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Economy of Israel

Israel is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Israel is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Israel exports around $60.67 billion and imports roughly $67 billion. 4.3% of population in the country are unemployed. The total number of unemployed people in Israel is 363,472. In Israel, 22% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Israel is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.9% of GDP. The Gini Index of the country is 37.6. Israel is experiencing good equality. The majority of citizens in Israel fall within a narrow range of income, although some cases may show significant differences. Israel has a Human Development Index (HDI) of 0.888. Israel has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Israel is 2.781. The strength of legal rights index for Israel is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Israel is Israeli new shekel. There are several plural forms of the name 'Israeli new shekel'. These are shekels, shekalim. The symbol used for this currency is ₪, and it is abbreviated as ILS. The Israeli new shekel is divided into Agora; there are 100 in one new shekel.

Credit rating

The depth of credit information index for Israel is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Israel has a credit rating score of A+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Israel has a credit rating score of A, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Israel has a credit rating score of A1, and the prospects of this rating are stable.

Central bank

In Israel, the institution that manages the state's currency, money supply, and interest rates is called Bank of Israel. Locally, the central bank of Israel is called בנק ישראל. The average deposit interest rate offered by local banks in Israel is 0.8%.

Public debt

Israel has a government debt of 13% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Israel is set at 26.5%. Personal income tax ranges from 11.5% to 50%, depending on your specific situation and income level. VAT in Israel is 17%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Israel is $272112 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Israel was last recorded at $32 million. PPP in Israel is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Israel is 291,567 billion. Based on this statistic, Israel is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Israel. The Gross Domestic Product (GDP) per capita in Israel was last recorded at $34 million. The average citizen in Israel has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Israel averaged 2.5% in 2014. According to this percentage, Israel is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Israel.

Industry

Major industries in the country are 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, construction, metal products, chemical products, plastics, cut diamonds, textiles, footwear. The total labor force of Israel is 4,017,530 people, wherein 4.3% of population in the country are unemployed. The total number of unemployed people in Israel is 363,472. The Industrial Production growth rate of Israel is 5.7%.To read more about industrial information within Israel click on industry of Israel.

Agriculture

There are 3141 km2 of arable land in Israel, and it comprises 15% of the country's total territory. There are 3930 km2 of cultivated land in Israel. The country's major agricultural crops and products are citrus, vegetables, cotton, beef, poultry, dairy products.To read more about agriculture click on agriculture of Israel.