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Israel Economic Highlights Presentation 1st Quarter 2014

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STATE OF ISRAEL MINISTRY OF FINANCE Chief Economist Department Research, State Revenue & International Affairs Economic Highlights Presentation – PowerPoint PPT presentation

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Title: Israel Economic Highlights Presentation 1st Quarter 2014


1
STATE OF ISRAEL MINISTRY OF FINANCE Chief
Economist Department Research, State Revenue
International Affairs
Economic Highlights Presentation 1st Quarter
2014 (As of May 1st)
In any case of information derived from sources
external to the Ministry of Finance, such sources
are mentioned at the bottom of each item
www.financeisrael.mof.gov.il
2
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payments
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
3
Economic Figures
Criteria 2012 2013 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4

GDP (Current prices in B) 257.5 291.5 66.0 68.2 73.0 74.9 75.5

Real GDP growth rate ( change) 3.4 3.3 3.5 2.0 4.5 1.8 3.2

GDP per capita (Current ) 32,565 36,226 8,294 8,521 9,080 9,292 9,308

GDP per capita growth rate (, constant prices) 1.5 1.3 1.4 0.1 2.8 -0.1 1.2

Exports (goods services), B (As of GDP) 93.1 36.2 95.1 32.6 23.3 35.2 23.3 34.2 24.7 33.7 21.8 29.1 25.2 33.3

Imports (goods services), B (As of GDP) 92.6 36.0 68.3 31.4 21.9 33.2 22.0 32.2 22.6 31.0 23.6 31.5 23.2 30.8

Unemployment rate 6.9 6.2 6.9 6.6 6.7 6.0 5.8

Using a periodic average exchange rate For
available months
Sources CBS, IMF
4
Economic Figures
Criteria 2007 2008 2009 2010 2011 2012 2013
             
Public debt (As of GDP) 74.7 73.2 75.3 71.7 69.8 68.4
             
General government expenditure (As of GDP) 42.6 41.6 41.8 41.0 40.4 40.2 40.4
             
Current account surplus (As of GDP) 3.2 1.4 3.8 3.1 1.3 0.3 2.5
             
Inflation rate (CPI, yearly average, change) 0.5 4.6 3.3 2.7 3.5 1.7 1.5
 
Budget deficit (Central) (As of GDP) 0.0 2.1 4.9 3.5 3.1 3.9 3.2

Data not available at time of publication
5
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payments
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
6
GDP and Business GDP
Annual rate of change, constant prices, 2005
7
GDP Growth
Israel compared to advanced economies, annual
rate of change, constant prices
Since 2004, Israels growth rate has exceeded the
average growth rate of advanced economies. In
2009, as most of the world experienced a decline
in GDP, Israel experienced a 1.2 growth in its
GDP.
All data taken from OECD Data from respective
official source (CBS, OECD (forecast), Eurostat,
BEA)
Source CBS, OECD, Eurostat, BEA
8
GDP Components
Real Annual Percentage Change
Effects of the global economic crisis
9
GDP per Capita
U.S, Current prices, Current PPP, 2012
Source OECD
10
Output Gap
As percentage of Potential GDP, 2013 (based on
data last updated 4/12/13)
The actual - potential GDP Difference. Positive
index means that actual output is higher than
potential.
Mainland Norway
Additional Sources OECD Estimates
11
Stock Exchange Indices
Percentage Change, end of period relative to end
of previous period
Additional Sources TASE, Bloomberg
12
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payments
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
13
Exports of Goods and Services
As a share of GDP
Effects of the global economic crisis
14
Main Trading Partners
US Billions, 2013
The data on trade with Hong-Kong is added to
the data regarding China
Source Central Bureau of Statistics
15
Main Export Destinations
As a share of total exports
Source Central Bureau of Statistics
16
Current Account Surplus
As of GDP
Source Central Bureau of Statistics
17
Foreign Investments
US Billions
In 2006, a large acquisition by Teva
Pharmaceutical Industries Ltd. was included in
the data.
Source Central Bureau of Statistics
18
Exchange Rates
31 March 2014 vs 31 December 2013
The change in the specified currency relative to
the US A decrease means an appreciation of the
specified currency relative to the US
Source Pacific Exchange Rate Service
19
Terms of Trade
2005 average 100
Terms of Trade Export Prices to Import Prices
Ratio
Source Central Bureau of Statistics
20
Israels Free Trade Agreements
1985
USA
Colombia
2013
1992
EFTA
1997
Turkey
1997
Canada
1999
Mexico
2000
European Union (Association Agreement)
2007
MERCOSUR
Yet to be ratified
More comprehensive information is available on
the Israel Ministry of Finance website
21
Bilateral Investment Treaties
Cyprus
Albania
Hungary
Argentina
India
Czech Republic
Armenia
Kazakhstan
El Salvador
Azerbaijan
Estonia
South Korea
Belarus
Latvia
Ethiopia
Bulgaria
Lithuania
Georgia
China
Germany
Moldova
Croatia
Guatemala
Macedonia
Comprehensive information is available on the
Israel Ministry of Finance website
22
Bilateral Investment Treaties
Comprehensive information is available on the
Israel Ministry of Finance website
Yet to be ratified
23
Economic Organizations
Membership in main international economic
organizations
  • Israel is a member of leading international
    economic organizations
  • United Nations Organizations
  • United Nations Agencies
  • World Bank Group
  • International Monetary Fund
  • OECD
  • WTO
  • Regional Organizations
  • Inter-Governmental Organizations
  • Pacific Alliance (observer)

More comprehensive information is available on
the Israel Ministry of Finance website
24
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payments
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
25
Unemployment and Participation
As of total labor force
Since the 2nd quarter of 2009 unemployment is
relatively decreasing, with a gradual increase in
the participation rate since the beginning of
2010.
Source Central Bureau of Statistics
26
Unemployment Rate
Latest available data
Additional Sources OECD
27
Job Creation
Change in the number of employees
Effects of the global economic crisis
Annual average relative to previous year
average. January to February average seasonally
adjusted.
Source Central Bureau of Statistics
28
Employment Rate
People aged over 15, latest available quarterly
data
Additional Sources OECD, Euro Stat
29
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payments
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
30
General Government Expenditure
As of GDP
Source CBS
31
General Government Tax Burden
As of GDP
Source Central Bureau of Statistics, OECD
32
General and Central Budget Deficit
As of GDP
Source CBS, MoF
33
Public Debt
As of GDP
Effects of the global economic crisis
Source CBS, MoF
34
Public Debt
As of GDP, international comparison
Source CBS, MoF, OECD
35
Avoidance of Double Taxation
Austria
Denmark
India
Belarus
Estonia
Ireland
Belgium
Ethiopia
Italy
Brazil
Finland
Jamaica
Bulgaria
France
Japan
Latvia
Canada
Georgia
China
Germany
Lithuania
Croatia
Greece
Luxembourg
Hungary
Malta
Czech Republic
More comprehensive information is available on
the Israel Ministry of Finance website
36
Avoidance of Double Taxation
Russia
Taiwan
Mexico
Singapore
Thailand
Moldova
Slovak Republic
Netherlands
Turkey
Norway
Slovenia
UK
Ukraine
South Africa
Panama
Philippines
South Korea
USA
Spain
Uzbekistan
Poland
Portugal
Sweden
Vietnam
Romania
Switzerland
Yet to be ratified
More comprehensive information is available on
the Israel Ministry of Finance website
37
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payment
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
38
Inflation Rate
Rate of change in consumer price index
Source Central Bureau of Statistics
39
Interest Rate
Source Bank of Israel
40
Central Banks Interest Rates
International Comparison
Source Specified Countries Central Banks
41
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payments
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
42
Industrial Production
Average Annual Growth - 2013 average relative to
2004 average
Total industrial production grew by 3.8
Source Central Bureau of Statistics
43
Industrial Export
Current U.S. Billions, and the share of high
tech and mid high tech sectors in the Israeli
goods exports
83.6
81
80
79.5
80.4
77.4
80.9
76.6
76.3
75.4
75.4
72.5
73.2
Source Central Bureau of Statistics
44
Israel is a World Leader in Science, Technology,
and Innovation
  • 1st in RD expenditure as of GDP
  • 1st in quality of scientific research
    institutions
  • 1st in public expenditure on education
  • 1st for innovative capacity
  • 2nd for entrepreneurship being widespread amongst
    its managers 
  • 5th in PCT patents applications per million
    population
  • 6th for strength of investor protection
  • 6th for Nobel Prizes per capita in the fields of
    physics, chemistry, physiology, medicine and
    economics since 1950

Civilian RD as of GDP, 2011
Global Competitiveness Report 2013-2014
The countrys main strengths remain its
world-class capacity for innovation (4th), which
rests on highly innovative businesses that
benefit from the presence of the worlds best
research institutions geared toward the needs of
the business sector. Israels excellent
innovation capacity, which is supported by the
governments public procurement policies, is
reflected in the countrys high number of patents
(5th). Its favorable financial environment,
particularly evident in the ease of access to
venture capital (8th), has contributed to making
Israel an innovation powerhouse..
Source OECD.  International Institute for
Management Development (IMD) Global
Competitiveness Yearbook 2013. World Economic
Forum (WEF) Global Competitiveness Report
2013-2014.
45
Israel in IMD Rankings
IMD World Competitiveness Yearbook 2013
(2) USA 1
(3) Switzerland 2
(1) Hong Kong 3
(5) Sweden 4
The Institute for Management Development ranked
Israel 19th out of 60 countries for 2013. Israel
has been ranked 1st for innovative capacity and
4th at economy resilience.
(4) Singapore 5
(8) Norway 6
(6) Canada 7
(16) UAE 8
(9) Germany 9
(10) Qatar 10
(7) Taiwan 11
(13) Denmark 12
(12) Luxemburg 13
(11) Netherlands 14
(14) Malaysia 15
(15) Australia 16
(20) Ireland 17
(18) United Kingdom 18
(19) Israel 19
(17) Finland 20
Source IMD World Competitiveness Yearbook 2013
46
Israel in IMD Rankings
Israels ranking compared to other IMD countries,
Business Efficiency and Infrastructure
Israels ranking compared to other IMD countries,
Economic Performance and Government Efficiency
Source IMD World Competitiveness Yearbook 2013
47
Israel in WEF Rankings
World Economic Forum Global Competitiveness Index
2013-2014
The World Economic Forum ranked Israel 27th out
of 148 countries for 2013-2014 in terms of
competitiveness. The Forum also ranked
Israel 1st in Quality of scientific research
institutions 4th in Capacity for Innovation 5th
in Firm-level technology absorption 6th in
Strength of investor protection 6th in Nature of
competitive advantage 6th in Company spending on
RD 5th in PCT patents, applications/million
pop. And 8th in Venture Capital Availability
Source World Economic Forum Global
Competitiveness Index 2013-2014
48
Cooperation in Industrial RD
North America New YorkMassachusettsMarylandVi
rginiaWisconsinColoradoIllinois Oregon BIRD
(Foundation)Ontario CIIRDF (Foundation)
Europe FranceRussiaItaly ( and Trento
county)GermanyGreeceCzech RepublicBulgariaLit
huania Slovenia DenmarkHungaryTurkeyPortugalF
inlandSwedenIreland Spain Cyprus Netherlands
Through EUREKA (40 country Multilateral
Initiative)
Asia China (Shanghai, Jiangsu, Shenzhen,
Federal)IndiaSIIRD-Singapore
(Foundation)KORIL-RDF-Korea (Foundation)
South America ArgentinaUruguayBrazil
Australia (Victoria)
More comprehensive information is available on
the Israel Ministry of Finance website
49
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payment
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
50
Learn More
Visit the Israel Ministry of Finance English
website for more information
About the Ministry
Economic Overview of Israel
Ministry of Finance publications and reports
Other publications and reports on the Israeli
economy
Ministry press releases
51
Learn More
Click to open
Israel Central Bureau of Statistics
Bank of Israel
Ministry of Economy
Ministry of Foreign Affairs
Israel Government Portal
52
Table of Contents
Table of Contents
1
Main Indicators
2
Real Economy
3
Foreign Trade and Balance of Payment
4
Labor Market
5
Fiscal Stance
6
Price Stability and Monetary Policy
7
Innovative Economy
8
Learn More
9
Contact
53
Contact
  Mr. Oded Keneresh, CPAMr. Daniel Hadow Ericson Dr. Amichai Fishler Overseas Economic Information Chief Economist DepartmentMinistry of FinanceState of Israel Send us an email odedk_at_mof.gov.il danielh-e_at_mof.gov.il amichai_at_mof.gov.il Visit our Website Follow us on Twitter
  Mr. Oded Keneresh, CPAMr. Daniel Hadow Ericson Dr. Amichai Fishler Overseas Economic Information Chief Economist DepartmentMinistry of FinanceState of Israel Send us an email odedk_at_mof.gov.il danielh-e_at_mof.gov.il amichai_at_mof.gov.il Visit our Website Follow us on Linkedin
  Mr. Oded Keneresh, CPAMr. Daniel Hadow Ericson Dr. Amichai Fishler Overseas Economic Information Chief Economist DepartmentMinistry of FinanceState of Israel Send us an email odedk_at_mof.gov.il danielh-e_at_mof.gov.il amichai_at_mof.gov.il Visit our Website Follow us on YouTube Follow us on Flickr Subscribe to our RSS Feeds
  Mr. Oded Keneresh, CPAMr. Daniel Hadow Ericson Dr. Amichai Fishler Overseas Economic Information Chief Economist DepartmentMinistry of FinanceState of Israel Send us an email odedk_at_mof.gov.il danielh-e_at_mof.gov.il amichai_at_mof.gov.il Visit our Website Subscribe to our Newsletters
  Mr. Oded Keneresh, CPAMr. Daniel Hadow Ericson Dr. Amichai Fishler Overseas Economic Information Chief Economist DepartmentMinistry of FinanceState of Israel Send us an email odedk_at_mof.gov.il danielh-e_at_mof.gov.il amichai_at_mof.gov.il Visit our Website
  Mr. Oded Keneresh, CPAMr. Daniel Hadow Ericson Dr. Amichai Fishler Overseas Economic Information Chief Economist DepartmentMinistry of FinanceState of Israel Send us an email odedk_at_mof.gov.il danielh-e_at_mof.gov.il amichai_at_mof.gov.il Visit our Website  
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