October 4 th 2011 The Israeli Economy. GDP ($Billion) 218 Population (7/2011, Million) 7.8 GDP per...
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Transcript of October 4 th 2011 The Israeli Economy. GDP ($Billion) 218 Population (7/2011, Million) 7.8 GDP per...
October 4th 2011
The Israeli Economy
• GDP ($Billion) 218• Population (7/2011, Million) 7.8 • GDP per capita ($) 28,575• Foreign Trade (% of GDP) 72% • Total Exports (% of GDP) 37%• Unemployment (7/2011) 5.4%
The Israeli Industry
• Share of business sector 21% • Industrial Sales ($Billion) 95• Industrial Exports (% of sales) 43% • Employees 350K• Main branches: Chemicals, Electronics & Food2
The Israeli Economy – 2010 Facts & Figures
The Manufacturers' Association of Israel
Israeli Economy
Strengths
The Manufacturers' Association of Israel
3
The Resilience of Israeli Economy during 2008/9 Global Crisis
Positive Growth in Israel Vs. Regression in Most Developed Countries
4The Manufacturers' Association of Israel
0.8%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Fin
lan
d
Ru
ssia
Irel
and
Mex
ico
Jap
an
Sw
eden
Ital
y
UK
Ger
man
y
Tu
rkey
Den
mar
k
Net
her
lan
ds
Au
stri
a
Sp
ain
Bel
giu
m
Po
rtu
gal
US
A
Can
ada
Fra
nce
Gre
ece
Sw
itze
rlan
d
So
uth
Afr
ica
New
Zea
lan
d
No
rway
Bra
zil
Sau
di
Isra
el
Au
stra
lia
Po
lan
d
Ind
ia
Ch
ina
Source: IMF October 2010
Developed and selected major emerging market countries,Real GDP growth, 2009
A Short Recession in the Israeli Economy During 2008/9 Global Crisis
The Manufacturers' Association of Israel
5
3.6%
1.0%
-2.1% -2.6%
1.8%
3.5%
5.0%5.6% 6.1%
4.6%
7.5%
4.7%
3.5%4.2%
0.7%
-3.2%-4.4%
2.7%3.5%
5.1%
7.9%7.3%
4.8%
8.7%
5.3%
2.4%
Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11
GDP Business GDP
GDPReal Changes in GDP, Each quarter against Previous, at Annual Rate, S.A. Data
4%
-1%
-4% -4%-5%
-6%
-9%-10%-10%-11%-11%
-12%-12%
-15%-16%
-17%-18%-18%
-21%
Real Industrial Output Change, 2009 compared to 2008
ʺ ʥhʥ́ʤ̋ ʥhʩʣʮʤʯʩʡʤʩʩ́ ʲ ʺ ʤʩʢʥʥʩɦʺ ʥyʣʢʤʡʭʩʬʷʭʩʬʣʡʤʭʩʮʩʩ̫ʥʯʫ̋ ʩ
Relatively Moderate Regression in Israeli Industry during 2008/9 Crisis
Source: OECD, CBS & MAI Economic Research Department The Manufacturers' Association of Israel 6
Export Oriented Growth
7
The Manufacturers' Association of Israel
7%
41%34% 27% 31%
54%62%
80%
102%
120%
102%
134%141%
0%
1%
12%
6%
4% 4%11%
15%
26%32%
42%
33%
44% 46%
Jan.-Aug. '11
Industrial Exports
Industrial Production
Export = 43% of Sales
Export Oriented Growth in IndustryReal Cumulative Rate of Change, Since 1998
Export = 31% of Sales
Strong starting pointRapid Growth in Israeli Economy
The Manufacturers' Association of Israel 8
GDP GDP per Capita Business Sector GDP
5.1%
3.2%
6.9%
4.9%
3.0%
5.8%5.6%
3.7%
6.8%
5.5%
3.6%
6.1%
4.0%
2.2%
4.5%
0.8%
-0.9%
0.3%
4.8%
2.9%
5.8%
5.0%
3.1%
5.6%
2011 Est.
Real Annual Changes
A Continuous Decrease in Unemployment Rate
9
10.3% 10.7% 10.4%
9.0%8.4%
7.3%
6.1%
7.5%6.6%
5.6%
2011 Frcst.
Unemployment RateAs Percent of Civilian Labor Force
The Manufacturers' Association of Israel * M.A.I Economic Research Department early estimates.
2.6%
0.3%
-1.8%-2.2%
-5.0%
-0.9%
0.6%
1.8%
3.2%
5.1%
2.7%
0.9%
3.6%
2.9%
ASurplus in The Balance of Payments Current AccountAs Percentage of GDP
Independent of Outside Funding A Continuing Current Account Surplus
Source: CBS & MAI Economic Research Department
The Manufacturers' Association of Israel
10
The combination of a continual surplus in the current account and the large amount of foreign currency reserves, enable Israel to provide its import needs without dependence on external financing.
High Private Saving Rate in Israel
The Manufacturers' Association of Israel
11
Source: OECD & CBS
Household saving rates - Percentage of disposable household income, 2009
2.2%
5.9%
11.1%12.9%
13.4%16.8%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
DenmarkSlovak Rep.
JapanPoland
HungaryKorea
FinlandCzech Rep.
CanadaAustralia
United StatesNetherlands
ItalyNorwayIrelandAustria
SwitzerlandGermany
SwedenBelgium
Israel
Source: OECD & CBS
Household saving rates - Percentage of disposable household income, 2009
Bank Regulatory Capital to Risk-Weighted
The Manufacturers' Association of Israel
12
0.0
5.0
10.0
15.0
20.0
25.0
Belg
ium
Icel
and
Sing
apor
eLu
xem
bour
gSw
itzer
land
Japa
nG
erm
any
Den
mar
kCa
nada
Aus
tria UK
Czec
h Re
p.U
SAFi
nlan
dIr
elan
dKo
rea
Net
herl
ands
Isra
elN
orw
ayCy
prus
Swed
enSl
ovak
Rep
.It
aly
Fran
ceG
reec
eSp
ain
Slov
enia
Aus
tral
iaPo
rtug
al
22.1
15.3 14.3
10.8
2010
Source: IMF
0
10
20
30
40
50
6061.2
5.43.3
1.7 1.5 0.4
Bank Nonperforming Loans to Total Loans -Low Ratio in Israel Percents, 2009
Bank Nonperforming Loans to Total Loans -Low Ratio in Israel
13
The Manufacturers' Association of Israel Source: IMF
Nominal Change in Average Apartment Price, 1997-2007
Real Estate Prices Before 2008/9 Crisis: Relatively Moderate Increase
Source: Psagot Investment HouseThe Manufacturers' Association of
Israel
14
House Prices
15
The Manufacturers' Association of Israel Source: OECD, CBS
-33.7%
-13.9%-10.7%-10.4%
-4.1% -2.5% -2.0% -0.1%
3.6%6.7%
9.0% 9.1% 10.1%10.3%12.9%13.1%
21.1%
43.8%
ʮʡʺ ʸ ʫʩhʤʩʩʬʲʺ ʩʮʥʠʬʰʩʡʤʠʥʥ́ʤʡʬʠʸ ʹ ʩʡʺ ʥyʩʣʤʩyʩʧCumulative change ratess, 2010 average compared to 2007 average
High Share of ICT in the Business Sector
ICT= Information & Communications Technologies, 2006
Source: Israeli CBS The Manufacturers' Association of
Israel
16
15.9 14.8
13.7
12.1
10.9 10.8 10.7
9.2 8.7 8.4 8.3 7.9 7.9 7.9 7.6 7.6 7.5 7.5 7.1 7.1 6.9 6.8 6.7
5.0
ICT Sector GDP, Out of The Business Sector GDP 2006
2010
15.7
%
To Industrial Output To Employment in Industry
To Industrial Export
71%65%
75%
The High Tech Sector Contribution to Industrial Growth in 2004-20
As Percentage of Total Growth
The High Tech Sector Contribution to Industrial Growth
The Manufacturers' Association of Israel 17
2004 – Q2/2011
Including 8/2011))
Global R&D and Innovation Center
18
The Manufacturers' Association of Israel
World Leadership in Civilian R&D Investments
Source: Israeli CBS The Manufacturers' Association of Israel
19
4.5%4.0%
3.5%
3.0% 3.0%
2.1%2.0%2.0%
1.5%
1.0%
Israel is The World Leader in Civilian R&D InvestmentAs Percentage of GDP, 20 9
2010
4.
4%
Other Asia US EU
23%
15%
28%
34%
24%
18%
26%
32%
Jan. -Aug. 2011
Distribution of export according to areasDiversion of Trade to Asian Countries
The Manufacturers' Association of Israel 20
3.8%
1.1%
-1.2%
-2.4%
0.3%
-1.1%-1.6%
-2.1%
-4.2%
-2.1%-1.8%
-0.3%
0.6%1.2% 1.4%
-0.5%
0.4%
Real Wage in Business SectorReal Changes, Compared to the Parallel Period in a Previous Year
Employment Flexibility
The Manufacturers' Association of Israel
Real Decrease in Wages at the Israeli Business Sector During 2008/9 Global Crisis
21
Extraordinary measures during 2008/9 crisis including: 1.Reducing Overtime2.Concentrated Vacation3.Non Payment Vacation4.Shortened Workweek
-0.3%
0.4%
1.7%
-0.2%
-0.7%
0.4%
1.3%
1.7%
2.0%
-0.6%
0.4%
1.2%
Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11
Workers in the Business SectorChange rates, each quarter against previous quarter, S.A. data
18,000 employees were fired
18,000 employees were fired
+128,000 employees+128,000 employees
אגף כלכלה22
Relatively moderate Dismissals During 2008/9 Global Crisis
Workers in the Business Sector
6%
5.5%
3%
2%
5.2%
3.7%
Target Deficit Actual Deficit
As percent of GDP
Responsible Fiscal PolicyRestrained Government Budgetary Deficit
The Manufacturers' Association of Israel
23
Source: Ministry of Finance
Relatively Low Government Deficit in Israel
Source: Eurostat, IMF, MOF
The Manufacturers' Association of Israel 24
32.4%
10.6% 10.5% 10.4% 9.5% 9.2% 9.1%7.0%
5.4%4.6% 4.1% 3.7% 3.3% 2.7% 2.5%
0.0%
Israel’s Government Deficit is Relatively LowAs Percent of GDP, 2010
Continuous Reduction of Public Debt Ratio
The Manufacturers' Association of Israel
Source: Ministry of Finance
25
99 97.493.8
84.578.3 77.2 79.6
76.6
Continuous Reduction of Public Debt Ratio
Public Debt as Percentage of GDP
Relatively Low Public Debt Ratio
The Manufacturers' Association of Israel
Source: Ministry of Finance, Eurostat, IMF
26
220.3%
142.8%
119.0%
96.8% 96.2% 93.0% 91.6%83.2% 81.7% 80.0% 76.6% 72.3%
62.7% 60.1% 55.0% 48.4% 43.6% 39.8%
As percent of GDP, 2010
10%
10%
12.5%
16%
17%
19%
20%
21%
22%
23%
24%
25%
25%
26%
26%
28%
30%
31%
33%
Cyprus
Bulgaria
Ireland
Rumania
Singapore
Hungary
Russia
Switzerland
EU average
Greece
Israel
Austria
Denmark
Finland
Sweeden
U.K.
Spain
Italy
France
Corporate Tax - 2011
INDUSTRIAL COMPANIES WITH EXPORT CAPABILITYINDUSTRIAL COMPANIES WITH EXPORT CAPABILITY2011-12: 15% - 10%
2013-14: 7% - 12.5%2015: 6% - 12%
INDUSTRIAL COMPANIES WITH EXPORT CAPABILITYINDUSTRIAL COMPANIES WITH EXPORT CAPABILITY2011-12: 15% - 10%
2013-14: 7% - 12.5%2015: 6% - 12%
27
2011
Source: KPMG, www.worldwide-tax.com
Corporate Tax
Israeli Economy
Weaknesses
The Manufacturers' Association of Israel
28
The Manufacturers' Association of Israel
29
Gini Index in the OECD
Source: OECD
0.232
0.312
0.379
0.474
Den
mar
kSw
eden
Luxe
mbo
urg
Aust
riaSl
ovak
iaCz
ech
Repu
blic
Finl
and
Belg
ium
Net
herla
nds
Nor
way
Switz
erla
ndIc
elan
dFr
ance
Hun
gary
Ger
man
yAu
stra
liaO
ECD
Kore
aCa
nada
Spai
nG
reec
eJa
pan
Irel
and
New
Zea
land U
KIt
aly
Pola
ndIs
rael
USA
Port
ugal
Turk
eyM
exic
o
Gini index in the OECD
Isra
el
46.3%
60.2%
64.6%
78.9%
Employment RateAs percentage of working age popualtion, 2010
Relatively Low Employment Rate
30
The Manufacturers' Association of Israel Source: OECD
Standard of LivingRelatively Low GDP Per Capita
31
The Manufacturers' Association of Israel
44
84
100
138
164
Gross domestic product per capita Index )OECD=100), Based on PPP, 2010
The Background to the Protests: High Cost of Living
25.1%
23.4%
15.3%
-5%
0%
5%
10%
15%
20%
25%
30%
Jan. - Jun. 11'
Food Price
Housing Price
Nominal Wage
ʭʩhʥ́ʤʭʩyʩʧʮʤʬʥʮʬʷʹ ʮʡʲ ʶʥʮʮʤy ʫ́ ʤ̋ ʥʧʺ ʴ ʺ ʤCumulative change rates compared to 2006 average
The Manufacturers' Association of Israel
The Food Prices
0%
25%
58%
24%
46%
84%
0%
4%
16% 17%20%
25%
0% 1%5%
9%12%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan. - Aug. 11'
UN Food Price Index
Food Price
CPI
ʭʩyʩʧʮʺ ʥʧʺ ʴ ʺ ʤ
Cumulative change rates compared to 2006 average
The Manufacturers' Association of Israel
Cost of LivingNumber of Salaries Required to Buy…
34
The Manufacturers' Association of Israel
Source: BDO, Ziv Hatf, According to an average salary.
114
9079 71
60 56 54
30
To Buy an Apartment To Buy a Car*
* Mazda 3
14.2
11.6
9
5.9 5.4 5.4 5.34.1 3.8
Indirect Tax Burden
35
6.9
10.2
16.2
17.8
USA
Japa
nSw
itzer
land
OEC
DSp
ain
Slov
ak R
ep.
Cana
daG
erm
any
Czec
h Re
p.N
orw
ayA
ustr
alia
Turk
eyIr
elan
dG
reec
eM
exic
oKo
rea
Net
herl
ands
Belg
ium
New
Zea
land
Luxe
mbo
urg
Finl
and
Ital
yU
KPo
land
Aus
tria
Port
ugal
Icel
and
Isra
elH
unga
ryFr
ance
Den
mar
kSw
eden
Percentage of GDP, 2008
The Manufacturers' Association of Israel
OpportunitiesThreats
20122012
2012 Threats• Expected slowdown in global trade expansion rate
• High Level of commodity prices is expected
• Weak Starting point in Industrial Exports
• Wage pressures
• A slow down in Domestic demands
• Trachtenberg Committee Recommendations
• Increase in government –controlled costs
• Geopolitical instability
• Off-shoring
The Manufacturers' Association of Israel
37
13.3%
-0.3%
3.7%
6.3%
10.8%
7.5%8.6%
7.1%
2.7%
-11.7%
13.6%
7.7%5.8%
2011 Frcst
2012 Frcst
Volume of World TradeAnnual change, trade in goods
Source: The Economist, 15/8/11
38
“Decrease of 2% in world trade = Decrease of 2% in Israeli export = Decreases of 0.4% in GDP.”
Bank of Israel, September 2011
An Expected Slowdown in World Trade
128%
135%
158%
123%
70%
133%
161%
122%
107%
130%
117%
263%
162%
0%
50%
100%
150%
200%
250% Base metals
Industrial raw metrials
Crude oil
Rubber
Global raw metrials prices - ForcastUS$ index, Cumulative rate of chnage, Since Q /0
Industrialraw metrials )IRM) is a price index of 9 hard commodities.Source:Economist, Sep. 2011
Stability on high level in raw materials prices
Industrial Export )excl. diamonds)
אגף כלכלה40
2.0%
-2.1%
2.3%
-6.5%-8.4%
-1.8%
9.6%7.6%
9.4%
-3.8%
-0.2%-0.5%
7.6%
-2.6%
-5%
ʩ̋ʩʩ́ʲ ʺʤʠʥʁʩʤ̋ ʥʧʺʴ ʺʤReal change rates, S.A, each period against previous period
*Estimated export prices.
-
- %
4% 2%
-1%
-15%
25%
-1%
-14%
13%8%
3%
-28%
19%
7%
-21%
Real changes rates, July - August 2011 compared to Q1/10, S.A
High Tech Mixed Low Tech Low TechMixed High Tech
Most of the increase in the Industrial Export derives from the High Tech sector
41
Cumulative decrease of 5% in the Industrial Export
Industrial Production
42
The Manufacturers' Association of Israel
3.4%
0.6%
-1.1%-0.9%
-4.8%
-2.3%
1.4%
3.9%
2.9%
5.7%
-4.6%
0.4%
2.9%
-1.2%
Real change rates in industrial production, S.A, each period against previous period
-9%
-2.6
1.4%
0.0%-0.3%
-1.0%
-2.6%
-1.8%
-0.3%
0.8% 0.9%1.1%
0.0%
0.5%0.3% 0.4%
Change rates, S.A, each period against previous period
-6%(22K people)
(14.3K people)
Employees in the Industry
43
The Manufacturers' Association of Israel
1,500 new employees
The total number of employees in industry is still lower by 2% compared to Q1/08
2,9702,829
2,1861,668
1,5591,213
1,005667
457362351
164131126119
38-48
-790-1,239
Metal ProductsElectronic Components
Control & Medical Equip.Food & Beverage
ChemicalsPlastic & Rubber
MachineryBasic Metal
ElectricWood & Furniture
Electronic CommunicationPublishing & Printing
JewelleryShoes and LeatherMining & Quarrying
PaperNon-Metallic Minerals
Transport Equip.Textiles & Wearing
ʤʩʩ́ʲ ʺ ʤʩɹʰʲ ʡʭʩʣʡʥ̡ʤ̋ ʡʶʮʡʩʥhʩ́ʤChange in the number of employees, April - July 2011 to Q3/09
Employees in the Industry by Branches
44
The Manufacturers' Association of Israel
45
Real Wage in Industry
-2.1%-2.6% -2.7% -2.5%
-2.1% -2.0% -2.1%
0.8%
2.7%
1.2%
2.5%
-0.6% -0.7%
Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11
*Average wage per employee job
Change rates, Compared to the Parallel Period in a Previous Year
23% 26%34%
29% 30%25%
16%9% 8%
16% 18% 21% 23% 23% 20%27% 29%
34%
40% 29%33% 27%
31%
16%
11%17%
27% 24%23%
27%33%
35%30% 26%
11%
11% 20%
11% 18% 17%
18%
23%
36%
26% 25%
31%23%
25% 24%26% 27%
Q2/07Q3/07Q4/07Q1/08Q2/08Q3/08Q4/08Q1/09Q2/09Q3/09Q4/09Q1/10Q2/10Q3/10Q4/10Q1/11Q2/11
Little Difficulty Medium Difficulty Hard Difficulty
Difficulty in Recruiting Professional Employees for the Industry )Percent of Industrialists Reporting of Difficulties, Survey of Expectations in Industry)
82%
52%
42%
61%
69%66%
74%
81%75%
79%82%
52%
67%
77%83%
73% 75% 73%
Continuous Difficulty in Recruiting Professional Employees to Industry
46
An additional wage updates are expected
47
The Manufacturers' Association of Israel
due to the Minimum Wage Update
• January 2011 3,850 NIS
• April 2011 3,890 NIS
• July 2011 4,100 NIS
• October 2012 4,300 NIS
48
Source :OECD
Minimum Wage50% 50%
48%45% 44% 43%
41%37% 37% 37% 36% 36%
Minimum WageRatio of minimum to mean wage, 2008
ʭʥʩʡʭʥʮʩhʩʮʤy ʫ́ʺ ʰʹ ʪʬʤʮʡʩ́ʣʥʧ ʤ́ ʴ ʰʬʲ ʶʥʮʮʤy ʶʥ̋ʤʮʦʥʧ ʠʫʭʩhʥ̋ʰʤy ʥ̫ʮ-OECD
Revenue of All Industries
49
2.1%
0.8% 1.0%
-1.3%-1.2%
-3.6%
-2.3%
0.2% 0.2%
3.1%3.5%
1.6%
0.3%
1.2%0.7%
0.2%
Revenue of all industries
ʤʮʢʮʥ̫
Revenue of All IndustriesReal change rates, S.A., each period against previous period
Trend line
Financial Assets Held by The Public
אגף כלכלה50
0%
6%
5%
-6%
2%
7%
14%17%
21%
19%
27%
31%28%
Financial Assets Held by The PublicCumulative Rate of Change since Jan. 2008
Industrial Production Industrial Export Employees
-6.0%-8.3%
-4.8%
7.7%
16%
1.6%3%
5%
1%
2011 Forecast
Real Annual Changes
MAI Industry Forecast for
A Slowdown in Industrial GrowthM.A.I estimates for 2011
51
53Source: Off shoring Survey, Manufacturers’ Association of Israel. July 2011.
Within 2 years 53% of
industrial companieswill have
productive activity abroad
Shifting Production Lines Abroad
Off shoring, 29%
Planning to Offshore as a partial
substitute to manufacturing in
Israel, 13%
Planning to Offshore as a full substitute to
manufacturing in Israel, 2%
Planning to Offshore in order to expand
activities, 8%
Not Planning to Offshore, 40%
No Answer, 7%
ʪʥ̋ʡʭʩʩ̋ʰʹ ʫ
ʺ ʥyʡʧʮʤʩʩ́ʲ ʺ ʤʺ ʥʬʲ ʡʥʩʤʩ
ʺ ʥʬʩ̡ʴʺ ʩhy ʶʩ
ʥʧʡʬ
אגף כלכלה
• Continuous growth in emerging markets
• Continuous increase in domestic demand
• Attractive taxation path )?)
• Fiscal discipline + bi annual budget
• Employers – employees co-operation
• No Inflationary pressures
• A Renewed Depreciation of the NIS
• Credit rating upgrade by S&P
Local
Global
2012 Opportunities
Global Growth Forecast
55
China India Japan Euro Area USA
10.3% 10.1%
4.0%
1.8%
3.0%
9.5%
7.8%
-0.5%
1.6% 1.5%
9.0%
7.5%
2.3%
1.1%1.8%
2011 est. 2012 frcst.
Source: IMF, Sep. 2011
Growth ForecastAnnual GDP growth
4%
2%
-1%
4%
1%
-1%
-4%
-10%-9%
-1%
4% 4%3% 3% 4%
2%0%
1% 1%
The development in the Tech Plus index, each period against previous period
A continuous rise in the activity of the Hi.Tech sector in the US
Factors supporting the continuation of increasing demand
• Raising wages
• Decline in unemployment rate
• Relatively Low Real interest rate
Housing CPI, Excl. housing CPI
5.2%
2.8%
3.4%
Change in Consumer Price Index, Aug. 2011 compard to Aug. 2010
58
Inflation in Israel
Expected Rate of Inflation
Source: Bank of Israel, mean of the inflation forecasts of the commercial banks and economic consultancy companies
3.0%
3.1% 3.1% 3.1% 3.1%
3.0%
2.9%
2.7%
2.3%
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
Average inflation forecasts 12 months forward
Since June A Sharp Depreciation Compared to Main Competitors
-5%
-1%
5% 6% 6% 7%9% 10% 10% 11%
17%
Japan China Canada UK Malaysia Taiwan Euro Area
Korea Israel India Mexico
ʬʠʸ ʹ ʩʡ-ʺ ʥʩyʷʩ̡ʤ̋ ʥyʧʺ ʮʬʤʠʥʥ́ʤʡʣʧʺ ʥʧʩɹʸ ʬʥʣʤʬʥʮʩʮʥ̫ʮʤʯʩɹʩʬʧʤy ʲ ʹ ʡʩʥhʩ́ʤʤy ʠʬʺ ʥʬʥʣʢʤ̋ ʥʩhʠʥʡʩʤʡʸʷʡʡ
7/6/11 - 27/9/11 )$ = 3.712 NIS)
Main Importers to USA
Exchange rates Forecasts
Source: Jonathan Katz
-2.1%-4.9%
5.8%
2.1%
6.3%
-13.9%
6.1%
-0.1%
2011 est. 2012 frcst.
2011 est. 2012 frcst.
ʤʬʹ ʯʩɹʩʬʧʤy ʲ ʹ ʺ ʥʧʺ ʴ ʺ ʤ-ʥyʩʠʤʥChange rates, December of each year compared to the December of the previous year
3.60
5.05
5.06
NIS to USD NIS to Euro
3.79
3.815.54
3.89
4.77
S&P Credit Rating Upgrade
62
The Manufacturers' Association of Israel
S&P mentioned that their ratings on Israel are supported by their view of its "prosperous and resilient economy, strong institutions, ongoing fiscal
consolidation, and robust external performance".
September 2011 - Standard & Poor's Ratings Services (S&P) raised its long-term foreign currency sovereign credit ratings on the State of Israel to A+ from A.
MacroeconomicMacroeconomic Forecast for 2012Forecast for 2012
Israeli Economy 2012 Forecast
64
The Manufacturers' Association of Israel
** Bank of Israel Forecast, 22/9/2011
Real Annual Changes in GDP
2011 Est. 2012 Frcst.**
4.0%
0.8%
4.8% 5.0%
3.2%
The Israeli EconomyReal Annual Changes
Bank of Israel
forecast -4.7%
Thank you
Daphna Aviram-NitzanHead of Economic Research Department
Manufacturers' Association of Israel
[email protected] Tel. 972-3-5198806 Mobile: 972-50-7478111