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ECONOMIC HIGHLIGHTSECONOMIC HIGHLIGHTS11stst QUARTER 2008 QUARTER 2008
STATE OF ISRAELSTATE OF ISRAELMINISTRY OF FINANCEMINISTRY OF FINANCE
INTERNATIONAL AFFAIRS DEPARTMENTINTERNATIONAL AFFAIRS DEPARTMENT
April 2008April 2008 International Affairs Department HomepageInternational Affairs Department Homepage
ContentsContents
Note:
You can return to the beginning of each chapter by clicking the Israeli state symbol on the top right.
Economic FiguresEconomic Figures
BalancesBalances
International Comparisons, International Comparisons, additional data and industryadditional data and industry
Israel and the OECDIsrael and the OECD
International TreatiesInternational Treaties
Relevant SitesRelevant Sites
Main CharacteristicsMain Characteristics
Israel’s Economy:Israel’s Economy:
• Stable Growth due to a variety of factors, such as Stable Growth due to a variety of factors, such as private consumption, export and investment.private consumption, export and investment.
• Rapid Development of Technology & Rapid Development of Technology &
High-Tech Industries.High-Tech Industries.
• Entrepreneurial Culture. Entrepreneurial Culture.
• Supportive Environment for Businesses.Supportive Environment for Businesses.
• Investment and R&D Incentives.Investment and R&D Incentives.
Main CharacteristicsMain Characteristics
Economic Figures
GDP and GDP per Capita
Major GDP Components
Growth: Israel compared to the World
Exports of Goods and Services
Exports of Goods by Region
Imports of Goods and Services
Imports of goods by Region
Foreign Investments
Unemployment & Participation Rates
Newly Employed Persons
Inflation Rate
Estimates for 2008
Press for desired slide or continue:
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Main Indicators and Forecast5-6
7
8
9
10
11
12
13
15
16
17
18
20
Main Trading Partners14
Inflation Rate Worldwide19
* Using the estimate NIS made by the Ministry of Finance, Multiplied by Bank of Israel’s average US$-NIS exchange rate for 2007.
Main Economic Indicators and Forecast
Criteria20032004200520062007
GDP (current prices in B$)*115.8123.6131.2142.0161.8
GDP Real Growth Rate (%)2.3%5.2.%5.3%5.2%5.3%
GDP per Capita by PPP,
OECD calculation$22,429$22,812$24,271$25,762
GDP per Capita Growth Rate
(%, Current prices)0.4%3.4%3.5%3.4%3.4%
Exports (Goods & Services)** B$*
(As Percentage of GDP)
43.5
(37.6%)
52.6
(42.6%)
57.6
(43.9%)
62.9
(44.3%)
71.3
(44%)
Imports (Goods & Services)** B$*
(As Percentage of GDP)43.9
(38.3%)52.3
(42.3%)57.5
(43.9%)61.7
(43.5%)73.7
(45.5%)
Unemployment Rate (%)10.7%10.4%9.0%8.4%7.3%
** In current prices
5
Criteria20032004200520062007Total Gross Debt (Percentage of GDP)101.7%99.9%95.9%87.7%80.8%Gross External Debt* (B NIS)
As Percentage of GDP 60.6
11.5%62.2
11.2%58.1
9.7%59.89.4%
55.68.4%
As Percentage of Total Debt 11.2%11.1%10.8%10.7%10.3%Government Expenditure
(Percentage of GDP)51.2%48.1%46.3%45.6%45.1%
Current Account (% of GDP)1.2%2.4%3.3%5.6%3.3%Inflation Rate ( CPI, end of year)-1.9%1.2%2.4%-0.1%3.4%Credit Rating
( Long-term Foreign Bonds )Moody’s: A2
(Positive)S&P: A
(Positive)Fitch: A(Stable)
About Credit Rating: The government’s credit rating affects banks, companies and financial bodies in the market. The rating creates a “ceiling” which acts as a reference to their bond pricing. Credit rating indicates the macro-economic status of an economy and affects foreign investors’ decisions whether to invest in the market.
Recently Fitch Ratings have raised Israel’s foreign currency credit rating from ‘A-’ to ‘A’ and local currency credit rating from ‘A’ to ‘A+’ (Both: Stable).
Sources: Ministry of Finance, Central Bureau of Statistics * Debt by Israelis to factors abroad
Main Economic Indicators and Forecast (con.)
6
Source: Central Bureau of Statistics, Ministry of Finance
8.0
4.6
-0.9
-2.9
-0.6
-2.6
2.3
0.4
5.2
3.4
5.3
3.5
5.2
3.4
5.3
3.4
-5.0
-3.0
-1.0
1.0
3.0
5.0
7.0
9.0
2000 2001 2002 2003 2004 2005 2006 2007
GDP GDP per Capita
GDP and GDP per Capita (Annual rate of change (%), in Constant Prices)
Growth forecasts for 2008 suggest Israel has yet to Growth forecasts for 2008 suggest Israel has yet to achieve its full potentialachieve its full potential
7
GDP GrowthIsrael compared to the World
(Annual rate of change (%), in constant prices)
1.6%
-0.6%
1.9%
-0.9%
2.7%2.3%
4.1%
5.2%
3.5%
5.3%
4.1%
5.2%
3.5%
5.3%
3.5%
4.2%
3.4%
4.0%
3.3%
4.1%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
World Growth Israel Growth
Source: Ministry of Finance, Israel Export Institution
Projection for 2008: Ministry of Finance; for 2008-10: Israel Export Institute
Though affected by worldwide demand, Israel’s growth remains solidThough affected by worldwide demand, Israel’s growth remains solid
8
0.8
5.0
-6.5
-2
1.2
-2.3
-5.6
8
5.6
-2.5
-0.4
18.1
42.9
2.34.3
4.5
2.3
10.1
5.9
6.62.6
14.2
8.4
-8
-3
2
7
12
17
2002 2003 2004 2005 2006 2007Private Consumption Government Consumption
Investment in Fixed Assets Exports of Goods and Services
Major GDP Components(Annual rate of change (%), in constant prices)
Source: Central Bureau of Statistics, Ministry of Finance 9
The trend of buying Israeli start-up companies has continued throughout 2007The trend of buying Israeli start-up companies has continued throughout 2007
Source: Central Bureau of Statistics
Exports of Goods and Services(B$)
27.5
11.9
30.2
13.4
36.6
16
40.1
17.5
43.7
19.2
50.1
21.1
0
10
20
30
40
50
60
70
80
2002 2003 2004 2005 2006 2007
Goods Services
Exports continue to rise even though the exchange rate is depreciating.Exports continue to rise even though the exchange rate is depreciating.
10
Exports of Goods by Region(Excluding diamonds)
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance Rest of Europe Includes E. . F . T . A .
2006 2007
EU positions itself as a major trade partner with Israel in 2007EU positions itself as a major trade partner with Israel in 2007
North America30.5%
Asia15%
EU34.5%
Rest of Europe
6.5%
Africa3%
Other10%
Africa3%
Other5%
Asia15.1%
Rest of Europe
6.8%
European Union32.9%
North America37.5%
(USA: 31.4%)
11
)USA: 28%(
Imports of Goods and Services (B$)
31.1
10.9
32.8
11.1
39.5
12.8
43.8
13.7
47.3
14.4
56.1
17.6
0
10
20
30
40
50
60
70
80
2002 2003 2004 2005 2006 2007
Goods Services
Source: Central Bureau of Statistics, Ministry of Finance
30% growth in vehicle imports in the first 10 months of 200730% growth in vehicle imports in the first 10 months of 2007
12
Imports of Goods by Region
(excluding Diamonds)
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance
Rest of Europe includes E. . F . T . A .
EU remains strongest source for imports and destination for exportsEU remains strongest source for imports and destination for exports
Africa0.7%
Other 16.6%
Asia19%
Rest of Europe
9.9%
European Union36.9%
North America
16.9%(USA: 13.4)
Other 17.8%
European Union 35.5%
North America
15.9%
Asia 20.7%
Africa 0.72%Rest of Europe 9.3%
(USA: 14.9%)
2006 2007
13
6.9
9.7
3.5
1.9
3.5
0.8
2.1
1.6
2.3
1.2
1.8
1.6
1.6
1.2
1.5
1.2
1.7
0.7
1.3
1.0
0
2
4
6
8
10
12
14
16
18
USAGermany
ChinaThe Netherlands
ItalyUK Turkey
France
JapanBelgium
15.2
4.8
4 3.4 3.2 3.1 2.5 2.4 2.3 2.1
6.9
10
3.5
1.9
3.5
0.9
2.1
1.6
2.3
1.2
1.8
1.6
1.61.2
1.51.2
1.9 1.3
0.9
0
2
4
6
8
10
12
14
16
18
USAGerm
any
China
The Netherlands
ItalyUK Turkey
France
Japan
Belgium
Israel’s Main Trading Partners($US Billions, excluding diamonds)
Source: Central Bureau of Statistics
2006
2007 I-XI
Exports to the US have risen even though the $US-NIS exchange rate Exports to the US have risen even though the $US-NIS exchange rate has depreciatedhas depreciated
14
16.8
5.44.4
3.7 3.5 3.42.8
2.7 2.5 2.2
EXPORT
IMPORT
Foreign Investments (B$)
Source: Ministry of Finance
1.7
4.53.1
9.6
5.2
12.3
1.73.2
3.95.4
2
9.1
4.8
9.5
14.2
25.8
9.6 10.5
0
5
10
15
20
25
30
1998 1999 2000 2002 2003 2004 2005 2006 2007
Direct Investments
Total Investments
15
An Avoidance of Double Taxation Agreement has been signed with An Avoidance of Double Taxation Agreement has been signed with Portugal. Includes issues such as income on capital, interest and royalties.Portugal. Includes issues such as income on capital, interest and royalties.
May assist in attracting Portuguese investors to Israel.May assist in attracting Portuguese investors to Israel.
Unemployment and Participation Rates by Quarters(Rate of Total Labor Force)
Source: Central Bureau of Statistics
9.2%9.0%
8.9% 8.9%8.8% 8.8%
6.7%
7.3%
7.7%7.8%8.3%
7.5%
54.9%
55.1%55.2%
55.6%55.5%
55.8%
56.0%
56.7%
55.6%55.5%
56.1%
56.6%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
2005Q1
Q2 Q3 Q4 2006Q1
Q2 Q3 Q4 2007Q1
Q2 Q3 Q4
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
Unemployment Rate
Participation in the Labour Force
108,000 new employees in 2007, of which 72,000 in a full time position108,000 new employees in 2007, of which 72,000 in a full time position
16
-11
30
50
13
42
6
74
- 3
96
25
48
16
80
30
2001 2002 2003 2004 2005 2006 2007
Business Sector Public Sector
Newly Employed Persons(Change in Israeli Employed Persons, in Thousands)
Source: Ministry of Finance, Bank of Israel
Since 2003: Rise in employment for women aged 55-64 and men aged 60-69Since 2003: Rise in employment for women aged 55-64 and men aged 60-69
17
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%
3.4%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
1999 2000 2001 2002 2003 2004 2005 2006 2007 *
ResponsibleResponsible fiscalfiscal policypolicy andand aa strongstrong NISNIS (vs. the $US)(vs. the $US) havehave stabilizedstabilized inflationinflation
18
Inflation Rate Worldwide (Rate of Change in CPI, end of 2007)
The Bank of Israel has reduced its interest rate to 3.25% because The Bank of Israel has reduced its interest rate to 3.25% because of expected world recession of expected world recession
19
0%1%2%3%
4%5%6%7%8%9%
Japan
Norway
Switzerland
Finland
Belgium
EU Germany
Portugal
Ireland
USAIsrael
Mexico
Iceland
Hungary
Trukey
3.4%
Sources: Central Bureau of Statistics, OECD
Criteria
Real GDP+ 4.2%
Business GDP+ 4.9%
Exports+ 4.7%
Private Consumption+ 4.3%
Public Consumption+ 2.0%
Investment in Fixed Assets+ 5.5%
Source: Ministry of Finance
Growth of Main GDP Components 2008
2008 Projection
19
Balances
Budget Deficit;
Current Account;
Net Foreign Debt
General Government Expenditure
Gross Public Debt
Gross Tax Burden
Back to Contents
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22
23
24
25
Gross Public Debt (as percentage of GDP)
Source: Ministry of Finance
99.6%
102.0%100.7%
97.0%
87.7%
80.8%
80%
85%
90%
95%
100%
105%
2002 2003 2004 2005 2006 2007
Gross debt, as percentage of GDP may reach 60% in 10 yearsGross debt, as percentage of GDP may reach 60% in 10 years
22
Source: Ministry of Finance
Budget Deficit and General Government Expenditure
(Both as percentage of GDP)
Tax revenues up by 6.7% in 2007Tax revenues up by 6.7% in 2007
3.7%
0.02%
0.9%
1.9%
5.4%
3.6%
4.2%
0.7%
3.2%
1999 2000 2001 2002 2003 2004 2005 2006 2007
Budget Deficit
Government Expenditure
45.1%
45.6%
46.3%
48.1%
51.2%
50.0%
48.4%
51.0%
52.2%
23
Current Account and Net Foreign Debt
(As percentage of GDP)
Source: Bank of Israel
-1.1% -0.8%
1.2%
2.4%
3.3%
5.6%
3.1%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2001 2002 2003 2004 2005 2006 2007
Debt reduction & decreased immigration turned the current account Debt reduction & decreased immigration turned the current account from deficit into surplus since 2003from deficit into surplus since 2003
Current Account
Net Foreign Debt
2.8%0.1%
-2.3%
-5.7%
-9.6%
-16.7%
-24.2%-25.2%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
2000 2001 2002 2003 2004 2005 2006 2007
24
Source: Ministry of Finance
Gross Tax Burden (As percentage of GDP)
Tax burden has been in the vicinity of OECD average since 2003Tax burden has been in the vicinity of OECD average since 2003
37.1%
38.1% 38.1%
37.5%
36.4% 36.4% 36.4%
36.8%
37.3%
1999 2000 2001 2002 2003 2004 2005 2006 2007
25
International comparisons
and additional data
ICT and Business Sector’s Product
Central Bank Interest Rates
NASDAQ and Tel Aviv 100 Indices
Israel’s Credit Rating
Global Competitiveness Index
GCI: Selected Issues
Business Competitiveness Index ;Network Readiness Index
Dividend Distribute in past years
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Capital raised by VC funds and High Tech Companies
27
29
30
31
32
33-4
28
35
36
Israel’s ICT* and Business Sector’s Product (Annual % change)
-1.9%
-14.8%
-2.8%
0.7%
3.2%2.3%
7.2%
10.8%
6.5% 5.6% 6.5%
9.9%
6.1%
11.8%
-18%
-13%
-8%
-3%
2%
7%
12%
2001 2002 2003 2004 2005 2006 2007
Business ICT
* Information and Communication Technology
Source: Central Bureau of Statistics, Israel Venture Capital, Bank of Israel
The strong rise in ICT product derives from extensive R&D funding. The strong rise in ICT product derives from extensive R&D funding. 90% of business R&D is transferred to ICT. 90% of business R&D is transferred to ICT.
27
Capital Raised by Israeli Venture Capital Funds* and High Tech
Companies (M$)
1,438
1,013
2,587
3,092
1,317
1,986
393
1,138
6
1,011
585
1,465 1,4601,337
473
1,6221,759
0
500
1,000
1,500
2,000
2,500
3,000
3,500
1999 2000 2001 2002 2003 2004 2005 2006 2007
Venture Capital
High Tech
*In vintage year: Year of first closing or first investment.
Source: IVC – Israel Venture Capital Research Center; No data regarding the amount of VC capital raised was available by the time of publishing
Capital Raising in the 4th Quarter 2007 – the Highest in 5 years
28
Central Bank Interest Rates
Israel vs. U.S.A
FF: Federal Funds
BOI: Bank of Israel
Source: Bank of Israel (BOI), Federal Reserve
0%
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
2004 2005 2006 2007
Both BOI and the Federal Reserve are lowering ratesBoth BOI and the Federal Reserve are lowering rates
Bank of Israel Rate
U.S. Federal Funds Rate
Currently: 3.25%
Currently: 2.25%
29
NASDAQ Index & Tel Aviv 100 (monthly average)
1000
1500
2000
2500
3000
3500
4000
01/2003
Jul 2003
Jan 2004
Jul 2004
Jan 2005
Jul 2005
Jan 2006
Jul 2006
Jan 2007
Jul 2007
200
300
400
500
600
700
800
900
1000
1100
1200
Nasdaq Index (left scale)
Tel Aviv 100 (right scale)
Source: Tel Aviv Stock Exchange (TASE) and the Ministry of Finance. * Real Time Gross Settlement
Tel Aviv Stock Exchange has implemented an RTGS* system, allowing Tel Aviv Stock Exchange has implemented an RTGS* system, allowing real time settlement of transactionsreal time settlement of transactions
30
Source: Credit Rating Agencies, Accountant General
Israel’s Credit Rating 1992-2007
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Moody's A2 Positive S&P A Positive Fitch A Stable
A1/A+
A2/A
A3/A-
Baa1/BBB+
Baa2/BBB
Baa3 /BBB-
Fitch Ratings raise Israel’s long-term credit from ‘A-’ to ‘A’Fitch Ratings raise Israel’s long-term credit from ‘A-’ to ‘A’
31
Source: World Economic Forum, Global Competitiveness Index, 2007-8
16
5839
2927
2522
2018
17
139
62
1
26
Global Competitiveness Index, 2007-2008
Countries that have been invited for open discussions for joining the OECD.
Israel Ranks Israel Ranks 1177thth Out of 125 Countries Out of 125 Countries
32
Global Competitiveness Index, 2007/8SELECTED CATEGORIES
0 5 10 15 20 25
Estonia
Germany
Korea, Rep.
Singapore
Australia
Hong Kong SAR
Denmark
Israel
Netherlands
United States
0 5 10 15 20 25
Norway
Belgium
Germany
Korea, Rep.
United States
Switzerland
Sweden
India
Israel
Finland
0 5 10 15 20 25
Hong Kong SAR
Norway
Ireland
Singapore
Netherlands
Sweden
Finland
United Kingdom
Israel
Switzerland
Venture Capital AvailabilityVenture Capital Availability
Source: World Economic Forum, Global Competitiveness Index, 2007-8
0 5 10 15 20 25
Hong Kong SAR
Ireland
United Kingdom
Finland
Denmark
Israel
Korea, Rep.
Japan
United States
Switzerland
Availability of Scientists & EngineersAvailability of Scientists & Engineers
Quality of Scientific Research FacilitiesQuality of Scientific Research Facilities Company Spending on R&DCompany Spending on R&D
RANK
RANKRANK
RANK
33
0 5 10 15 20 25
Chile
Denmark
Norway
Japan
United Kingdom
United States
Ireland
Israel
Hong Kong SAR
New Zealand
0 5 10 15 20 25
Norway
Belgium
Germany
Korea, Rep.
United States
Switzerland
Sweden
India
Israel
Finland
0 5 10 15 20 25
Hong Kong SAR
Norway
Ireland
Singapore
Netherlands
Sweden
Finland
United Kingdom
Israel
Switzerland
Strength of Investor ProtectionStrength of Investor Protection
Source: World Economic Forum; Global Competitiveness Index, 2007-8
0 5 10 15 20
Iceland
United States
Canada
Ireland
Israel
Germany
Singapore
New Zealand
United Kingdom
Hong Kong SAR
Availabilty of Latest TechnologiesAvailabilty of Latest Technologies
Utility PatentsUtility Patents Legal Rights IndexLegal Rights Index
RANK
RANK RANK
RANK
Global Competitiveness Index, 2007/8SELECTED CATEGORIES
34
(con.)
Russia
Greece
Chile
Slovenia
Portugal
Estonia
Israel
Germany
Japan
Canada
United Kingdom
United States
Switzerland
Denmark
Countries that have been invited for open discussions for joining the OECD.
Source: World Economic Forum; Global Competitiveness Index, 2006; Global Information Technology Report
GCI: Provides a holistic overview of factors critical to productivity and competitiveness [LINK TO SITE]
NRI: Measures the level of ICT (information and communication technologies) development of nations [LINK TO SITE]
5.71) 1(
5.58) 5(5.54) 7(
5.45) 9(
5.35) 11(5.27) 14(
5.22) 16(5.14) 18(
5.02 (20)4.48) 28(
4.41 (30)
4.36 (31)3.98) 48(
3.54) 70(
Network Readiness Index 2006-7
Business Competitiveness
Index2007-8
The business climate is a critical element of sustained economic growth
6455
4946
3027
2522
1916
128
52
1
36
35
Figures from Tel Aviv Stock Exchange
654
9 4
62
624577 578 584
606
25 32 44
21.0
3.4
7.5
12.712.1
3.3
0
100
200
300
400
500
600
700
2002 2003 2004 2005 2006 2007
0.02.04.06.08.010.012.014.016.018.020.022.024.0
Amout of public companies * (Right scale) Of which: New companies (Right scale)
Capital Raising ($B) ** (Left scale)
Source: Tel Aviv Stock Exchange 2007 Annual Report
The Israeli market continues to appeal to investors despite global competitionThe Israeli market continues to appeal to investors despite global competition
36
* End of Year
** Including option realization. Not including exchange-traded fund issues & realizaion by controled companies
Israel and the OECD
Real GDP growth in 2007-8
Nominal GDP growth in 2007-8
Unemployment Rate in 2007-8
GDP Based on PPP per Capita in 2007 (IMF)
Press for desired slide or continue:
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GDP Based on PPP per Capita in 2006 (OECD)
39
40
41
42
38
Real GDP Growth(Annual percentage of change, partial list)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
Source and projections: OECD and the Ministry of Finance, Israel
2.7%2.7%
07’ 08’
OECD has given Israel the Roadmap for accession to the organization...OECD has given Israel the Roadmap for accession to the organization...
5.3%
4.2%
38
Nominal GDP Growth
(Annual percent of change, partial list)
Source: OECD and the Ministry of Finance, Israel
0%
2%
4%
6%
8%
10%
12%
14%
16%
4.8%
7.5%
4.7%
.. and is now preparing a preliminary memorandum regarding the readiness .. and is now preparing a preliminary memorandum regarding the readiness level to the organization’s legal instruments.level to the organization’s legal instruments.
07’ 08’5.0%
6.7%
39
Unemployment Rate
(average)
Source: OECD, Central Bureau of Statistics, Israel
Israel therefore has created a professional “steering group” to prepare the Israel therefore has created a professional “steering group” to prepare the memorandum.memorandum.
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11%
Total OECD
Euro area
Slovak Republic
Greece
Spain
Portugal
Israel
Hungary
Finland
Italy
Ireland
United States
Korea
Switzerland
Norway
08
’ 07
’
40
08’ 07’
08’ 07’
08’07’
GDP Per Capitabased on purchasing-power-parity (PPP)
2007, (in $US)
Source: IMF, Ministry of Finance
Countries that have been invited, as well as Israel, for open discussions for joining the OECD.
-5,000
5,000
15,000
25,000
35,000
45,000
55,000
65,000
75,000
85,000
Luxembourg
IrelandN
orway
United States
IcelandA
ustriaN
etherlandsSw
edenJapanG
ermany
IsraelItalySpainG
reeceN
ew Zealand
Korea
SloveniaC
zech Republic
EstoniaSlovak Republic
PolandC
hileR
ussia
31,768 23,843
22,677 12,98212,096
Israel has been accepted to OECD’s development center – which is in Israel has been accepted to OECD’s development center – which is in charge of OECD – non-member developing countries relationscharge of OECD – non-member developing countries relations
IMF Calculation,2007
41
GDP per capita based on purchasing-power-parity (PPP)
2006, (in $US)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
32,098
25,762
Private expenditure per capita has grown by 4.8% in 2007
OECD Calculation,2006
Source: OECD, and the Central Bureau of Statistics, Israel 42
International Treaties
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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45-6
47
48-9
50
44
Israel’s Free Trade Agreements
USA
EFTA (1992)
Jordan (1995):
Canada (1997)
Turkey (1997)
Mexico (1999)
European Union (Association Agreement)
Egypt
MERCOSUR
44
1985
1992
1995
1997
1997
1999
2000
2004
Includes Romania and Bulgaria which have recently joined the EU) (
2007
Avoidance of Double Taxation Agreements
CroatiaCroatia
DenmarkDenmark
EstoniaEstonia* *
EthiopiaEthiopia
FinlandFinland
FranceFrance
GermanyGermany
GreeceGreece
AustriaAustria
BelarusBelarus
BelgiumBelgium
BrazilBrazil
BulgariaBulgaria
CanadaCanada
ChinaChina
Czech Czech RepublicRepublic
HungaryHungary
IndiaIndia
IrelandIreland
ItalyItaly
JamaicaJamaica
JapanJapan
LatviaLatvia
LithuaniaLithuania
* The agreement with Estonia has only been signed initially 45
(con.)
SwitzerlandSwitzerland
ThailandThailand
The NetherlandsThe Netherlands
TurkeyTurkey
UkraineUkraine
United KingdomUnited Kingdom
UzbekistanUzbekistan
USAUSA
LuxembourgLuxembourg
MexicoMexico
MoldovaMoldova
NorwayNorway
PhilippinesPhilippines
Portugal *Portugal *
PolandPoland
RomaniaRomania
RussiaRussia
SingaporeSingapore
SlovakiaSlovakia
SloveniaSlovenia
South AfricaSouth Africa
South KoreaSouth Korea
SpainSpain
SwedenSweden
* The agreement with Portugal has been recently ratified
Avoidance of Double Taxation Agreements
46
Cooperation in Industrial R&D Agreements
BelgiumBelgium
CanadaCanada
ChinaChina
FranceFrance
Hong KongHong Kong
ItalyItaly
NetherlandsNetherlands
PortugalPortugal
SpainSpain
UKUK
USAUSA
SingaporeSingapore
IrelandIreland
SwedenSweden
FinlandFinland
GermanyGermany
IndiaIndiaAustriaAustria
KoreaKorea
47
Protection of Investment Agreements
AlbaniaAlbania
ArgentinaArgentina
ArmeniaArmenia
BelarusBelarus
Bulgaria Bulgaria
CroatiaCroatia
CyprusCyprus
Czech RepublicCzech Republic
El-SalvadorEl-Salvador
EstoniaEstonia
GeorgiaGeorgia
GermanyGermany
HungaryHungary
IndiaIndia
KazakhstanKazakhstan
KoreaKorea
48
TurkmenistanTurkmenistan
UkraineUkraine
UruguayUruguay
UzbekistanUzbekistan
QIZ AgreementQIZ Agreement
EgyptEgypt
JordanJordan
LatviaLatvia
LithuaniaLithuania
MoldovaMoldova
PolandPoland
RomaniaRomania
SlovakiaSlovakia
SloveniaSlovenia
ThailandThailand
TurkeyTurkey
Protection of Investment Agreements )con(.
49
International Organization* Memberships:
BIS | BSEC (observer) | CE (observer)BIS | BSEC (observer) | CE (observer)
CERN (observer) | EBRD | FAO | IADB | IAEA CERN (observer) | EBRD | FAO | IADB | IAEA
IBRD | ICAO | ICC | ICCT (signatory) | ICFTU IBRD | ICAO | ICC | ICCT (signatory) | ICFTU
IDA | IFAD | IFC | IFRCS (observer) | ILO | IMF IDA | IFAD | IFC | IFRCS (observer) | ILO | IMF
IMO | Interpol | IOC | IOM | ISO | ITU | MIGAIMO | Interpol | IOC | IOM | ISO | ITU | MIGA
OAS (observer) | OECD (candidate)OAS (observer) | OECD (candidate) | OPCW (signatory)OPCW (signatory)
OSCE (partner) | PCA | UN | UNCTAD |OSCE (partner) | PCA | UN | UNCTAD | UNECE | UNEPUNECE | UNEP
UNESCO | UNHCR | UNIDO | UPU | WB |UNESCO | UNHCR | UNIDO | UPU | WB | WCO | WFP | WHOWCO | WFP | WHO
WIPO | WMO | WTOO | WTRO | WIPO | WMO | WTOO | WTRO | WTOWTO
* Economic Organizations 50
Relevant Sites
Back to Contents
Government Institutions:
OECD Stat Profile on Israel
Bank of Israel (BOI)
Central Bureau of Statistics
Israeli Government Portal
Ministry of Finance
Israel Securities Authority
Ministry of Industry, Trade and Labor
OECD Israel
Economic News:
“The Marker”
“Globes”
WWW.FINANCEISRAEL.MOF.GOV.IL
International Affairs Department Homepage:
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International Affairs Department
Ministry of Finance, Jerusalem, Israel
FinanceIsrael@mof.gov.il
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