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, tangerines/mandarins, bananas, eggs, avocados, beef, carrots/turnips (2023).
More about the economy of Israel
| Labor force | 4.71 million (2024 est.) |
|---|---|
| Industrial production growth rate | -4.2% (2024 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 | |
| Taxes and other revenues | 22.1% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | new Israeli shekels (ILS) per US dollar - |
| Exchange rates 2024 | 3.7 (2024 est.) |
| Exchange rates 2023 | 3.667 (2023 est.) |
| Exchange rates 2022 | 3.36 (2022 est.) |
| Exchange rates 2021 | 3.23 (2021 est.) |
| Exchange rates 2020 | 3.442 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $214.544 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $204.661 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $194.231 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $16.713 billion (2024 est.) |
| Current account balance 2023 | $18.604 billion (2023 est.) |
| Current account balance 2022 | $17.104 billion (2022 est.) |
| Budget | |
| Revenues | $180.935 billion (2022 est.) |
| Expenditures | $184.823 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.2% of GDP (2024 est.) |
| Remittances 2023 | 0.2% of GDP (2023 est.) |
| Remittances 2022 | 0.2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2% (2021 est.) |
| Highest 10% | 26.6% (2021 est.) |
| Average household expenditures | |
| On food | 15.8% of household expenditures (2023 est.) |
| On alcohol and tobacco | 2.6% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $140.438 billion (2024 est.) |
| Imports 2023 | $140.432 billion (2023 est.) |
| Imports 2022 | $153.388 billion (2022 est.) |
| Imports (partners) | China 17%, USA 12%, Germany 7%, Turkey 6%, Italy 4% (2023) |
| Comodities Imports force | cars, diamonds, crude petroleum, broadcasting equipment, garments (2023) |
| Exports | |
| Imports 2024 | $140.438 billion (2024 est.) |
| Imports 2023 | $140.432 billion (2023 est.) |
| Imports 2022 | $153.388 billion (2022 est.) |
| Exports (partners) | USA 29%, China 10%, Ireland 6%, Germany 4%, Hong Kong 4% (2023) |
| Comodities Exports force | integrated circuits, diamonds, broadcasting equipment, medical instruments, refined petroleum (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $472.177 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $468.095 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $459.698 billion (2022 est.) |
| GDP (official exchange rate) | $540.38 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $47,300 (2024 est.) |
| Real GDP per capita 2023 | $47,500 (2023 est.) |
| Real GDP per capita 2022 | $48,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.3% (2024 est.) |
| Industry | 17.3% (2024 est.) |
| Services | 72.5% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 48% (2023 est.) |
| Government consumption | 22.3% (2023 est.) |
| Investment in fixed capital | 24.4% (2023 est.) |
| Investment in inventories | 1.7% (2023 est.) |
| Exports of goods and services | 30.4% (2023 est.) |
| Imports of goods and services | -27.6% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3.2% (2024 est.) |
| Unemployment rate 2023 | 3.6% (2023 est.) |
| Unemployment rate 2022 | 3.7% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.1% (2024 est.) |
| Male | 6.2% (2024 est.) |
| Female | 6% (2024 est.) |
All Important Facts about Israel
Want to know more about Israel? Check all different factbooks for Israel below.
