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  Israel /
Economy
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Key figures
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GDP: US$200.7 million
GDP/capita: US$28,200 (World rank: 49)
GDP/sector: Agriculture 3%, Industry 30%, Services 67%
Foreign debts: US$66.2 billion
Foreign debts/GDP: 64%
Foreign debts/capita: US$10,850
Annual growth in GDP: -1%
Trade balance: -12%
Export products: Machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel.
Annual inflation rate: 5.7%
Official unemployment: 10%
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International rankings
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Corruption: 33 of 180 countries
Investment friendly: 30 of 181 countries
Economic freedom: 42 of 179
Value of Currency
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1997:
US$1=3.45 Shekels
1998:
US$1=3.80 Shekels
1999:
US$1=4.14 Shekels
2000:
US$1=4.08 Shekels
2001:
US$1=4.21 Shekels
2002:
US$1=4.28 Shekels
Sep. 2008:
US$1=3.52 Shekels
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Israel has the highest average living standards in the Middle East, but a large portion of the population, often Palestinians and immigrants, are not benefiting from the wealth of Israel. Costs of living in Israel is high, and for many their wages never manage to cover more than just the basic costs. Israel has a large portion of the population that lives under very modest conditions, often surviving only on aid from the government's side.
Much of the growth in Israeli economy comes from a politics that has allowed high deficits on state budgets and foreign trade balance. Israel has the most diversified economy of the Middle East, and has a high level of modernization.
Israeli economy has in the recent years experienced an upswing, much due to less need for transferring funds to the military.
Mining is an important activity for Israeli economy, of which much is extracted from the Dead Sea. Petroleum extraction exists in Israel, but is very small scale.
Agriculture in Israel is very effective, as is able to covering about 75% of domestic needs, despite the limited land available. Citrus fruits and eggs are exported. Yet, agriculture contributes to only 3% of Israel's GNP.
Israel has large income from heavy tourism, as well as from donations from individuals and organizations around the world. USA is aiding Israeli economy at the level of US$ 3 billion annually, of which 1,8 billion is allocated to military expenses, the remaining to the civil economy of Israel. Since Israeli economy still runs on heavy deficits, the country cannot be without this help, even if the recent governments have declared economic independence as of its main objectives.
© Copyright 1996-2009 LookLex Ltd. All rights reserved
By: Tore Kjeilen
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