israel
|
|
| Currency | Israeli new shekel (NIS; ₪) |
|---|---|
| Calendar year | |
|
Trade organisations
|
AIIB, BIS, CLS, EBRD, IADB, ICC, ISO, ITUC, OECD, UN, WCO, WFTU, WTO. |
| Statistics | |
| GDP | $286.840 billion (PPP 2014) $305.707 billion (nominal 2014) |
| GDP rank | 56th (PPP) / 35th (nominal) |
|
GDP growth
|
3.8% (2016 est.;) |
|
GDP per capita
|
$35,833 (PPP; 2014 est.) $38,004 (nominal; 2014 est.) |
|
GDP by sector
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agriculture: 2.5%, industry: 31.2%, services: 64.7% (2011 est.) |
| 0.5% (2014 est.; 59th) | |
|
Population below poverty line
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21% (2014) |
| 37.6 (2012; 69th) | |
|
Labour force
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3.595 million (December 2014 est.;) |
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Labour force by occupation
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agriculture: 2%, industry: 16%, services: 82% (September 2008) |
| Unemployment | 4.9% (April 2015; est. 56th) |
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Main industries
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high-technology products (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. |
| 52nd (2017) | |
| External | |
| Exports | $62.5 billion FOB (2011 est.; 54th) |
|
Export goods
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high technology products, telecommunications equipment, military equipment, pharmaceuticals, mechanical machinery, precision instruments, machine tools and production machinery based equipment, cut diamonds and jewelry, agricultural products and foodstuffs, chemicals, textiles and apparel. |
|
Main export partners
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 United States 27.5% Hong Kong 8% United Kingdom 6.1% China 4.9% (2015) |
| Imports | $70.62 billion FOB (2011 est.; 47th) |
|
Import goods
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raw materials, military and defense equipment, aircraft parts, motor vehicles, consumer electronics, investment goods, mechanical machinery and related parts, rough diamonds, petroleum, fuels, grain and wheat, consumer goods. |
|
Main import partners
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United States 13% China 9.3% Switzerland 7.1% Germany 6.1% Belgium 5.3% Italy 4% (2015) |
|
FDI stock
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$82.82 billion (2011 est.; 43rd) |
|
Gross external debt
|
$112 billion (31 December 2011 est.; 40th) |
| Public finances | |
| 69.6% of GDP (2013 est.; 28th) | |
| −3% of GDP (2011 est.; 105th) | |
| Revenues | $68.29 billion (2011 est.) |
| Expenses | $75.65 billion (2011 est.) |
|
|
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Foreign reserves
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$90.623 billion (31 December 2015 est.; 24th) |
The economy of Israel is technologically advanced by global standards. As of 2015[update], Israel ranks in the top 18 nations in the world on the UN's Human Development Index, which places it in the category of "Very Highly Developed" — the highest ranked in the Middle East, allowing the country to enjoy a high standard of living rivaling other Western countries such as Austria, France and Finland.
The major economic sectors include high-technology and industrial manufacturing; the Israeli diamond industry is one of the world's centers for diamond cutting and polishing. Relatively poor in natural resources, Israel depends on imports of petroleum, raw materials, wheat, motor vehicles, uncut diamonds and production inputs, though the country's nearly total reliance on energy imports may change with recent discoveries of large natural gas reserves off its coast on the one hand and the leading role of the Israeli solar energy industry on the other.
Israel's quality university 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. With its strong educational infrastructure and high quality incubation system for new cutting edge ideas has allowed the country to create a high concentration of high-tech companies across the country backed by a strong venture capital industry. Its central high technology hub "Silicon Wadi" is considered second in importance only to its Californian counterpart. Numerous Israeli companies have been acquired by global corporations for their reliable and quality corporate personnel. The country was the destination for Berkshire Hathaway's first investment outside the United States when it purchased ISCAR Metalworking, and the first research and development centers outside the United States for companies including Intel, Microsoft, and Apple.
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