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 | 4.554 million (2023 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 | 25.01% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | new Israeli shekels (ILS) per US dollar - |
| 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.) |
| Exchange rates 2019 | 3.565 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $204.661 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $194.231 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $212.934 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $25.089 billion (2023 est.) |
| Current account balance 2022 | $20.34 billion (2022 est.) |
| Current account balance 2021 | $19.095 billion (2021 est.) |
| Public debt | |
| Public debt 2020 | 72.6% of GDP (2020 est.) |
| Budget | |
| Revenues | $180.935 billion (2022 est.) |
| Expenditures | $184.823 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.19% of GDP (2023 est.) |
| Remittances 2022 | 0.24% of GDP (2022 est.) |
| Remittances 2021 | 0.25% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.9% (2021 est.) |
| Highest 10% | 27.1% (2021 est.) |
| Average household expenditures | |
| On food | 16% of household expenditures (2022 est.) |
| On alcohol and tobacco | 2.8% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $137.567 billion (2023 est.) |
| Imports 2022 | $150.804 billion (2022 est.) |
| Imports 2021 | $125.948 billion (2021 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 2023 | $137.567 billion (2023 est.) |
| Imports 2022 | $150.804 billion (2022 est.) |
| Imports 2021 | $125.948 billion (2021 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) 2023 | $471.03 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $461.808 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $432.271 billion (2021 est.) |
| GDP (official exchange rate) | $509.901 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $48,300 (2023 est.) |
| Real GDP per capita 2022 | $48,300 (2022 est.) |
| Real GDP per capita 2021 | $46,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.3% (2021 est.) |
| Industry | 17.2% (2021 est.) |
| Services | 72.4% (2021 est.) |
| GDP - composition, by end use | |
| Household consumption | 48.2% (2023 est.) |
| Government consumption | 22.4% (2023 est.) |
| Investment in fixed capital | 24% (2023 est.) |
| Investment in inventories | 1.7% (2023 est.) |
| Exports of goods and services | 30.9% (2023 est.) |
| Imports of goods and services | -27.1% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.39% (2023 est.) |
| Unemployment rate 2022 | 3.7% (2022 est.) |
| Unemployment rate 2021 | 4.81% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6% (2023 est.) |
| Male | 6.1% (2023 est.) |
| Female | 5.9% (2023 est.) |
All Important Facts about Israel
Want to know more about Israel? Check all different factbooks for Israel below.
