Transcript שקופית 1

STATE OF ISRAEL
MINISTRY OF FINANCE
INTERNATIONAL AFFAIRS DEPARTMENT
ECONOMIC HIGHLIGHTS
3rd Quarter 2010
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Contents
Economic Figures
Balances
International Comparisons
Israel and the OECD
Note:
International Treaties
Relevant Sites
Contact Us
You can return to the beginning
of each chapter by clicking the
emblem of Israel on the top of
each slide.
Economic Figures
Main Economic Indicators
GDP and Business GDP
Growth: Israel compared to the World
Major GDP Components
Exports of Goods and Services
Main Trading Partners
Foreign Investments
Unemployment & Participation Rates
Inflation Rate
Inflation Rate Worldwide
Growth of Main GDP Components 2008
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Main Economic Indicators
2008
2009
2009
Q3
2009
Q4
2010
Q1
2010
Q2
GDP
(current prices in $B)*
185.0
186.4
46.6
47.1
47.5
48.1
Real GDP Growth Rate
(%)
4.2%
0.8%
3.9%
4.3%
3.6%
4.7%
--
--
--
--
Criteria
GDP per Capita
(PPP adjusted)**
GDP per Capita Growth Rate
(%, 2005 prices)
28,393 $
28,474 $
2.3%
-1.0%
2.0%
2.2%
1.2%
3.0%
Exports (Goods & Services)** $B*
(As Percentage of GDP)
83.4
(45.1%)
73.6
(39.5%)
18.1
(38.9%)
19.8
(42.1%)
20.1
(42.3%)
20.9
(43.4%)
Imports (Goods & Services)** $B*
(As Percentage of GDP)
80.9
(43.7%)
69.5
(37.3%)
17.6
(37.7%)
18.3
(38.9%)
19.3
(40.5%)
19.6
(40.9%)
6.1%
7.6%
7.8%
7.3%
7.0%
6.2%
Unemployment Rate
(%)
*Using a public exchange rate of 1$ = 3.78NIS
** In current prices
Source: Ministry of Finance, IMF
CONTINUE
Main Economic Indicators
Criteria
Total Gross Debt
(% of GDP)
Government Expenditure
(Percentage of GDP)
Current Account Surplus
(% of GDP)
Inflation Rate
(CPI, yearly average)
2006
2007
2008
2009
84.5%
78.3%
77.2%
79.6%
44.8%
44.0%
42.9%
42.7%
5.1%
2.9%
0.7%
3.8%
2.1%
0.5%
4.6%
3.3%
CONTINUE
Source: Ministry of Finance
Main Economic Indicators
Domestic Bonds
Rating Firm
Overseas Bonds
Term
Forecast
Rating
Long
Moody's
Rating
A1
A1
Stable
Standard & Poor's
Fitch
Short
-
Long
AA-
P1
A
Stable
Short
A-1+
Long
A+
A-1
A
Stable
Short
-
F1
Moody's / S&P & Fitch
All 3 rating firms have reaffirmed Israel’s rating, without any downgrade,
during the global economic crisis in 2009.
Aa3/AA-
A1/A+
A2/A
A3/A-
Baa1/BBB+
Baa2/BBB
Baa3/BBB-
Moody's
1992
1993 1994
1995 1996
1997
1998 1999
S&P
2000 2001
Fitch
2002 2003
2004
2005 2006
2007 2008
2009
CONTINUE
Source: Ministry of Finance
GDP and Business GDP
Annual rate of change (%), in Constant Prices
8%
7.0%
6.6%
6.0%
7%
5.7%
6%
5.4%
5.1%
5.6%
4.6%
4.5%
5%
4.3%
4.2%
3.9%
4%
4.7%
4.3%
3.6%
3.8%
3%
2%
0.8%
1%
0%
2005
2006
2007
2008
2009
2009 Q3
2009 Q4
2010 Q1
2010 Q2
-1%
-2%
-3%
-4%
-0.2%
In recent years, prior to the global economic
Since Q2 2009, Israel is experiencing
crisis, the Israeli economy experienced high
constant growth, indicating a fast
growth rates
recovery from the global economic crisis
-5%
-6%
GDP
Business GDP
CONTINUE
Source: Ministry of Finance.
GDP Growth
Israel compared to Advanced Economies*
(Annual rate of change (%), in constant prices)
5.7%
5.4%
5.6%
5.10%
5.0%
4.6%
4.2%
3.6%
3.2%
3.1%
2.8%
2.50%
2.6%
2.0%
1.6%
1.5%
0.8%
0.5%
0.5%
-0.5%
-1.5%
-2.5%
-3.5%
2003
2004
2005
2006
2007
2008
2009
Since 2004, Israel’s 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 0.7% growth in it’s GDP
Advanced Economies *
Israel Growth
-3.20%
CONTINUE
Source:
Ministry of Finance
Major GDP Components
(Annual rate of change (%), in constant prices)
15.3
Global Economic Crisis
13.6
16
9.3
11
6.7
6
3.3
4.2
4.4
1.7
5.9
3.1
4.3
3
3.1
4.4
5.2
2.1
1.4
2.2
1
2005
2006
2007
2008
2009
-4
-9
-14
In 2009, due to the global economic crisis, Investment in Fixed Assets and Export of
Goods and Services contracted severely.
However, the strength and resiliency of Israel's economy in a time of crisis is
demonstrated by the positive growth of both Private Consumption and Government
Consumption during the same period.
Private Consumption
Government Consumption
Investment in Fixed Assets
-6
-12.1
Exports of Goods and Services
CONTINUE
Source: Ministry of Finance
Exports of Goods and
Services ($B)
Global
90
Economic
80
Services
70
Goods
Crisis
24.1
21.1
60
21.9
50
17.4
13.3
16
40
13.4
11.9
57.2
30
50.3
43.3
20
36.7
10
27.5
45.8
39.8
30.2
0
2002
2003
*Using a public exchange rate of 1$ = 3.78NIS
** In current prices
Source: Ministry of Finance
2004
2005
2006
2007
2008
2009
CONTINUE
Israel’s Main Trading Partners
(US$ Billions, excluding diamonds)
14
Imports
12
10
5.4
8
2008
25
6
3.5
3.4
Exports
20
2009
2.5
4
7.1
2.1
1.9
1.5
11.8
4.2
2
1.4
1.5
1.4
1.9
1.8
1.8
3.9
2.8
15
2.5
2.5
2.2
0
2008
10
US
A
Ch
i na
*
Ge
rm
an
y
Sw
itze
rla
n
It a
ly
d
Ne
t he
Ja
rla
n
ds
pa
n
Fra
UK
nc
e
Tu
rke
y
2009
11.6
5
1.6
1.4
1.3
1.1
1.0
1.2
2.0
1.9
1.6
1.6
1.6
1.4
0
US
A
Ne
t he
rla
n
ds
Ge
rm
an
UK
y
Tu
rke
y
Ita
ly
Ind
0.8
1.2
ia
Be
lgiu
m
*Since July 1997 the data on trade with Hong-Kong is added to the data on China
Source: Central Bureau of Statistics
1.1
1.2
0.7
1.2
Bra
zil
Fra
nc
e
CONTINUE
Israel’s Main Trading Partners
(US$ Billions, excluding diamonds)
20
Imports
18
18.7
18.8
16
14
16.3
13.5
12
10
15.6
11.6
10.7
8
6
4
18
16
13.8
5.4
20
07
20
08
20
09
11.8
11.6
10
8
20
06
16.0
12.8
European Union
Asia
United states
0
18.9
18
14
12
7.1
6.2
2
20
8.9
8.1
10.5
9.8
8.6
Exports
6
6.7
European Union
Asia
United states
4
2
5.9
0
20
06
20
07
20
08
20
09
CONTINUE
Source: Central Bureau of Statistics
Net Foreign Investments in Israel
(In $ Billion)
25
Direct Investments
19.4
Global Economic Crisis
20
Total Investments
15.3
14.1
15
10.9
10.1
9.5
8.3
10
4.3
5
9.9
8.8
3.3
4.3
3.9
2.4
0
2003
2004
2005
2006
2007
2008
2009
CONTINUE
Source: Ministry of Finance
Unemployment and Participation
(As % of Total Labor Force)
8.5%
57.5%
7.9%
8.0%
56.9%
7.7%
57.0%
56.7%
56.6%
7.5%
56.6%
56.5%
56.4%
7.6%
7.2%
56.6%
56.5%
7.4%
7.0%
56.3%
56.0%
6.5%
6.5%
As Israel grows out of the global
recession, unemployment is
decreasing
6.0%
6.0%
55.5%
6.2%
55.0%
5.5%
Unemployment Rate
Participation in the Labor Force
5.0%
54.5%
Q3
Q4
2009 Q1
Q2
Q3
Q4
2010 Q1
Q2
CONTINUE
Source: Ministry of Finance
Inflation Rate
(Rate of Change in CPI, yearly average)
7%
6%
5.70%
5%
4.60%
4%
3.30%
3%
2.10%
2%
1.30%
1%
0.70%
0.50%
0%
2002
2003
2004
2005
2006
2007
2008
2009
-0.40%
-1%
CONTINUE
* July 2009 index compared to July 2008
Source: Central Bureau of Statistics, Ministry of Finance
Inflation Rate Worldwide
(Annual rate of change in CPI)
7%
The Israeli economy demonstrated a high level of stability
compared to other countries throughout the global economic crisis
2008 (left column)
2009 (right column)
5%
4.60%
4.49%
3.77%
3.90%
3.82%
3.30%
3.11%
2.65%
2.75%
3%
2.43%
2.17%
1.60%
1.40%
1%
Be
lg
iu
m
an
y
G
er
m
Ire
la
nd
nl
an
d
Fi
US
A
Po
rtu
ga
l
-1.38%
-0.90%
No
rw
ay
-0.32%
-0.45%
Sw
it z
er
la
nd
Ja
pa
n
-1%
Is
ra
el
0.08%
-0.21%
-1.71%
-3%
CONTINUE
Sources: Ministry of Finance, IMF
Growth of Main GDP
Components for Previous Year
Criteria
2009
Real GDP
+ 0.8%
Business GDP
- 0.2%
Exports
- 12.1%
Private Consumption
+ 1.4%
Public Consumption
+ 2.2%
Investment in Fixed Assets
- 6.0%
NEXT CHAPTER: BALANCES
Source: Ministry of Finance
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Balances
Gross Public Debt
Budget Deficit – Target and Execution
Budget Deficit and General Government Expenditure
Current Account and Net Foreign Debt
Gross Tax Burden
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Gross Public Debt
(as percentage of GDP)
Since 2003, gross public debt has been on a consistent downward trend, only interrupted by the
extraordinary circumstances surrounding the 2009 global economic crisis
105%
99.0%
100%
97.4%
93.8%
95%
Global
90%
Economic
84.5%
Crisis
85%
79.6%
78.3%
80%
77.2%
75%
2003
2004
2005
2006
2007
2008
2009
CONTINUE
Source: Ministry of Finance
Budget Deficit – Target and Execution
2008 Q3
2008 Q4
2008 Total
2009 Q1
2009 Q2
2009 Q3
2009 Q4
2009 Total
2010 Q1
2010 Q2
-3433
-3516
4500
-869
-5500
-4,452
-5,273
-11,450
-13,501
-15500
-15,180
-16,460
-25500
-16,061
For the first time in its history, Israel enacted a biennial budget for
the years 2009-2010
In 2009 Israel came in under budget target.
-35500
Quarterly Budget Execution
Yearly Budget Execution
-39,286
Yearly Budget Target
-45500
-44,355
CONTINUE
Source: Ministry of Finance
Budget Deficit and
General Government Expenditure
5.2%
2009
2008
2007
Budget Deficit
(% of GDP)
2.2%
0.0%
0.9%
2006
2005
42.7%
1.8%
2004
42.9%
3.5%
0%
1%
2%
3%
2009
4%
2008
2007
44.0%
5%
44.8%
2006
45.4%
General Government
Expenditure (% of GDP)
2005
2004
47.4%
48%
47%
46%
45%
44%
43%
42%
41%
40%
CONTINUE
Source: Ministry of Finance
Current Account Balance and
Net Foreign Debt
Since 2003, the current account balance is positive, and is accompanied by a decrease of net foreign debt
2003
2004
2005
2006
2007
2008
2009
0%
-1.4%
-5%
-3.7%
-10%
Current Account Surplus
-9.5%
(% of GDP)
-15%
-13.5%
-20%
-25%
5.1%
-23.1%
5.0%
-24.2%
-27.5%
-30%
3.8%
4.0%
3.1%
2.9%
3.0%
Net Foreign Debt
2.3%
(% of GDP)
2.0%
1.2%
0.7%
1.0%
0.0%
2003
2004
2005
-1.0%
Source: Ministry of Finance.
2006
2007
2008
2009
CONTINUE
Gross Tax Burden
(as % of GDP)
35.5%
35.6%
35.9%
36.4%
33.8%
31.4%
2004
2005
2006
2007
2008
2009
OECD countries average: 35.8% (2007 average)
NEXT CHAPTER: INTERNATIONAL COMPARISONS
Source: Ministry of Finance, OECD
BACK TO CONTENTS
International Comparisons
IMD World Competitiveness Yearbook
WEF Global Competitive Index
Central Bank Interest Rates: Israel and U.S.A
NASDAQ and Tel-Aviv 100 (monthly average)
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IMD World Competitiveness
Yearbook 2010
The Institute for Management
Development ranked Israel
17th
out of 58 countries for 2010
(Israel was ranked 24th in 2009)
CONTINUE
Source: International Institute for Management and Development (IMD), World Competitiveness Yearbook 2010
IMD World Competitiveness
Yearbook 2010
Israel is
at:
Israel is
at:
 Resilience of the economy to economic cycles
 Youth unemployment
 Central Bank policy
 Finance skills
 Skilled labor
 Entrepreneurship of managers
 Public and private sector ventures
 Flexibility and adaptability of people
 Innovative capacity
 Scientific research (public and private)
 Total expenditure on R&D
 Business expenditure on R&D
CONTINUE
Source: International Institute for Management and Development (IMD), World Competitiveness Yearbook 2010
IMD World Competitiveness
Yearbook 2010
Israel is
at:
Israel is
at:
 Capital markets (foreign and domestic)
 Adaptability of government
 Venture capital
 Pension funding
CONTINUE
Source: International Institute for Management and Development (IMD), World Competitiveness Yearbook 2010
WEF Global Competitiveness
Index 2010-2011
The World Economic Forum
ranked Israel
24th
out of 139 countries
for 2010-2011
CONTINUE
Source: World Economic Forum, Global Competitiveness Index, 2010-2011
WEF Global Competitiveness
Index 2010-2011
Quality of scientific research institutions
Utility patents per million population
Strength of investor protection
Availability of latest technologies
CONTINUE
Source: World Economic Forum, Global Competitiveness Index, 2010-2011
WEF Global Competitiveness
Index 2009-2010
Legal rights index
Capacity for innovation
Nature of competitive advantage
Firm-level technology absorption
CONTINUE
Source: World Economic Forum, Global Competitiveness Index, 2010-2011
Central Bank Interest Rates:
Israel and U.S.A
4.5%
The Bank of Israel was the first in the
western world to raise interest since
the outburst of the economic crisis.
4.0%
3.5%
The rate was raised gradually from
0.5% to 1.75%
3.0%
2.5%
2.0%
1.75%
1.50%
1.5%
1.50%
1.25%
1.0%
Bank of Israel Rate (BOI)
0.5%
U.S. Federal Funds Rate
9
8
7
6
5
4
3
2
11
10
9
8
7
6
5
4
3
2
20 12
10
1
-0.5%
20 12
09
1
11
10
9
8
7
6
5
4
3
2
0.0%
CONTINUE
Source: Bank of Israel (BOI), Federal Reserve
NASDAQ & Tel Aviv 100
(monthly average)
4,000.00
Nasdaq (left scale)
1200.00
Tel Aviv 100 (right scale)
1100.00
3,500.00
1000.00
900.00
3,000.00
800.00
2,500.00
700.00
600.00
2,000.00
500.00
Tel Aviv 100 corresponds with the
NASDAQ to current events
400.00
1,500.00
300.00
200.00
3
4
5
Ju
l2 6
00
6
8
9
10
11
Ja
n 12
20
07
2
3
4
Ju
5
ly
20 6
07
8
9
10
11
Ja
n 12
20
08
2
3
4
Ju
5
ly
20 6
08
8
9
10
11
Ja
n 12
20
09
2
3
4
Ju
5
ly
20 6
09
8
9
10
J a 11
n 12
20
10
2
3
4
5
6
7
8
1,000.00
NEXT CHAPTER: ISRAEL AND THE OECD
Source: Ministry of Finance
BACK TO CONTENTS
Israel and the OECD
Israel has been invited as a full member in the OECD on May 10th 2010,
and officially joined in May 27th, 2010.
Expenditure on R&D
Real GDP Growth
GDP per Capita
Unemployment
BACK TO CONTENTS
Me
xi co
e pu
b li
Gre c
e ce
Po l
and
ak R
Chi
le
Tu r
ke y
So u Ind i a
th A
fri c
a
Rus
sia n Hun g
Fe d ary
era
tio n
Br a
zi l
New
Ital
Ze a y
l an
d
Es t
oni
a
Sp a
in
Ire l
a nd
Cze
C
ch R hi na
e pu
b lic
Po r
tu g
al
N
L ux or wa
y
em
bo u
rg
Sl o
v
en
Net
h er ia
la nd
s
C
Uni
ted an a da
Ki n
g do
m
Be l
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m
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nc e
Au s
OE tra li a
CD
tota
l
Ge
rma
ny
Ice
la nd
Au s
tr
Den i a
m
Uni
ted a rk
Sta
te
Sw
i tz e s
rl a n
d
Ko r
ea
Ja p
an
Fin
l an
Sw d
e de
n
Isra
el
Sl o
v
Expenditure on R&D
(selected countries, as percentage of GDP, 2008)
Israel is ranked
2.50
Source: OECD
1st of all OECD countries by expenditure on R&D (research & development)
as percentage of GDP (4.864 %), demonstrating innovation, development and creativity.
5.00
4.50
4.86
4.00
3.50
3.00
2.28
2.00
1.50
1.00
0.50
0.00
CONTINUE
Real GDP Growth
(selected countries, annual percentage of change, 2009)
While many OECD countries were severely affected by the global economic crisis, Israel still experienced a
positive growth, and only a relatively mild decline in its multi-year growth rate.
For Israel’s year-on-year graph, see slide no.7
4
2
0.8
0
-2
-4
-3.4
-6
-8
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h
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ew rw
Ze ay
al
an
Ko d
re
Is a
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st l
ra
Po lia
la
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-10
CONTINUE
Source: OECD
Tu
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M ey
ex
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te lan
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xe wa
m y
bo
ur
g
GDP per capita
(selected countries, current prices in US$, current PPP’s, 2008)
100000
90000
For Israel’s adjusted PPP GDP Per Capita, see slide no.4
80000
70000
60000
50000
40000
30000
* Estimated
Source: OECD
34404.16
27901.77
20000
10000
0
CONTINUE
Unemployment Rate
(2009, harmonized)
20
Israel stood below the Total OECD Average.
18
16
14
12
Israel’s unemployment grew mildly compared with some OECD
members during 2009, with the global economic crisis in background.
Currently, Israel’s unemployment is declining to the level of 6.2%
10
7.6
8
8.3
6
4
2
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NEXT CHAPTER: INTERNATIONAL TREATIES
Source: Ministry of Finance, OECD
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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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Israel’s Free Trade Agreements
1985
USA
1992
EFTA
1997
Turkey
1997
Canada
QIZ Agreements
Egypt
(2004)
Jordan
(1998)
1999
Mexico
2000
European Union (Association Agreement)
2007
MERCOSUR (Argentina, Brazil, Paraguay & Uruguay, not yet in force)
CONTINUE
Source: Ministry of Finance
Avoidance of Double
Taxation Agreements
Austria
Croatia
Hungary
Belarus
Denmark
India
Belgium
Estonia
Ireland
Brazil
Ethiopia
Italy
Bulgaria
Finland
Jamaica
Canada
France
Japan
China
Germany
Latvia
Czech Republic
Greece
Lithuania
CONTINUE
Source: Ministry of Finance
Avoidance of Double
Taxation Agreements
Luxembourg
Russia
Switzerland
Mexico
Singapore
Thailand
Moldova
Slovakia
Netherlands
Norway
Slovenia
Turkey
Philippines
South Africa
Ukraine
Portugal
South Korea
United kingdom
Poland
Spain
Uzbekistan
Romania
Sweden
U.S.A
Vietnam
Taiwan
Source: Ministry of Finance
CONTINUE
Cooperation in Industrial R&D
Agreements
Austria
India
Sweden
Belgium
Ireland
United kingdom
Canada
Italy
U.S.A
China
Korea
Victoria (Australia)
Finland
Netherlands
Czech Republic
France
Portugal
Germany
Singapore
Hong Kong
Spain
CONTINUE
Source: Ministry of Finance
Protection of Investment
Agreements
Albania
Cyprus
India
Argentina
Czech Republic
Kazakhstan
Armenia
El Salvador
Latvia
Azerbaijan
Estonia
Lithuania
Belarus
Ethiopia
Moldova
Bulgaria
Georgia
Mongolia
China
Guatemala
Poland
Croatia
Germany
Romania
CONTINUE
Source: Ministry of Finance
Protection of Investment
Agreements
Serbia
Ukraine
Slovakia
Uruguay
Slovenia
Uzbekistan
South Africa *
South Korea
Thailand
Turkey
Turkmenistan
*pending ratification
Source: Ministry of Finance
CONTINUE
Main International Economic
Organizations Membership:
Israel is a member in leading international
economic organizations:
•WBG
•IMF
•WTO
•OECD
A more detailed list:
BIS | BSEC (observer) | CE (observer) | CERN (observer) | EBRD | FAO | IADB | IAEA | WBG – IBRD, IFC, IDA,
MIGA | ICAO | ICC | ICCT (signatory) | ICFTU | IFAD | IFRCS (observer) | ILO | IMF | IMO | Interpol | IOC | IOM | ISO
| ITU | OAS (observer) | OECD | OPCW (signatory) OSCE (partner) | PCA | UN | UNCTAD | UNECE |
UNEP | UNESCO | UNHCR | UNIDO | UPU | WCO | WFP | WHO | WIPO | WMO | WTOO | WTRO | WTO | ICSID
NEXT CHAPTER: RELEVANT SITES
Source: Ministry of Finance
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Relevant Sites
Ministry of Finance International Affairs Website
www.financeisrael.mof.gov.il
Israeli Government Institutions
Ministry of Finance
OECD Profile on Israel
Bank of Israel (BOI)
Central Bureau of Statistics
Israeli Government Portal
Israel Securities Authority
Ministry of Industry, Trade and Labor
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