W I N T E R

2015

E C O N O M I C

Published by the
Government of Israel
Economic Mission
Ministry of Finance

EDI TORS:

Shirley Strifler
Beth Belkin
Josh Berliner

A N D

F I N A N C I A L

T R E N D S

I N

I S R A E L

Overview
The Israeli market, which experienced high growth of 4 to 7 percent in the years
2004-2011, grew at a moderate rate of around 3 percent during 2012-2014.
Operation Protective Edge had a relatively limited influence on most sectors of the
economy, since the fallout was limited primarily to the southern part of the country.
Nevertheless, the tourism industry was severely affected.
The trends in Israels foreign currency market have been reversed since August, when the
Shekel significantly weakened with respect to the Dollar and the Euro. In approximately
two months, the appreciation that accrued between 2013 and last July was erased.
In 2013 and the beginning of 2014, the Israeli labor market continued to improve, despite
the slowing growth rate, as the employment rate continued to rise and the unemployment
rate continued to decline.
Along with the slowdown in growth recorded over the last two years, there has also been a
drop in the rate of inflation since the end of 2013. As of June 2014, the inflation rate has
actually been less than the lower limit of the Bank of Israels inflation target
(1 percent).
The year 2014 has been a testament to the consistency of the Israeli high tech scene. So
far, 2014 has produced more than 75 exits in the form of public offerings and acquisitions
by large multinational corporations. 505 Israeli startups have attracted nearly $2.3 billion
in venture capital investments through Q3 this year, a 41 percent increase over the first
three quarters of 2013.
OurCrowd has been investing in top Israeli and global startups, giving accredited investors
from around the world (over 30 countries) a chance to get in on the ground floor of what
could be the next Google, Amazon or Facebook.
Israeli road safety company Mobileye (MBLY) recently floated on the NASDAQ, raising
close to $1 billion, officially making it the largest IPO in Israels history. Mobileyes
current market capitalization ranks third among Israeli companies after Teva (TEVA)
and Checkpoint (CHKP).

Economic Overview: 2014

Amichai Fishler, Chief Economist Department, Israel Ministry of Finance
The Israeli market experienced high growth rates (4.5 to
7 percent) during 2004 - 2008, which was sustained during
2010 - 2011, as the world was recuperating from the
economic crisis. In the last few years, however, the economy
grew at a moderate rate of around 3 percent. In the third
quarter of 2014 , GDP growth reached a negative level due
to the military operation in the south of Israel. Growth rates
are expected to recover in the fourth quarter of 2014.
In 2013, GDP grew at a rate of 3.2 percent, a slight increase relative to
2012, yet significantly lower than the growth listed for the years 2010
2011. The growth in 2013 was primarily based on private and public
consumption. The second quarter, which posted a 4.9 percent annual
growth rate, was influenced by the commencement of gas production
from the Tamar gas reserves. The slowdown continued in the first two
quarters of 2014, due to a lack of investments in fixed assets and a
decline in exports of goods and services.
The slowdown continued through the third quarter due to Operation
Protective Edge. The operation had a relatively limited influence in
most sectors of the economy, since the fallout was limited primarily to
the southern part of the country. Nevertheless, the tourism, entertainment and accommodation sectors were affected. The damage to tourism
was especially severe, because the operation took place during July
and August, the prime months of the year for tourism in Israel. The
contraction in GDP was led by a decline of 4.4 percent in exports
(excluding diamonds and start-up companies), which includes a
decline of 77 percent in exports of tourism services and a decline of
8.1 percent in fixed capital formation (excluding ships and aircraft).
In contrast, private consumption increased by 3.9 percent.
A growth rate decline is also observed when examining the real activity
data. The industrial production index, which registered rapid growth in
the years 2005 to 2012 (about 6 percent annually, discounting a significant decline in 2009 due to the sub-prime crisis), had a growth rate of
GDP Growth
6%

5.6%

4%

4.3%

4.0%

4.4%

4.4%

3.1%

3%

3.2%

3.2%

3.2%

2.6%
2.2%

1.7%

2%

1.4%

1%
0%
-0.2%

- 0.4%

-1%
08

09 09 09 09 09
Q1 Q2 Q3 Q4

10 11 12 13

Source: Israel Central Bureau of Statistics

Winter 2015

Foreign Trade and Balance of Payments

The economys rapid recovery from recent events, coupled with the
fact that it was among the fastest growing economies in the world
over the last decade, contributed to the strength of the local economy and bolstered the Shekel from the second half of 2012 to this
past July. The start of natural gas production from the Tamar
reserves also contributed to the rapid strengthening of the Shekel,
which in turn contributed to a reduction of energy imports to Israel,
as Israel transitioned to natural gas as the principle source of electricity production. Nevertheless, the trends have been reversed in
Israels foreign currency market since August, when the Shekel
significantly weakened with respect to the Dollar and the Euro. In
approximately two months, the appreciation that accrued between
2013 and last July was erased.
An ongoing current account surplus points to the resilience of the
Israeli economy. The surplus is mostly due to the continued growth
in the export of services. The transition of Israels economy, from
a borrowing economy to a lending one is another contributor to the
surpluses investments in the current account, because the scope of
Israeli property (private, firms and public bodies) abroad is higher
than their foreign debt.
From 2009 through the first quarter of 2012, the surplus in the
current account was in continual decline. In the first quarter of
2012, there was a deficit in the current account for the first time in a
decade. However in the second quarter of 2012, the current account
surplus began to recover. This recovery stemmed from, among other
things, the continued increase in the export of services, the commencement of natural gas production from the Tamar reserves and
the drop in global energy prices.
In the first quarter of 2014, there was a particularly high surplus in
the current account stemming mainly from especially high revenue
from Israelis investments abroad. However, in the second and third
quarters, the levels returned to those noted during 2013. The decline
of the surplus in the third quarter coincided with Operation Protective
Edge and a sharp decline in the exports of tourism services.

5.5%
4.9%

5%

only 0.4 percent in 2013 and 2014. The decrease in the industrial production growth rate stemmed from a slowing of industrial production
in the high tech field, following rapid growth during the years 2005 2012. A similar development was a noted by the revenue index where
its growth rate slowed from approximately 5.5 percent in previous
years to only 2.0 percent in 2013 - 2014.

13 13 13 13 14 14 14
Q1 Q2 Q3 Q4 Q1 Q2 Q3

In 2013, a positive trend was seen in the export of goods, which

grew at a rate of 2.6 percent relative to 2012 and the export of
services, which increased at a rate of 8.2 percent. The recovery
observed for Israeli exports was impressive, given the background
of slow growth in world trade. An impressive growth trend was
especially notable in the export of technology-intensive goods,
with exports from the high tech and mixed high technology sectors
growing by 4.3 percent and 10.7 percent, respectively.

SHEKEL: Economic and Financial Trends in Israel

Surplus in the Current Account

In Percentage of GDP
Billions of Dollars

Percentage of GDP
8%

$8
$6

3.8%

3.1%
$4

3.4%

3.0%
1.5%

1.7%
$2

6%

5.2%

4.5%

1.5% 0.8%

2.4%

2.1%

3.2%

2.2%

1.8%

0.6%

3.0%
2.0%

4%

3.4%
2.2%

2%

0.6%

0%

$0
-1.0%

-2%

-$2
-2.3%
-$4

-4%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Israel Central Bureau of Statistics

During 2014, the growth in exports of goods and services continued,

once again led by the export of services. However, the growth rate of
these two components significantly decreased in comparison to 2013.
The positive trend in merchandise exports in 2013 and 2014 was not
uniform to Israels various trade partners. In 2013, exports to the U.S.
continued to decline, there was a recovery in exports to Europe, and
exports to Asia continued to grow. In 2014, these trends flipped,
when exports to the U.S. recorded its first increase in a number of
years, while export to Asia declined.
Imports of goods and services decreased in 2013 by1.4 percent, as
merchandise and services imports decreased at a rate of 0.7 percent
and 3.7 percent, respectively. Imports of raw materials, investment
products and energy products recorded a decline, which were
partially compensated by the growth in imports of consumer goods.
Exports by Primary Export Destinations
Value as Per Total Merchandise Exports

2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

In 2014, imports of goods increased with the continued growth

of consumer goods imports, along with an increase in imports in
raw materials and investment products. Energy imports continued
to slide.
Labor market

In 2013 and the beginning of 2014, the Israeli labor market continued
to improve, despite the slowing growth rate, as the employment rate
continued to rise and the unemployment rate continued to decline.
Data for the third quarter indicate a decline in employment levels as
compared to the second quarter. However, employment remains high.
Among the working population (2564), the unemployment rate
remained unchanged, at 5.3 percent; the labor force participation
rate declined by 0.2 percentage points to 79.3 percent, and the
employment rate declined by 0.2 percentage points as well, to 75.1
Imports of Energy Goods
Billions of Dollars
5

Other

24.2%

24.5%

26.4%

25.0%

Asia

19.3%

20.8%

20.7%

19.9%

European
Union

32.5%

31.2%

31.6%

33.8%

USA

23.9%

23.5%

21.3%

21.3%

2011

2012

2013

2014*

1
0
* Forecast
Source: Israel Central Bureau of Statistics

SHEKEL: Economic and Financial Trends in Israel

2007

2008

2009

2010

2011

2012

2013

2014

Source: Israel Central Bureau of Statistics

Winter 2015

Economic Overview: 2014 (continued)

Nominal and Real Interest Rates and Expected Inflation
Annual Rates

Labor Market
Participation Rate
(left axis)

Unemployment Rate
(right axis)

65%
64%

64.7%
8.9%

63.6%

64.2%

63.9%

63.7%

63.9%

64.5%
64.2% 64.3%

63.5%

64.1%

63%

Real Interest Rate

10%
9%

6%

4%

8%
62.1%

2%

6.9%

62%

7%
6.4%

61%

6.2%

6.3% 6.2%

6%

6.1%
5.8%

5.7%

60%

5%
09

11

13

2013

0%

5.7% 5.6%

2014

J F M A M J J A S ON D J F M A M J J A S ON

Source: Israel Central Bureau of Statistics

percent. The overall unemployment rate increased by 0.3 percentage points to 6.4 percent. Labor Force Survey data for October and
November indicated a marked improvement in employment, and a
decline in unemployment.
Inflation and Monetary Policy

Along with the slowdown in growth recorded over the last two years,
there has also been a drop in the rate of inflation since the end of
2013. As of June 2014, the inflation rate has actually fallen short
of the lower limit of the Bank of Israels inflation target (which
is 1 percent). In October, the inflation rate over the preceding
12 months was negative 0.3 percent, similar to the figure for the
12 months ended in September. To date, these developments have
not been offset by the Shekel depreciation since August 2014.
As a result of the slowdown in rates of growth and inflation, the
Bank of Israel lowered the interest rate from 1.75 percent in April

-2%
2007

2008

2009

2010

2011

2012

2013

2014

Source: The Bank of Israel

2013 to only 0.25 percent in September to December 2014.

Since October 2012, the real interest rate has been negative.
By lowering interest rates, the Bank of Israel also attempted to
ease the appreciation pressure on the Shekel of the last two years
(to the end of July 2014). The strengthening of the Shekel, which
began in the second half of 2012, contributed to the Bank of Israels
decision to again intervene in the foreign currency market in April
2013. Within this framework, the Bank of Israel purchased approximately $11.5 billion between the months of April 2013 and August
2014. Approximately $5 billion of this amount (approximately 40
percent) was purchased under a program designed to compensate
for the influence of Israel gas production on the exchange rate.
The Bank purchased the remainder in order to alleviate the
upward pressure on the Shekel. These purchases resulted in a
rise in foreign currency reserves to $88 billion.

Avi Braf Named Consul and Chief Fiscal Officer

Israel Economic Mission, Ministry of Finance

Avi Braf, Israels Consul and Chief Fiscal Officer, has more than 16
years of experience serving as a senior financial executive for several
governmental agencies in Israel.
Appointed to his present position in the August 2014, Avi is charged
with raising foreign currency for the State of Israel in international
markets through bond and loan guarantee offerings. He also oversees
the State of Israel Bonds (Development Corporation of Israel) activities and fundraising initiatives worldwide. As Chief Fiscal Officer, he
is the key liaison to the American investment banking community
and financial institutions. In addition, Avi manages the budget for
the Israel Economic Mission and its seven regional offices in North
and South America.
Prior to his diplomatic appointment in the U.S., Avi served for
two years (2012-2014) as Chief Financial Officer for the Ministry

Winter 2015

of Health, where he was responsible

for overseeing an $8 billion budget
allocated to the Ministrys internal
operations, and 24 governmental
hospitals. (In 1995, the National
Health Law took effect, which
stipulated that the State is responsible
for providing health care services to
all residents of the country.)
Avi Braf
From 2010-2012, Avi was the Senior
Deputy Accountant General in the Ministry of Finance. In this
position, he was charged with overseeing the activities of the chief
fiscal officers of key governmental offices. He also handled the
internal audits of these offices as well as of the Accountant
Generals department.
SHEKEL: Economic and Financial Trends in Israel

OurCrowd: A Primer in Crowdfunding

Zack Miller, Partner and Head of Investor Community, OurCrowd

In order to maintain their coveted status as the Startup

Nation, Israeli entrepreneurs are required to produce cutting
edge solutions to everyday problems, keeping Israel at the
forefront of global technology and innovation. The year 2014
has been a testament to the consistency of the Israeli high tech
scene. So far, 2014 has produced more than 75 exits in the
form of public offerings and acquisitions by large multinational
corporations. 505 Israeli startups have attracted nearly $2.3
billion in venture capital investments through Q3 this year, a
41 percent increase over the first three quarters of 2013. This
access to early stage capital combined with Israels capability
to compete in any major global industry are the main ingredients that have effectively transformed Israel into the paradigm
of a thriving startup ecosystem.
Noteworthy Exits in 2014

Israeli road safety company Mobileye (MBLY) recently floated on

the NASDAQ, raising close to $1 billion, officially making it the
largest IPO in Israels history. Mobileyes current market capitalization ranks third among Israeli companies after Teva (TEVA)
and Checkpoint (CHKP). The largest acquisition this year was
Vibers acquisition by Japanese Internet giant Rakuten for $900
million. These tremendous numbers are on pace to make 2014 a
record-breaking year for Israeli high tech.
FinTech and Crowdfunding

One particularly fast growing segment of the Israeli high technology scene is financial technology. From the unprecedented
access to financial content, to consumer applications that allow
you to safely transact from your phone, advances in FinTech are
changing the way we interact with money.

The year 2014 has been a testament to the consistency

of the Israeli high tech scene. So far, 2014 has produced
more than 75 exits in the form of public offerings and
acquisitions by large multinational corporations.
505 Israeli startups have attracted nearly $2.3 billion in
venture capital investments through Q3 this year, a 41
percent increase over the first three quarters of 2013.

SHEKEL: Economic and Financial Trends in Israel

Crowdfunding is perhaps the most

significant advance within the
FinTech sector. Crowdfunding comes
in a variety of flavors and perhaps
the most familiar is reward-based
crowdfunding, made popular by
platforms like Kickstarter and
Zack Miller
Indiegogo. These sites allow individuals to contribute to a worthy art project or campaign to back
a cool new electronic device. In return, that individual receives
some type of reward or early-bird pricing on the end-product they
helped to finance. On the other hand, equity crowdfunding, one
of the newest and most-exciting models in the crowdfunding market, provides investors with the opportunity for an actual financial return on backing a hot new technology company. For the
past year and a half, OurCrowd, has been investing in top Israeli
and global startups, giving accredited investors from around the
world (over 30 countries) a chance to get in on the ground floor
of what could be the next Google, Amazon or Facebook.
OurCrowd

The inspiration for OurCrowd began about two years ago, when our
founder, Jon Medved, conceived of a better way to address the
tremendous interest and demand for investing in young, dynamic
Israeli companies. Investing in private companies was traditionally
a luxury asset class reserved for the ultra-wealthy. The high-risk,
high-reward investment typically required cutting a large check to a
venture capital fund and leaving all investment discretion in the
hands of the fund manager. The other major impediment to startup
investing was the lack of access to quality deal flow.
OurCrowds proprietary platform addresses both of these issues. We
provide a consistent stream of startups that pass muster with our
due-diligence team and make them available on our website for our
members to invest, starting at a minimum commitment of $10,000.
The website also provides a digested summary of our due diligence,
professionally-negotiated deal terms, company presentations and
any other materials necessary for our members to make a sound
investment decision. Every company launched on our platform
begins their round of investment with a commitment from the
OurCrowd financial vehicle. Since our launch in February 2013,
OurCrowd and our network of nearly 6,000 investors have invested
$75 million in 53 portfolio companies.

Winter 2015

OurCrowd: A Primer in Crowdfunding (continued)

Our teams experience building OurCrowd has provided us with a

unique opportunity to witness some of the incredible technologies
coming out of Israel today. Here are some companies from the
OurCrowd portfolio that highlight Israels ability to permeate and
impact all of the major global, high tech industries.
ReWalk Robotics Medical Devices and Technologies

ReWalk Robotics is the creator of the first commercial robotic

exoskeleton, providing paraplegics with the ability to walk again.
The futuristic device gives wheelchair bound individuals the
freedom to stand, sit and walk independently. Perhaps the most
inspiring fact about ReWalk is that the company was founded by
Dr. Amit Goffer, a quadriplegic driven to help those with debilitating spinal cord injuries.
In addition to being granted FDA approval in the United States
this year, ReWalk recently filed their preliminary F-1 registration statement with the SEC in order to have its shares publicly
traded on the NASDAQ.

and utilizes machine learning algorithms to generate a unique

user profile. On PCs, the solution leverages keyboard, mouse,
track pads and other pointing devices. On mobile devices the
solution relies on collecting user behavioral biometric data from
the touch interface and accelerometer (e.g., how you hold the
device, how strong your tap is, etc). BioCatchs performance is a
significant improvement over existing methodologies, both
increasing the percentage of fraud detection as well as reducing
the number of false positives.
The Trendlines Group Agricultural Technology

What Israel lacks in natural resources, it makes up for in agricultural technology solutions. A country that is 60 percent desert
has managed to become a trailblazer in drip irrigation and water
desalination technologies. The Trendlines Group is a leading
Agricultural and Medical technology incubator that invests,
incubates and supports early stage Israeli companies looking to
solve some of the worlds current environmental crises. The company recently filed for an IPO on the Toronto Stock Exchange.
BillGuard Financial Technology

Based on early successes in 2014, Israel is on pace

to break records for the Israeli startup and venture
capital industries. For accredited investors around
the world, equity crowdfunding is a great way
to access the incredible investment opportunities
coming out of the Startup Nation.

BioCatch Internet Security

BioCatch has developed a novel form of authentication used by

online businesses to continuously guarantee the identity and
authenticity of users by analyzing behavioral and cognitive
response patterns. The company refers to its unique, patentpending approach as Proactive Cognitive Profiling. Whenever a
user interacts with a clients online application, BioCatch analyzes up to 350 cognitive-behavioral usage patterns for that user,

Winter 2015

As the world migrates toward digital financial transactions, the

need for anti-fraud solutions are that much more imperative.
BillGuard is a personal finance application that protects bottom
lines by monitoring credit card statements. The fintech app
detects what BillGuard refers to as grey charges (fraudulent
charges, hidden fees and double charges to name a few), and
works to return the money to generally unknowing victims. The
software behind the application leverages big data to identify
trends in fraudulent activities among the million users in the
BillGuard network.
Based on early successes in 2014, Israel is on pace to break
records for the Israeli startup and venture capital industries. For
accredited investors around the world, equity crowdfunding is a
great way to access the incredible investment opportunities coming out of the Startup Nation.

SHEKEL: Economic and Financial Trends in Israel

ECOncrete: Concrete Ecological Solutions

Dr. Ido Sella, Ph.D., Founder and CTO
Dr. Shimrit Perkol-Finkel, Ph.D., CEO, ECOncrete Tech

The devastating 2012 Superstorm Sandy resulted in dozens of

casualties and tens of billions of dollars in damage. The arrival
of the next superstorm is just a matter of time, and there is a
need for knowledge that will help manage the challenges facing coastal populations in the near future. A part of this preparation process is the Rebuild by Design competition, an initiative
of President Obamas Hurricane Sandy Rebuilding Task Force
and the U.S. Department of Housing and Urban Development,
which is dedicated to creating innovative community and policy
based solutions to protect U.S. cities most vulnerable to increasingly intense weather events and uncertainties. This competition
aims to find innovative solutions for rebuilding and protecting
the environment and its inhabitants. Out of 148 entries, six
teams were selected to have their solutions funded and implemented.
Of the winners, one was awarded a $60 million budget, and utilizes a
set of products from an Israeli company, ECOncrete. ECOncrete, a
young Israeli startup company, deals with seashore rehabilitation,
using innovative concrete products that are fauna and flora friendly.
In 2012, about 40 tons of ECOncrete ecological armoring units were
deployed in the waters off of Haifa, one of Israels major port cities.
That same year, the company also installed fish-friendly ECOncrete
panels at the Port of Savannah. In 2011, the companys product was
chosen as one of ten winning solutions by the Savannah Ocean
Exchange.
In the Rebuild by Design competition, ECOncrete participated as a part
of the SCAPE / Landscape Architecture team, which designed and
developed a living breakwaters system, integrating risk reduction with
ecology in order to protect an area of the southern tip of Staten Island that
suffered extensive damages during Superstorm Sandy. The project, utilizing breakwaters made of stone and ECOncrete, protects the shoreline
from wave damage and reduces the flood zone, while generating different
ecosystem services and oyster and fish habitats. The standard Portlandbased concrete that is widely used for coastal and marine infrastructures,
such as for breakwaters, marinas and seawalls, is severely compromised
in its ability to provide ecosystem services similar to natural habitats. As
marine biologists and co-founders of ECOncrete, we have developed and

Deployment of armor units at Haifa Port, Israel in 2012, left,

and right, covered with oysters in 2014.

New York installation

SHEKEL: Economic and Financial Trends in Israel

Dr. Ido Sella

Dr. Shimrit Perkol-Finkel

tested a way to propagate healthy marine life settlement on concrete

infrastructures, while gaining both enhanced ecological and increased
structural benefits in the long term. Based on experiments that were
done for more than two years along the east coast, from Florida to New
York and also the Great Lakes, in collaboration with NOAA National
Marine Sanctuaries, the Staten Island breakwaters are destined to be
covered by biological assemblages of oysters and other marine critters,
creating an ecosystem that had been in the past very common in the
Raritan Bay.
By accumulating in layers, the filter feeds oysters, strengthens the
breakwaters, elevates the water quality and creates habitats for different
fish and invertebrates. In addition, based on these biological assemblages, the living breakwater could also grow upward, keeping pace
with rising water levels due to climate change and global warming.
ECOncrete was voted the Best Israeli Startup of 2014 in the 8200
Alumni Startup competition, by a jury that included a series of prominent figures in the Israeli high tech industry. It has been active in the
U.S. market for the last two years. Their products, including precast
tide pools and concrete pile encasements for degraded pier piles, are
already installed at Brooklyn Bridge Park in New York City. Like all
of Econcretes products, the tide pools and concrete pile encasement
units were specially designed to elevate biodiversity and ecosystem
services while preserving their functional and structural properties.
The main objective for the tide pools is to add a critical water retaining feature for coastal stabilization measures such as sea wall slopes
and riprap stretches. The tide pools retain water during periods of low
tide, providing an area where water quality conditions can be maintained in order to promote different fish, algae and coastal marine
species, in addition to stabilizing the shoreline, limiting erosion and
dissipating wave energy. The ECOncrete pile encasement installed
under Pier 6 on the Brooklyn waterfront was developed as an ecological alternative for the standard structural fix used in the region, creating valuable habitat for marine organisms. At the same time, the
growth achieved on the piles serves to strengthen and protect the
structure and reduce maintenance requirements. With the expected
rise in population along the shorelines and an inevitable increase in
coastal and marine infrastructures, along with global climate change,
rising water levels and more severe hurricanes and storms, there is a
heightened need for ecological enhancement of the coastal and marine
infrastructures and the implementation of acquired expertise. The
coastal and marine infrastructure market is presently valued at $10
billion a year. Econcrete is currently broadening its services and operations within the U.S., focusing on sales of concrete additives, concrete forms and precast units that can be integrated into any standard
coastal and marine construction.
Winter 2015

Winter 2015

SHEKEL: Economic and Financial Trends in Israel

Growth Rates of GDP and its Components

Compared to the Previous Period, Annual and Quarterly Changes

2011

2012

2013

3Q

4Q

Q1

Q2

Q3

2013

2013

2014

2014

2014

GDP

4.2%

3.0%

3.2%

3.2%

2.6%

3.2%

2.2%

0.4%

Business GDP

4.5%

2.9%

3.4%

2.7%

2.3%

2.8%

2.8%

1.4%

Private Expenditure on Consumption

2.9%

3.1%

3.3%

3.1%

2.6%

2.6%

5.2%

3.9%

Public Expenditure on Consumption

2.7%

3.6%

3.5%

5.5%

1.9%

1.8%

6.3%

3.1%

14.5%

3.2%

1.1%

10.0%

3.4%

7.1%

4.8%

3.6%

Goods and Services Exports

6.5%

0.9%

1.5%

11.1%

23.4%

0.9%

13.6%

2.8%

Goods and Services Imports

10.7%

2.5%

0.1%

6.9%

3.3%

2.8%

4.5%

16.2%

2.3%

1.1%

1.3%

1.2%

0.6%

1.3%

0.4%

2.4%

Gross Domestic Investment

GDP per Capita

Source: Israel Central Bureau of Statistics

Web Sites of Interest

Israel Ministry of Finance:
http://www.mof.gov.il/mainpage_eng.asp
Government Debt Management Unit
http://ozar.mof.gov.il/debt/gen/mainpage.asp
Bank of Israel:
http://www.bankisrael.gov.il/firsteng.htm
Central Bureau of Statistics:
http://www.cbs.gov.il/engindex.htm
Dun & Bradstreets Israel:
http://www.dundb.co.il/english/index.asp
Equities Israel:
http://www.equities.co.il
Investment Promotion Center:
http://www.investinisrael.gov.il
Israel Economic Mission:
http://www.israeleconomicmission.com
Israel Government Portal:
http://www.israel.gov.il/firstgov/english

Israel Ministry of Foreign Affairs:

www.mfa.gov.il/mfa
Israel Ministry of Industry, Trade & Labor:
http://www.moit.gov.il
Israel Ministry of Tourism:
http://www.goisrael.com
Israel Science and Technology Home Page:
http://www.science.co.il
Israel Venture Association:
http://www.iva.co.il
Israel Venture Capital Research Center:
http://www.ivc-online.com
MATIMOP: Israeli Industry Center for R&D:
http://www.matimop.org.il
State of Israel Bonds Organization:
http://www.israelbonds.com
Tel Aviv Stock Exchange:
http://www.tase.co.il/taseeng/homepage.htm

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