Israel - Economy
How is the economy of Israel? Based on the information we have, Israel has a high-income, technology- and industrial-based economy; economic contraction and fiscal deficits resulting from war in Gaza; labor force stabilizing following military reservist mobilization; high-tech industry remains resilient while construction and tourism among hardest-hit sectors. Key agricultural products in this country include: milk, chicken, potatoes, tomatoes, avocados, bananas, grapefruits, eggs, tangerines/mandarins, carrots/turnips (2022).
More about the economy of Israel
| Labor force | 4.451 million (2022 est.) |
|---|---|
| Industrial production growth rate | 6.05% (2021 est.) |
| Industries | high-technology products (including aviation, communications, computer-aided design and manufactures, medical electronics, fiber optics), wood and paper products, potash and phosphates, food, beverages, and tobacco, caustic soda, cement, pharmaceuticals, construction, metal products, chemical products, plastics, cut diamonds, textiles, footwear |
| Population below poverty line | 22% (2014 est.) |
| Taxes and other revenues | 24.62% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | new Israeli shekels (ILS) per US dollar - |
| Exchange rates 2022 | 3.36 (2022 est.) |
| Exchange rates 2021 | 3.23 (2021 est.) |
| Exchange rates 2020 | 3.442 (2020 est.) |
| Exchange rates 2019 | 3.565 (2019 est.) |
| Exchange rates 2018 | 3.591 (2018 est.) |
| Debt - external | |
| Debt - external 31 December 2020 | $132.5 billion (31 December 2020 est.) |
| Debt - external 2019 | $99.886 billion (2019 est.) |
| Debt - external 2018 | $94.247 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $194.231 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $212.934 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $173.292 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | $20.34 billion (2022 est.) |
| Current account balance 2021 | $19.095 billion (2021 est.) |
| Current account balance 2020 | $19.806 billion (2020 est.) |
| Public debt | |
| Public debt 2020 | 72.6% of GDP (2020 est.) |
| Public debt 2019 | 59.6% of GDP (2019 est.) |
| Public debt 2018 | 60.4% of GDP (2018 est.) |
| Budget | |
| Revenues | $139.374 billion (2019 est.) |
| Expenditures | $154.927 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | -2% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 0.24% of GDP (2022 est.) |
| Remittances 2021 | 0.25% of GDP (2021 est.) |
| Remittances 2020 | 0.28% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 1.9% |
| Highest 10% | 27.6% (2018 est.) |
| Average household expenditures | |
| On food | 16% of household expenditures (2021 est.) |
| On alcohol and tobacco | 2.8% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $150.804 billion (2022 est.) |
| Imports 2021 | $125.948 billion (2021 est.) |
| Imports 2020 | $96.886 billion (2020 est.) |
| Imports (partners) | China 14%, US 11%, Turkey 7%, Germany 6%, India 5% (2022) |
| Comodities Imports force | diamonds, cars, crude petroleum, refined petroleum, garments (2022) |
| Exports | |
| Imports 2022 | $150.804 billion (2022 est.) |
| Imports 2021 | $125.948 billion (2021 est.) |
| Imports 2020 | $96.886 billion (2020 est.) |
| Exports (partners) | US 25%, China 7%, West Bank/Gaza Strip 6%, Ireland 5%, UK 4% (2022) |
| Comodities Exports force | diamonds, integrated circuits, refined petroleum, fertilizers, medical instruments (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $424.289 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $397.152 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $365.661 billion (2020 est.) |
| GDP (official exchange rate) | $525.002 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $44,400 (2022 est.) |
| Real GDP per capita 2021 | $42,400 (2021 est.) |
| Real GDP per capita 2020 | $39,700 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.4% (2017 est.) |
| Industry | 26.5% (2017 est.) |
| Services | 69.5% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 55.1% (2017 est.) |
| Government consumption | 22.8% (2017 est.) |
| Investment in fixed capital | 20.1% (2017 est.) |
| Investment in inventories | 0.7% (2017 est.) |
| Exports of goods and services | 28.9% (2017 est.) |
| Imports of goods and services | -27.5% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 3.7% (2022 est.) |
| Unemployment rate 2021 | 4.81% (2021 est.) |
| Unemployment rate 2020 | 4.17% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 8.8% (2021 est.) |
| Male | 8.4% |
| Female | 9.2% |
All Important Facts about Israel
Want to know more about Israel? Check all different factbooks for Israel below.
