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ECONOMIC HIGHLIGHTS
STATE OF ISRAELMINISTRY OF FINANCE
INTERNATIONAL AFFAIRS DEPARTMENT
July 3, 2007
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Contents:
Note:
You can return to the beginning of each chapter by clicking the button on the top left side.
Economic Figures
Balances
International Comparisons, additional data and industryIsrael and the OECD
International Treaties
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Israel’s Economy:
• Export Oriented Growth
• Rapid Development of Technology &
High-Tech Industries
• Entrepreneurial Culture
• Supportive Environment for Business
• Investment and R&D Incentives
Main Characteristics
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EconomicFigures
GDP and GDP per Capita
Major GDP Components
GDP and Exports Growth
Exports of Goods and Services
Exports of Goods by Region
Structure of Industrial Exports
Imports of Goods and Services
Imports of goods by Region
Foreign Investments
Unemployment Rate
New Employed Persons
Inflation Rate
Estimations for 2007
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Main Indicators and Forecast
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Criteria20032004200520062007F
GDP (current prices in B$)115.4128.9129.7140.5155.9*
GDP Real Growth rate (%)1.3%4.3%5.2%5.1%5.0%
GDP per Capita (current prices, thousands of $)
17.21818.719.921.9
GDP per Capita Growth rate (%)-0.5%3.0%3.4%3.2%3.2%
Exports of Goods & Services (B$)43.552.857.962.65.9%
Imports of Goods & Services (B$)44.452.357.561.75.3%
Unemployment Rate (%)10.7%10.4%9.0%8.4%7.4%
Inflation Rate ( CPI, end of year)-1.9%1.2%2.4%-0.1%1.0%
Current Account (% of GDP)0.5%0.4%3.3%4.9%
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance – Economics and Research Department.
• Using the estimate NIS made by the Ministry of Finance, Multiplied by Bank of Israel’s average US$-NIS exchange rate for 2007.
• Predicted Annual % Change by the Ministry of Finance.
Main Economic Indicators and forecast
Economic Figures
5
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Source: Central Bureau of Statistics, Ministry of Finance
8.0
4.6
-0.9
-2.9
-0.9
-2.9
1.5
-0.3
4.8
3.0
5.2
3.4
5.1
3.2
5.0
3.2
-5.0
-3.0
-1.0
1.0
3.0
5.0
7.0
9.0
2000 2001 2002 2003 2004 2005 2006 2007F
GDP GDP per Capita
GDP and GDP per Capita (Annual rate of Change (%), in Constant Prices)
Economic Figures
6
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0.8
5.0
-6.0
-2.3
0.9
-2.3
-5.5
8.2
5.5
-2.3
0.3
18.2
3.42.7
2.95.1
4.83.3
6.44.9 4.9
2.9
8.0
5.1
-10
-5
0
5
10
15
20
2002 2003 2004 2005 2006 2007F
Private Consumption Government ConsumptionInvestment in Fixed Assets Exports of Goods and Services
Major GDP Components(Annual rate of Change (%), in Constant Prices)
Economic Figures
Source: Central Bureau of Statistics, Ministry of Finance 7
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GDP Growth and Exports Growth(Cumulative Rate (%) of Growth by Period)
115%
188%
62%
120%
34%
54% 54%
100%
35%
82%
0%
50%
100%
150%
200%
1960-1969 1970-1979 1980-1989 1990-1999 1997-2006
GDP Growth Exports Growth
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance
Economic Figures
8
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Source: Central Bureau of Statistics
Exports of Goods and Services (B$)
27.5
11.8
30.2
13.3
36.6
16.1
40.1
17.8
43.3
19.2
0
10
20
30
40
50
60
70
2002 2003 2004 2005 2006
Goods Services
Economic Figures
9
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Exports of Goods by Region(exc. Diamonds)
Africa3%
Other5%
Asia15.1%
Rest of Europe
6.8%
European Union32.9%
North America37.5%
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance
Other8%
Latin America3%
Africa2%
Asia15%
Rest of Europe
6%
European Union36%
North America30%
2006
2007 Q1
Economic Figures
10
Of which: USA: 31.4%
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Structure of Industrial Exports
7,895
15,962 14,862 13,525 14,16617,308 18,794
21,91523,754
8,078
5,1884,731
4,7304,836
4,277
6,3216,694
7,219
0
5,000
10,000
15,000
20,000
25,000
30,000
1995 2000 2001 2002 2003 2004 2005 2006 2007*
US
$ m
illi
on
s
traditional industries
hi-tech industries
35%
65%
23%24%
76%77%
27%
74%
26%27%
74%73%
26%
73%
75%
25% 25%
75%
Jan-Mar, seasonally adjusted, at annual rate.
Economic Figures
11
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Source: Central Bureau of Statistics
Imports of Goods and Services (B$)
31.1
10.8
32.6
11.1
39.5
12.8
43.8
13.7
46.6
14.7
0
10
20
30
40
50
60
70
2002 2003 2004 2005 2006
Goods Services
Economic Figures
12
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Imports of Goods by Region 2006 (excluding Diamonds)
Africa0.7% Other 16.6%
Asia19%
Rest of Europe
9.9%
European Union36.9%
North America 16.9%
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance
Economic Figures
13
Of which: USA: 13.4%
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Foreign Investments (B$)
Source: Ministry of Finance
1.7
4.53.1
9.6
5.2
12.3
3.7 4.11.7
3.2 3.95.4
2
9.1
4.8
9.5
14.2
25.8
0
5
10
15
20
25
30
1998 1999 2000 2001 2002 2003 2004 2005 2006
Direct Investments
Total Investments
Economic Figures
14
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Unemployment Rate by Quarters(Rate of Total Labor Force)
Source: Central Bureau of Statistics
9.2%
9.0%8.9% 8.9%
8.8% 8.8%
8.3%
7.8% 7.8%54.9%
55.1%55.2%
55.6%55.5%
55.8%
56.1%
55.5%55.6%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
2005 Q1 Q2 Q3 Q4 2006 Q1 Q2 Q3 Q4 2007 Q154.0%
54.5%
55.0%
55.5%
56.0%
56.5%
Unemployment Rate
Participation in the Labour Force
Economic Figures
15
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-11
30
50
13
42
6
74
- 3
96
25
48
16
2001 2002 2003 2004 2005 2006
Business Sector Public Sector
New Employed Persons in 2006 (Change in Israeli Employed Persons, in Thousands)
Source: Ministry of Finance
Economic Figures
16
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Inflation Rate (Rate of Change in CPI, end of year)
Source: Central Bureau of Statistics, Ministry of Finance
1.3%
0.0%
1.4%
6.5%
-1.9%
1.2%
2.4%
-0.1%
2.1%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
1999 2000 2001 2002 2003 2004 2005 2006 2007F
Economic Figures
17
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CriteriaEstimate for 2007
Real GDP+5.0%
Business GDP+5.7%
Exports+5.9%
Private Consumption+5.1%
Government Consumption+2.9%
Investment in Fixed Assets+8.0%
Source: Ministry of Finance
Estimated Growth of Main GDP Components 2007
Economic Figures
18
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Balances
Budget Deficit
Current Account
Net Foreign Debt
General Government Expenditure
Gross Public Debt
Gross Tax Burden
Back to Contents
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Gross Public Debt (as percentage of GDP)
99.6%102.0%
100.7%
97.0%
87.7%
84.0%
80%
85%
90%
95%
100%
105%
2002 2003 2004 2005 2006 2007F
Source: Ministry of Finance
Balances
20
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Source: Ministry of Finance, April 2007
Budget Deficit (As percentage of GDP)
3.2%
0.7%
4.2%
3.6%
5.4%
3.7%
1.9%
0.9%
2.9%
0%
1%
2%
3%
4%
5%
6%
1999 2000 2001 2002 2003 2004 2005 2006 2007Budget
proposal
Balances
(Expected: 1.5%)
21
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Current Account (As percentage of GDP)
Source: Bank of Israel
-1.3% -0.6%
1.2%
2.3%
3.4%
5.7%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2001 2002 2003 2004 2005 2006
Balances
22
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2.8%0.1%
-2.3%
-5.7%
-9.3%
-16.7%
-24.5%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
2000 2001 2002 2003 2004 2005 2006
Net Foreign Debt (As percentage of GDP)
Source: Ministry of Finance
Balances
23
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Source: Ministry of Finance
General Government Expenditure (As percentage of GDP)
52.1%
51.4%
50.7%
50.0%
48.4%
51.1%
52.2%
51.5%
49.2%
47.4%
46.8%
45%
46%
47%
48%
49%
50%
51%
52%
53%
54%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Balances
24
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Source: Ministry of Finance
Gross Tax Burden (As percentage of GDP)
37.80%
36.80%
37.00%
38.1%38.2%
37.5%
36.6%36.7%
36.8%
37.2%
36.00%
37.00%
38.00%
39.00%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Balances
25
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Internationalcomparisonsand additionaldata
ICT and Business Sector’s Product
Main Trading Partners
Central Bank Interest Rates
Nasdaq and Tel Aviv 100 Indices
Israel’s Credit Rating
Global Competitiveness Index
Business Competitiveness Index
Network Readiness Index
Dividend Distribute in past years
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Israel’s ICT* and Business Sector’s Product (Annual % change)
* Information and Communication Technology
Source: Central Bureau of Statistics
-1.9%
-14.8%
-2.8%
0.7%2.2%2.3%
6.8%
10.8%
6.7% 5.6% 6.4%
9.9%
-18%
-13%
-8%
-3%
2%
7%
12%
2001 2002 2003 2004 2005 2006
Business ICT
Additional data
27
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Israel’s Main Trading Partners, 2006($US Billions)
5.2
9.6
3.2
1.7
2.4
0.9
1.8
1.3
1.6
1.4
1.8
1.0
1.31.0
1.30.8
1.20.9
1.9
0.2
0
2
4
6
8
10
12
14
16
USAGermany
ChinaThe Netherlands
UK ItalyFrance
Turkey
Belgium
Switzerland
Export
Import
14.8
4.9
3.3 3.1 3 2.82.3 2.1 2.1 2
Source: Central Bureau of Statistics
Additional data
28
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Capital Raised by Israeli VC Funds* (M$)
317
643 638
1,438
2,587
1,317
393
6
585
1,460
473
0
500
1,000
1,500
2,000
2,500
3,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
*In vintage year: Year of first closing or first investment.
Source: IVC – Israel Venture Capital Research Center
Additional data
29
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Central Bank Interest Rates Israel vs. U.S.A
Source: Bank of Israel, Federal Reserve
Bank of Israel Rate
Federal Reserve Rate0%
1%
2%
3%
4%
5%
6%
Ja
n (1
)2 3 4 5 6 7 8 9 1
01
11
2J
an
(1)
2 3 4 5 6 7 8 9 10
11
12
Ja
n (1
)2 3 4 5 6 7 8 9 1
01
11
2J
an
(1)
2 3 4 5 6
Additional data
Currently:
3.5%
Currently:
5.25%
30
2004 2005 2006 2007
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Nasdaq Index & Tel Aviv 100 (monthly average)
1000
1500
2000
2500
3000
3500
4000
200
300
400
500
600
700
800
900
1000
1100Nasdaq Index (left scale)
Tel Aviv 100 (right scale)
Source: Tel Aviv Stock Exchange (TASE) and the Ministry of Finance.
Additional data
31
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Source: Credit Rating Agencies, Accountant General
Israel’s Credit Rating 1992-2007
0
1
2
3
4
5
6
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Moody's A2 Stable S&P A- Stable Fitch A- Stable
A1/A+
A2/A
A3/A-
Baa1/BBB+
Baa2/BBB
Baa3 /BBB-
Additional data
32
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Source: World Economic Forum, Global Competitiveness Index, 2006
Global Competitiveness Index, 2006Israel Ranks 15 Out of 125 Countries (2005 Rank was 23)
5958
4847
3428
2421
1815
108
64
1
42
Additional data
33
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Business Competitiveness Index, 2006 Israel Ranks 19 Out of 121 Countries (2005 Rank was 22)
6455
49
46
30
2725
2219
1612
85
21
36
Additional data
34Source: World Economic Forum, Global Competitiveness Index, 2006
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Network Readiness score, 2006
Source: World Economic Forum, Global Information Technology Report 2006
Turkey
Greece
Italy
Spain
Portugal
France
Israel
Germany
Japan
Canada
United Kingdom
United States
Switzerland
Denmark 5.71) 1(
5.58) 5(
5.54) 7(
5.45) 9(
5.35) 11(
5.27) 14(
5.22) 16(
5.14) 18(
4.99) 23(4.48) 28(
4.35) 32(
4.19) 38(
3.98) 48(
3.86) 52(
Additional data
35
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Dividend Distribute in the Past Years(NIS Millions)
2,559
6,196
222210178137106
19,747
14,609
11,917
54%
76%
79%
70%74%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2002 2003 2004 2005 2006
30%
40%
50%
60%
70%
80%
90%
Amout of companies distributing dividend
Total dividend distributed (NIS Millions)
Distributing companies – % from total
Source: Tel Aviv Stock Exchange
Additional data
36
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Israel and theOECD
Real GDP growth in 2006
Nominal GDP growth in 2006
Unemployment Rate in 2006
GDP per Capita in 2006
GDP Based on PPP per Capita in 2006
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Real GDP Growth in 2006 (Annual percentage of change, Partial list)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
Source: OECD and the Ministry of Finance, Israel
Israel and the OECD
5.1%
3.17%
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Nominal GDP Growth in 2006 (Annual percent of change, Partial list)
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Source: OECD and the Ministry of Finance, Israel
5.48%
7.51%
Israel and the OECD
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Unemployment Rate 2006 (average)
0%
2%
4%
6%
8%
10%
12%
14%
16%
Source: OECD, and the Central Bureau of Statistics, Israel
6.0% 8.4%
Israel and the OECD
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GDP per capita in 2006 ($US)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Source: IMF, Ministry of Finance
Countries that have been invited for open discussions for joining the OECD.
19,50018,610 12,203 8,864
6,856
Israel and the OECD
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0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Source: IMF (Estimation)
Countries that have been invited for open discussions for joining the OECD.
GDP (based on purchasing-power-parity (PPP) ) per capita2006 ($US)
30,464 23,843 18,215 12,096
12,982
Israel and the OECD
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InternationalTreaties
Israel’s Free Trade Agreements
Avoidance of Double Taxation Agreements
Cooperation in Industrial R&D Agreements
Protection of Investments Agreements
International Organization Memberships
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Israel’s Free Trade Agreements
USA (1985)
EFTA (1992)
Jordan (1995): Bilateral Trade Agreement
Canada (1997)
Turkey (1997)
Mexico (1999)
Romania (2000)
European Union – Association Agreement (2000)
Bulgaria (2002)
International Treaties
{Both Romania and
Bulgaria have recently joined the European
Union44
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Avoidance of Double Taxation International Treaties
France
Germany
Greece
Hungary
India
Ireland
Italy
Jamaica
Japan
Latvia
Austria
Belarus
Belgium
Brazil
Bulgaria
Canada
China
Czech Republic
Denmark
Finland
Agreements
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International Treaties
South Korea
Spain
Sweden
Switzerland
Thailand
The Netherlands
Turkey
Ukraine
United Kingdom
Uzbekistan
USA
Lithuania
Luxembourg
Mexico
Norway
Philippines
Poland
Romania
Russia
Singapore
Slovakia
South Africa
Avoidance of Double Taxation Agreements (con.)
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Cooperation in Industrial R&D Agreements
Belgium
Canada
China
France
Hong Kong
Italy
Netherlands
Portugal
Spain
UK
USA
Singapore
Ireland
Sweden
Finland
Germany
IndiaAustria
Korea
International Treaties
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Protection of Investment Agreements
International Treaties
Albania
Argentina
Armenia
Belarus
Bulgaria
Croatia
Cyprus
Czech Republic
El-Salvador
Estonia
Georgia
Germany
Hungary
India
Kazakhstan
Korea
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Protection of Investment Agreements (con.) International Treaties
Turkmenistan
Ukraine
Uruguay
Uzbekistan
QIZ Agreement
Egypt
Jordan
Latvia
Lithuania
Moldova
Poland
Romania
Slovakia
Slovenia
Thailand
Turkey49
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International Organization* Memberships:
BIS | BSEC (observer) | CE (observer)
CERN (observer) | EBRD | FAO | IADB | IAEA
IBRD | ICAO | ICC | ICCt (signatory) | ICFTU
IDA | IFAD | IFC | IFRCS (observer) | ILO | IMF
IMO | Interpol | IOC | IOM | ISO | ITU | OAS (observer)
OPCW (signatory) | OSCE (partner) | PCA | UN
UNCTAD | UNECE | UNEP | UNESCO | UNHCR
UNIDO | UPU | WB | WCO | WFP | WHO | WIPO | WMO
WToO | WTrO | WTO | MIGA | OECD (candidate)
* Economic Organizations
International Treaties
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Relevant SitesGovernment Institutes:
Bank of Israel
BOI Annual Report (Complete in English)
Central Bureau of Statistics
Israeli Government Portal
Ministry of Finance
Israel Securities Authority
Ministry of Industry,Trade and Labor
Economic News:
“The Marker”
“Globes”
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We welcome your feedback:
Contact:
Uri Geva
International Affairs Department
Ministry of Finance, Jerusalem, Israel
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