Economic Indicators - Israel Trade Commission, Sydney, Australia

STATE OF ISRAEL 

MINISTRY OF FINANCE 

INTERNATIONAL AFFAIRS DEPARTMENT 

ECONOMIC HIGHLIGHTS 

4 th Quarter 2010 

Click to start 

See also: Summary of 2010 in the Israeli Economy

Contents 

Economic Figures 

Balances 

International Comparisons 

Israel and the OECD 

International Treaties 

Relevant Sites 

Note: 

You can return to the beginning 

of each chapter by clicking the 

emblem of Israel on the top of 

each slide. 

Contact Us

Economic Figures 

Main Economic Indicators 

GDP and Business GDP 

Growth: Israel compared to the World 

Major GDP Components 

Exports of Goods and Services 

Main Trading Partners 

Foreign Investments 

Unemployment & Participation Rates 

Inflation Rate 

Inflation Rate Worldwide 

Growth of Main GDP Components 2008 

BACK TO CONTENTS


Criteria 

2008 

2009 

2009 

Q4 

2010 

Q1 

2010 

Q2 

2010 

Q3 

GDP 

(current prices in $B)* 

194.7 

196.3 

49.6 

50.0 

50.6 

51.1 

Real GDP Growth Rate 

(%) 

4.2% 

0.8% 

4.6% 

3.9% 

4.5% 

3.8% 

GDP per Capita 

(PPP adjusted)* 

28,715 $ 

28,581$ 

-- 

-- 

-- 

-- 

GDP per Capita Growth Rate 

(%, 2005 prices) 

2.4% 

-1.1% 

2.5% 

2.1% 

2.7% 

1.9% 

Exports (Goods & Services) $B* 

(As Percentage of GDP) 

87.8 

(45.1%) 

76.9 

(39.2%) 

20.9 

(42.2%) 

21.3 

(42.6%) 

22.0 

(43.5%) 

21.5 

(42.0%) 

Imports (Goods & Services) $B* 

(As Percentage of GDP) 

85.2 

(43.8%) 

73.2 

(37.3%) 

19.3 

(38.9%) 

20.2 

(40.3%) 

20.5 

(40.5%) 

20.2 

(39.6%) 

Unemployment Rate 

(%) 

6.1% 

7.6% 

7.3% 

6.9% 

6.4% 

6.6% 

*Current Prices, using a public exchange rate of 1$ = 3.59 NIS 

CONTINUE 

Source: Ministry of Finance, IMF


Criteria 

2006 

2007 

2008 

2009 

Total Gross Debt 

(% of GDP) 

84.3% 

77.8% 

77.1% 

79.3% 

Government Expenditure 

(Percentage of GDP) 

44.7% 

43.6% 

43.0% 

43.0% 

Current Account Surplus 

(% of GDP) 

5.1% 

2.9% 

0.8% 

3.9% 


(CPI, yearly average) 

2.1% 

0.5% 

4.6% 

3.3% 

CONTINUE 

Source: Ministry of Finance


Rating Firm 

Term 

Domestic Bonds 

Rating 

Forecast 

Overseas Bonds 

Rating 

Moody's 

Long 

Short 

A1 

- 

Stable 

A1 

P1 

Standard & Poor's 

Long 

Short 

AA- 

A-1+ 

Stable 

A 

A-1 

Fitch 

Long 

Short 

A+ 

- 

Stable 

A 

F1 

Moody's / S&P & Fitch 

A1/A+ 

All 3 rating firms have reaffirmed Israel’s rating, without any downgrade, 

during the global economic crisis in 2009. 

A2/A 

Baa1/BBB+ 

Baa2/BBB 

Aa3/AA- 

A3/A- 

Baa3/BBB- 

Moody's S&P Fitch 

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 

CONTINUE 


GDP and Business GDP 

Annual rate of change (%), in Constant Prices 

8% 

7.0% 

7% 

6% 

5% 

4.9% 

5.8% 

5.7% 

5.3% 

5.9% 

4.2% 

4.7% 

4.6% 

4.7% 

3.9% 

4.8% 

4.5% 

5.1% 

3.8% 

3.9% 

4% 

3% 

2% 

1% 

0% 

-1% 

0.8% 

2005 2006 2007 2008 2009 2009 Q4 2010 Q1 2010 Q2 2010 Q3 

0.1% 

-2% 

-3% 

-4% 

-5% 

-6% 

In recent years, prior to the global economic 

crisis, the Israeli economy experienced high 

growth rates 

GDP Business GDP 

Since Q2 2009, Israel is experiencing 

constant positive growth, indicating a fast 

recovery from the global economic crisis 

CONTINUE 

Source: Ministry of Finance.

GDP Growth 

Israel compared to Advanced Economies* 

(Annual rate of change (%), in constant prices) 

5.6% 

5.1% 

4.9% 

5.7% 

5.3% 

4.6% 

4.2% 

3.6% 

2.6% 

3.2% 

2.7% 

3.0% 

2.7% 

1.9% 

1.6% 

1.5% 

0.8% 

0.5% 

0.2% 

-0.5% 

-1.5% 

-2.5% 

2003 2004 2005 2006 2007 2008 2009 

Since 2004, Israel’s growth rate has exceeded the average growth rate of advanced 

economies. 

In 2009, as most of the world experienced a decline in GDP, Israel 

experienced a 0.8% growth in it’s GDP 

-3.5% 

Advanced Economies * 

Israel Growth 

-3.2% 

CONTINUE 


Major GDP Components 

(Annual rate of change (%), in constant prices) 

20.00% 

15.00% 

13.6% 

14.7% 

Global Economic Crisis 

9.3% 

10.00% 

5.00% 

3.2% 

1.8% 

3.4% 

4.3% 

4.3% 

3.1% 

5.9% 

6.3% 

3.1% 

3.0% 

2.1% 

3.9% 

5.9% 

2.2% 

1.4% 

0.00% 

2005 2006 2007 2008 2009 

-5.00% 

In 2009, due to the global economic crisis, Investment in Fixed Assets and Export of 

Goods and Services contracted severely. 

-5.8% 

-10.00% 

-15.00% 

However, the strength and resiliency of Israel's economy in a time of crisis is 

demonstrated by the positive growth of both Private Consumption and Government 

Consumption during the same period. 

Private Consumption Government Consumption Investment in Fixed Assets Exports of Goods and Services 

-12.5% 

CONTINUE 


Exports of Goods and 

Services ($B)* 

90.0 

80.0 

Services 

Global 

Economic 

Crisis 

70.0 

Goods 

24.1 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

11.9 

27.5 

13.4 

30.2 

16.0 

36.7 

17.4 

39.8 

19.3 

43.3 

21.1 

50.3 

57.2 

22.0 

45.9 

0.0 

2002 2003 2004 2005 2006 2007 2008 2009 

* In current prices 

CONTINUE 


Israel’s Main Trading Partners 

(US$ Billions) 

16 

40 

35 

30 

16.8 

Exports 

2008 

2009 

14 

12 

10 

5.8 

Imports 

2008 

2009 

25 

8 

20 

6 

3.5 

3.4 3.3 2.6 

15 

4 

2 

8 

4.2 3.9 4 4.2 

2.1 

1.9 1.9 

1.5 

1.4 

2.6 2.5 2.5 2.2 1.9 

10 

20.0 

0 

5 

3.8 

2.4 

0 

3.3 

4.6 

1.8 

1.6 1.4 1.4 

1.1 

1.1 1.0 

2.3 2.0 2.0 1.9 1.3 1.7 1.6 

*Since July 1997 the data on trade with Hong-Kong is added to the data on China 

CONTINUE 

Source: Central Bureau of Statistics

Israel’s Main Trading Partners 

(US$ Billions) 

25 

20 

18.7 

20.1 

15 

10 

16.4 

10.8 

13.5 

15.9 

15.3 

12.0 

Exports 

5 

6.2 

8.1 8.3 

European Union 

6 

25 

0 

Asia 

United states 

20 

15 

18 

18.9 

16.0 

20 

17.8 

16.8 

Imports 

10 

12.8 

8.6 

9.8 

12.1 

12.4 

9.5 

5 

0 

European Union 

Asia 

United states 

CONTINUE 

Source: Central Bureau of Statistics

Net Foreign Investments in Israel 

(In $ Billion) 

25 

20 

15 

Direct Investments 

Total Investments 

15.3 

19.4 

14.1 

Global Economic Crisis 

10 

9.5 

8.3 

8.8 

10.9 

10.1 

10 

25.8 

5 

1.7 

4.9 

3.3 

4.3 

2.4 

4.3 

3.9 

14.7 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010* 

* January-September 2010 

Source: Ministry of Finance 

CONTINUE

Unemployment and Participation 

(As % of Total Labor Force) 

8.0% 

59.0% 

7.7% 

7.5% 

7.8% 

58.5% 

7.5% 

7.3% 

57.8% 

58.0% 

7.0% 

6.5% 

56.9% 

56.8% 

56.8% 

6.9% 

57.1% 

57.5% 

57.0% 

6.5% 

6.0% 

56.8% 

56.9% 

As Israel grows out of the global recession, since the 

2 nd quarter of 2009 unemployment is decreasing, hand 

in hand with an increase in participation rate since the 

1 st quarter of 2010. 

56.6% 

6.4% 

6.6% 

56.5% 

56.0% 

55.5% 

5.5% 


55.0% 

5.0% 

Participation in the Labor Force 

Q4 2009 Q1 Q2 Q3 Q4 2010 Q1 Q2 Q3 

54.5% 

CONTINUE 



(Rate of Change in CPI, yearly average) 

5% 

4.6% 

4% 

3.3% 

3% 

2.7% 

2% 

2.1% 

1.3% 

1% 

0.7% 

0.5% 

0% 

2003 2004 2005 2006 2007 2008 2009 2010 

-0.4% 

-1% 

CONTINUE 

Source: Central Bureau of Statistics, Ministry of Finance

Inflation Rate Worldwide 

(Annual rate of change in CPI) 

7% 

2008 (left column) 

The Israeli economy demonstrated a high level of stability 

compared to other countries throughout the global economic crisis 

5% 

4.6% 

2009 (right column) 

4.5% 

3.7% 

3.8% 

3.9% 

3% 

3.3% 

2.4% 

2.7% 

2.2% 

3.1% 

2.7% 

1.4% 

1.6% 

1% 

0.2% 

0.0% 

-1% 

Israel 

Japan 

-1.4% 

Switzerland 

-0.5% 

Portugal 

-0.9% 

Norway 

USA 

-0.3% 

Finland 

Ireland 

-1.7% 

Germany 

Belgium 

-3% 

CONTINUE 

Sources: Ministry of Finance, IMF

Growth of Main GDP 

Components for Previous Year 

Criteria 

2009 

Real GDP 

+ 0.8% 

Business GDP 

+ 0.1% 

Exports 

- 12.5% 

Private Consumption 

+ 1.4% 

Public Consumption 

+ 2.2% 

Investment in Fixed Assets 

- 5.8 % 

NEXT CHAPTER: BALANCES 

BACK TO CONTENTS 


Balances 

Gross Public Debt 

Budget Deficit – Target and Execution 

Budget Deficit and General Government Expenditure 

Current Account and Net Foreign Debt 

Gross Tax Burden 

BACK TO CONTENTS

Gross Public Debt 

(as percentage of GDP) 

Since 2003, gross public debt has been on a consistent downward trend, only interrupted by the 

extraordinary circumstances surrounding the 2009 global economic crisis 

105% 

99.0% 

100% 

97.4% 

95% 

93.8% 

90% 

85% 

84.3% 

Global 

Economic 

Crisis 

80% 

77.8% 

77.1% 

79.3% 

75% 

2003 2004 2005 2006 2007 2008 2009 

CONTINUE 


Budget Deficit – Target and Execution 

(in NIS million, Current prices) 

4500 

2008 Q4 2008 Total 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Total 2010 Q1 2010 Q2 Q3 

-5500 

-5,273 

-4,452 

-3433 

-6523 

-3579 

-15500 

-16,460 

-11,450 

-15,180 

-13,501 

-16,061 

-25500 

For the first time in its history, Israel enacted a biennial 

budget for the years 2009-2010 

In 2009 Israel came in under budget target. 

-35500 

-45500 

Quarterly Budget Execution 

Yearly Budget Execution 

Yearly Budget Target 

-39,286 

-44,355 

CONTINUE 


Budget Deficit and 

General Government Expenditure 

2009 

5.2% 

2008 

2.2% 

2007 

2006 

0.0% 

0.9% 

General Government 

Expenditure (% of GDP) 

2005 

1.8% 

2004 

3.5% 

43.0% 

2009 

0% 1% 2% 3% 4% 5% 

43.0% 

2008 

Budget Deficit 

43.6% 

2007 

(% of GDP) 

44.7% 

2006 

45.3% 

2005 

47.3% 

2004 

48% 

47% 

46% 

45% 

44% 

43% 

42% 

41% 

40% 

CONTINUE 


Current Account Balance and 

Net Foreign Debt 

Since 2003, the current account balance is positive, and is accompanied by a decrease of net foreign debt 

30% 

25% 

23.1% 23.2% 

26.1% 

20% 

Current Account Surplus 

(% of GDP) 

15% 

10.6% 

14.2% 

10% 

5.0% 

4.0% 

5.1% 

3.9% 

5% 

0% 

1.7% 

4.4% 

2003 2004 2005 2006 2007 2008 2009 

3.0% 

2.0% 

2.3% 

3.1% 

2.9% 

Net Foreign Surplus* 

(% of GDP) 

1.0% 

1.2% 

0.8% 

0.0% 

2003 2004 2005 2006 2007 2008 2009 

-1.0% 

*Current Prices, using a public exchange rate of 1$ = 3.59 NIS 

CONTINUE 

Source: Ministry of Finance.

Gross Tax Burden 

(as % of GDP) 

35.5% 35.6% 35.8% 36.1% 

33.8% 

31.3% 

2004 2005 2006 2007 2008 2009 

OECD countries average: 34.8% (2008 average) 

NEXT CHAPTER: INTERNATIONAL COMPARISONS 


Source: Ministry of Finance, OECD

International Comparisons 

IMD World Competitiveness Yearbook 

WEF Global Competitive Index 

Central Bank Interest Rates: Israel and U.S.A 

NASDAQ and Tel-Aviv 100 (monthly average) 

BACK TO CONTENTS

IMD World Competitiveness 

Yearbook 2010 

The Institute for Management 

Development ranked Israel 

17 th 

out of 58 countries for 2010 

(Israel was ranked 24 th in 2009) 

CONTINUE 

Source: International Institute for Management and Development (IMD), World Competitiveness Yearbook 2010


Yearbook 2010 

Resilience of the economy 

Central bank policy 

Financial skills 

Entrepreneurship 

CONTINUE 



Yearbook 2010 

Venture capital 

Total expenditure on R&D 

Scientific research 

Skilled labor 

CONTINUE 


WEF Global Competitiveness 

Index 2010-2011 

The World Economic Forum 

ranked Israel 

24 th 

out of 139 countries 

for 2010-2011 

CONTINUE 

Source: World Economic Forum, Global Competitiveness Index, 2010-2011


Index 2010-2011 

Quality of scientific research institutions 

Utility patents per million population 

Strength of investor protection 

Availability of latest technologies 

CONTINUE 



Index 2009-2010 

Legal rights index 

Capacity for innovation 

Nature of competitive advantage 

Firm-level technology absorption 

CONTINUE 


Central Bank Interest Rates: 

Israel and U.S.A 

4.5% 

4.0% 

3.5% 

3.0% 

The Bank of Israel was the first in the 

western world to raise interest since 

the outburst of the economic crisis. 

The rate was raised gradually from 

0.5% to 2% 

2.5% 

2.0% 

1.5% 

1.0% 

0.5% 

Bank of Israel Rate (BOI) 

U.S. Federal Funds Rate 

0.0% 

CONTINUE 

Source: Bank of Israel (BOI), Federal Reserve

NASDAQ & Tel Aviv 100 

(monthly average) 

4,000.00 

1200.00 

1100.00 

3,500.00 

1000.00 

3,000.00 

900.00 

800.00 

2,500.00 

700.00 

600.00 

2,000.00 

1,500.00 

Tel Aviv 100 corresponds with the 

NASDAQ to current events 

Nasdaq (left scale) 

Tel Aviv 100 (right scale) 

500.00 

400.00 

300.00 

1,000.00 

3 

4 

5 

6 

Jul 2006 

8 

9101112 

Jan 2007 

2 

3 

4 

5 

6 

July 2007 

8 

9101112 

Jan 2008 

2 

3 

4 

5 

6 

July 2008 

8 

9101112 

Jan 2009 

2 

3 

4 

5 

6 

July 2009 

8 

9101112 

Jan 2010 

2 

3 

4 

5 

6 

7 

8 

91011 

200.00 

NEXT CHAPTER: ISRAEL AND THE OECD 



Israel and the OECD 

Israel was invited to join the OECD on May 10, 2010, and officially joined on May 

27, 2010. 

Expenditure on R&D 

Real GDP Growth 

GDP per Capita 

Unemployment 

BACK TO CONTENTS

Expenditure on R&D 

(as percentage of GDP, 2008) 

Israel is ranked 1 st of all OECD countries by expenditure on R&D (research & development) 

5.00 

as percentage of GDP (4.864 %), demonstrating innovation, development and creativity. 

4.86 

4.50 

4.00 

3.50 

3.00 

2.50 

2.28 

0.50 

0.00 

Mexico 

Slovak Republic 

Greece 

Poland 

Chile 

Turkey 

India 

Hungary 

Russian Federation 

Br azil 

Italy 

New Zealand 

Estonia 

Spain 

Ireland 

China 

Czech Republic 

Portugal 

Nor way 

Luxembour g 

Slovenia 

Nether lands 

Canada 

United Kingdom 

Belgium 

France 

Australia 

OECD total 

Germany 

Iceland 

Austria 

Denmark 

United States 

South Africa 

Switzerland 

Korea 

Japan 

Finland 

Sweden 


2.00 

1.50 

1.00 

Source: OECD 

CONTINUE

Real GDP Growth 

(3-year average at end of period) 

Israel’s 3-year average growth rate is higher then most OECD members. 

For Israel’s year-on-year graph, see slide no.7 

12 

9 

6 

3 

0 

-3 

Italy 

Portugal 

Japan 

New Zea land 

Source: OECD 

2.13 

Den mark 

France 

United Sta tes 

Hun gary 

Can ada 

United Kingdo m 

OECD to tal 

Swed en 

Belgiu m 

Germa ny 

Norway 

Irelan d 

Spain 

Switzerland 

Net herlands 

Austria 


Mexico 

Finland 

Greece 

Iceland 

Luxembou rg 

Turkey 

Korea 

Chile 

Estonia 

South Africa 


4.83 

Brazil 


Slove nia 

Indon esia 

Poland 

Russia n Fed eration 

Slova k Republic 

India 

China 

CONTINUE

GDP per capita 

(current prices in US$, current PPP’s, 2008) 

For Israel’s adjusted PPP GDP Per Capita, see 

slide no.4 

60 000 

50 000 

40 000 

30 000 

20 000 

10 000 

0 

India 

Indon esia 

China 

South Africa 

* Estimated 

Source: OECD 

Bra zil 

Turkey 

Chile 

Mexico 

Poland 

Hun gary 

Estonia 


Portugal 

Czech Rep ublic 

New Zea land 

Korea 

Slove nia 


Greece 

Italy 

Spain 

27 902 

33 732 

France 

OECD to tal 

Japan 

Belgiu m 

Germa ny 


Finland 

Swed en 

Den mark 

Iceland 

Austria 


Can ada 

Net herlands 

Irelan d 

Switzerland 


Norway 

Luxembou rg 

CONTINUE


(Average 2006-2008 or latest available period) 

Israel’s unemployment grew mildly compared with some OECD 

members during 2009, with the global economic crisis in background. 

12 

10 

For Israel’s unemployment, see 

slide no.14 

8 

6 

4 

2 

0 

Iceland 

Norway 

Net herlands 

Source: Ministry of Finance, OECD 

Korea 

Switzerland 

Den mark 

Mexico 

New Zea land 

Japan 

Austria 


Luxembou rg 


Irelan d 

Slove nia 

Estonia 


Czech Rep ublic 

OECD to tal 

6.00 

7.27 

Can ada 

Swed en 

Italy 

Russia n Fed eration 

Finland 


Hun gary 

NEXT CHAPTER: INTERNATIONAL TREATIES 

Chile 

Belgiu m 

Portugal 

Bra zil 

Greece 

France 

Germa ny 

Turkey 

Spain 

Poland 


BACK TO CONTENTS

International treaties 

Israel’s Free Trade Agreements 

Avoidance of Double Taxation Agreements 

Cooperation in Industrial R&D Agreements 

Protection of Investments Agreements 

International Organization Memberships 

BACK TO CONTENTS

Israel’s Free Trade Agreements 

1985 

1992 

USA 

EFTA 

QIZ Agreements 

1997 

Turkey 

Egypt (2004) 

1997 

1999 

Canada 

Mexico 

Jordan (1998) 

2000 

European Union (Association Agreement) 

2007 

MERCOSUR (Argentina not yet in force) 

CONTINUE 


Avoidance of Double 

Taxation Agreements 

Austria 

Belarus 

Belgium 

Brazil 

Bulgaria 

Canada 

China 


Croatia 

Denmark 

Estonia 

Ethiopia 

Finland 

France 

Germany 

Greece 

Hungary 

India 

Ireland 

Italy 

Jamaica 

Japan 

Latvia 

Lithuania 

CONTINUE 


Avoidance of Double 

Taxation Agreements 

Luxembourg 

Mexico 

Moldova 

Norway 

Netherlands 

Philippines 

Portugal 

Poland 

Russia 

Singapore 

Slovakia 

Slovenia 

South Africa 

South Korea 

Spain 

Sweden 

Taiwan 

Thailand 

Vietnam 

Turkey 

Ukraine 

United kingdom 

Uzbekistan 

U.S.A 

Romania 

Switzerland 

CONTINUE 


Cooperation in Industrial R&D 

Agreements 

Austria 

Belgium 

Canada 

China 

Finland 

France 

Germany 

Hong Kong 

India 

Ireland 

Italy 

Korea 

Netherlands 

Portugal 

Singapore 

Spain 

Sweden 

United kingdom 

U.S.A 

Victoria (Australia) 


CONTINUE 


Protection of Investment 

Agreements 

Albania 

Argentina 

Armenia 

Azerbaijan 

Belarus 

Bulgaria 

China 

Croatia 

Cyprus 


El Salvador 

Estonia 

Ethiopia 

Georgia 

Guatemala 

Germany 

India 

Kazakhstan 

Latvia 

Lithuania 

Moldova 

Mongolia 

Poland 

Romania 

CONTINUE 


Protection of Investment 

Agreements 

Serbia 

Slovakia 

Slovenia 

Ukraine 

Uruguay 

Uzbekistan 

South Africa * 

South Korea 

Thailand 

Turkey 

Turkmenistan 

*pending ratification 

CONTINUE 


Main International Economic 

Organizations Membership: 

Israel is a member in leading international 

economic organizations: 

•WBG 

•IMF 

•WTO 

•OECD 

A more detailed list: 

BIS | BSEC (observer) | CE (observer) | CERN (observer) | EBRD | FAO | IADB | IAEA | WBG – IBRD, IFC, IDA, 

MIGA | ICAO | ICC | ICCT (signatory) | ICFTU | IFAD | IFRCS (observer) | ILO | IMF | IMO | Interpol | IOC | IOM | ISO 

| ITU | OAS (observer) | OECD | OPCW (signatory) OSCE (partner) | PCA | UN | UNCTAD | UNECE | 

UNEP | UNESCO | UNHCR | UNIDO | UPU | WCO | WFP | WHO | WIPO | WMO | WTOO | WTRO | WTO | ICSID 

NEXT CHAPTER: RELEVANT SITES 



Relevant Sites 

Ministry of Finance 

Bank of Israel (BOI) 

Central Bureau of Statistics (CBS) 

Israeli Government Portal 

Israel Securities Authority 

Ministry of Industry, Trade and Labor 

CONTACT US 

BACK TO CONTENTS

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Director 

Overseas Economic Information 

International Affairs Department 


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Overseas Economic Information 

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