Transcript שקופית 1 - Israel Ministry of Finance

STATE OF ISRAEL
MINISTRY OF FINANCE
INTERNATIONAL AFFAIRS DEPARTMENT
ECONOMIC HIGHLIGHTS
1st QUARTER 2008
April 2008
International Affairs Department Homepage
Contents
Main Characteristics
Economic Figures
Balances
Note:
You can return to the
beginning of each chapter
by clicking the Israeli state
symbol on the top right.
International Comparisons,
additional data and industry
Israel and the OECD
International Treaties
Relevant Sites
Israel’s Economy:
Main Characteristics
Stable Growth due to a variety of factors, such as
private consumption, export and investment.
Rapid Development of Technology &
High-Tech Industries.
Entrepreneurial Culture.
Supportive Environment for Businesses.
Investment and R&D Incentives.
Economic Figures
Press for desired slide or continue:
5-6 Main Indicators and Forecast
7 GDP and GDP per Capita
8 Growth: Israel compared to the World
9 Major GDP Components
10 Exports of Goods and Services
11 Exports of Goods by Region
12 Imports of Goods and Services
13 Imports of goods by Region
14 Main Trading Partners
15 Foreign Investments
16 Unemployment & Participation Rates
17 Newly Employed Persons
18 Inflation Rate
19 Inflation Rate Worldwide
20 Estimates for 2008
Back to Contents
Main Economic Indicators
and Forecast
Criteria
2003
2004
2005
2006
2007
GDP (current prices in B$)*
115.8
123.6
131.2
142.0
161.8
GDP Real Growth Rate (%)
2.3%
5.2.%
5.3%
5.2%
5.3%
$22,429
$22,812
$24,271
$25,762
0.4%
3.4%
3.5%
3.4%
3.4%
Exports (Goods & Services)** B$*
(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$*
(As Percentage of GDP)
43.9
(38.3%)
52.3
(42.3%)
57.5
(43.9%)
61.7
(43.5%)
73.7
(45.5%)
10.7%
10.4%
9.0%
8.4%
7.3%
GDP per Capita by PPP,
OECD calculation
GDP per Capita Growth Rate
(%, Current prices)
Unemployment Rate (%)
* Using the estimate NIS made by the Ministry of Finance, Multiplied by
Bank of Israel’s average US$-NIS exchange rate for 2007.
** In current prices
5
Main Economic Indicators
and Forecast (con.)
Criteria
2003
2004
2005
2006
2007
Total 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%
59.8
9.4%
55.6
8.4%
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 S&P: A
(Positive) (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
6
GDP and GDP per Capita
(Annual rate of change (%), in Constant Prices)
Growth forecasts for 2008 suggest Israel has yet to
achieve its full potential
9.0
8.0
7.0
5.3
5.2
4.6
5.0
3.4
5.3
5.2
3.5
3.4
3.4
2.3
3.0
0.4
1.0
-1.0
-0.6
-0.9
-3.0
-2.9
-2.6
GDP
GDP per Capita
-5.0
2000
2001
2002
Source: Central Bureau of Statistics, Ministry of Finance
2003
2004
2005
2006
2007
7
GDP Growth
Israel compared to the World
(Annual rate of change (%), in constant prices)
Though affected by worldwide demand, Israel’s growth remains solid
6.0%
5.2%
5.3%
5.2%
5.3%
5.0%
4.1%
4.0%
4.2%
4.1%
3.5%
3.5%
3.5%
2.7%
4.0%
3.4%
4.1%
3.3%
2.3%
3.0%
2.0% 1.6%
1.9%
1.0%
0.0%
-1.0%
-0.6%
-0.9%
World Growth
Israel Growth
-2.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Ministry of Finance, Israel Export Institution
Projection for 2008: Ministry of Finance; for 2008-10: Israel Export Institute
8
Major GDP Components
(Annual rate of change (%), in constant prices)
The trend of buying Israeli start-up companies has continued throughout 2007
18.1
17
14.2
12
10.1
8
7
2
4
5.6
5.0
2.9
2.3
4.3
4.5
2.3
5.9
6.6
2.6
8.4
1.2
0.8
-0.4
-3
-8
-2
-6.5
2002
-2.3
-2.5
-5.6
2003
2004
2005
2006
Private Consumption
Government Consumption
Investment in Fixed Assets
Exports of Goods and Services
Source: Central Bureau of Statistics, Ministry of Finance
2007
9
Exports of Goods and Services
(B$)
Exports continue to rise even though the exchange rate is depreciating.
80
70
21.1
60
17.5
50
16
40
30
20
19.2
11.9
27.5
13.4
30.2
36.6
40.1
43.7
50.1
10
0
2002
2003
2004
Goods
Source: Central Bureau of Statistics
2005
2006
2007
Services
10
Exports of Goods by Region
(Excluding diamonds)
EU positions itself as a major trade partner with Israel in 2007
2006
Asia
15.1%
North America
37.5%
Rest of
Europe
6.8%
2007
Asia
15%
Africa
3%
Other
5%
European
Union
32.9%
(USA: 31.4%)
North
America
30.5%
Rest of
Europe
6.5%
Africa
3%
Other
10%
EU
34.5%
(USA: 28%)
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance
Rest of Europe Includes E. . F . T . A .
11
Imports of Goods and Services
(B$)
30% growth in vehicle imports in the first 10 months of 2007
80
70
17.6
60
14.4
13.7
50
12.8
40
11.1
10.9
30
20
31.1
43.8
39.5
32.8
56.1
47.3
10
0
2002
2003
2004
Goods
Source: Central Bureau of Statistics, Ministry of Finance
2005
2006
2007
Services
12
Imports of Goods by Region
(excluding Diamonds)
EU remains strongest source for imports and destination for exports
2006
Rest of
Europe
9.9%
Africa
0.7%
2007
Rest of
Europe 9.3%
Other
16.6%
Africa 0.72%
Other
17.8%
Asia 20.7%
Asia
19%
North
America
16.9%
European
Union
36.9%
(USA: 13.4)
North
America
15.9%
European
Union 35.5%
(USA: 14.9%)
Source: Central Bureau of Statistics, Bank of Israel, Ministry of Finance
Rest of Europe includes E. . F . T . A .
13
Israel’s Main Trading Partners
($US Billions, excluding diamonds)
Exports to the US have risen even though the $US-NIS exchange rate
has depreciated
18
16
2006
14
12
18
15.2
10
10
16
8
EXPORT
14
12
16.8
5.4
6
IMPORT
4
9.7
4.4
6.9
2
10
3.5
3.7
3.5
3.4
1.6
1.2
1.6
2.1
2.3
1.8
0.9
3.5
2.8
1.2
1.6
0
2.1
2.3
1.8
1.2
1.2
0.7
1.6
1.5
1.7
1.0
1.3
um
3.5
gi
el
3.5
2.1
1.3
B
1.6
2.3
1.9
an
1.2
2.4
0.9
e
1.6
2.5
2.2
p
Ja
3.1
1.2
1.5
2.5
c
an
Fr
3.2
0.8
6.9
2
3.4
2.7
ey
rk
4
1.9
Tu
SA
4.8
6
K
U
s
nd
ly
rla
Ita the
e
N
e
Th
na
hi
C
y
an
m
er
G
U
8
4
1.9
2007 I-XI
0
US
A
Ge
rm
a
Ch
ina
ny
Th
Ita
ly
eN
eth
erl
an
ds
Source: Central Bureau of Statistics
UK
Tu
Fr
an
rke
ce
y
Ja
pa
n
Be
lgi
um
14
Foreign Investments (B$)
An Avoidance of Double Taxation Agreement has been signed with Portugal.
Includes issues such as income on capital, interest and royalties.
May assist in attracting Portuguese investors to Israel.
30
25.8
Direct Investments
25
Total Investments
20
14.2
15
12.3
9.6
10
4.5
5
9.1
5.4
5.2
3.1
3.2
1.7
9.6
9.5
10.5
4.8
3.9
2
1.7
0
1998
1999
Source: Ministry of Finance
2000
2002
2003
2004
2005
2006
2007
15
Unemployment and Participation
Rates by Quarters
(Rate of Total Labor Force)
108,000 new employees in 2007, of which 72,000 in a full time position
9.5%
57.0%
9.2%
9.0%
9.0%
56.7%
8.9% 8.9%
8.8% 8.8%
56.6%
56.5%
8.5%
56.1%
8.3%
8.0%
56.0%
7.8%
7.7%
7.5%
55.8%
7.5%
55.6%
56.0%
55.5%
55.6%
55.5%
55.5%
7.3%
7.0%
55.2%
55.0%
55.1%
6.5%
Unemployment Rate
54.9%
6.7%
Participation in the Labour Force
6.0%
54.5%
2005
Q1
Q2
Source: Central Bureau of Statistics
Q3
Q4
2006 Q2
Q1
Q3
Q4 2007
Q1
Q2
Q3
Q4
16
Newly Employed Persons
(Change in Israeli Employed Persons, in Thousands)
Since 2003: Rise in employment for women aged 55-64 and men aged 60-69
96
80
74
50
48
42
30
16
13
6
-11
2001
30
25
2002
2003
-3
2004
Business Sector
Source: Ministry of Finance, Bank of Israel
2005
2006
2007
Public Sector
17
Inflation Rate
(Rate of Change in CPI, end of year)
Responsible fiscal policy and a strong NIS (vs. the $US) have stabilized inflation
7%
6%
6.5%
5%
4%
3%
3.4%
2%
1%
2.4%
1.3%
0.0%
1.4%
-0.1%
1.2%
0%
-1%
-1.9%
-2%
1999
2000
2001
Source: Central Bureau of Statistics, Ministry of Finance
2002
2003
2004
2005
2006
2007 *
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
of expected world recession
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
3.4%
ey
uk
Tr
ry
ga
un
H
d
an
el
Ic
o
SA
ic
ex
M
el
ra
Is
U
m
er
nd
la
Ire
al
ug
rt
Po
y
an
G
EU
um
gi
el
B
d
an
nl
nd
Fi
la
er
itz
Sw
ay
w
or
N
n
pa
Ja
Sources: Central Bureau of Statistics, OECD
19
Growth of Main GDP
Components 2008
Criteria
2008 Projection
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
19
Balances
Press for desired slide or continue:
22 Gross Public Debt
23 Budget Deficit ;
General Government Expenditure
24 Current Account ;
Net Foreign Debt
25 Gross Tax Burden
Back to Contents
Gross Public Debt
(as percentage of GDP)
Gross debt, as percentage of GDP may reach 60% in 10 years
105%
102.0%
99.6%
100.7%
100%
97.0%
95%
90%
87.7%
85%
80.8%
80%
2002
Source: Ministry of Finance
2003
2004
2005
2006
2007
22
Budget Deficit and General
Government Expenditure
(Both as percentage of GDP)
Tax revenues up by 6.7% in 2007
52.2% 5.4%
Budget Deficit
Government Expenditure
51.2%
51.0%
4.2%
50.0%
3.7%
3.6%
3.2%
48.1%
48.4%
1.9%
46.3%
45.6%
0.9%
45.1%
0.7%
0.02%
1999
Source: Ministry of Finance
2000
2001
2002
2003
2004
2005
2006
2007
23
Current Account and Net Foreign
Debt
(As percentage of GDP)
Debt reduction & decreased immigration turned the current account
from deficit into surplus since 2003
5.6%
6.0%
5.0%
3.3%
4.0%
3.0%
2.0%
3.1%
2.4%
Net Foreign Debt
1.2%
-1.1% -0.8%
1.0%
2.8%
0.0%
5%
-1.0%
0%
-2.0%
2001
2002
2003
2004
2005
2006
2007
0.1%
-2.3%
-5%
-5.7%
-10%
Current Account
-9.6%
-15%
-16.7%
-20%
-25%
-24.2%
-25.2%
-30%
2000
Source: Bank of Israel
2001
2002
2003
2004
2005
2006
2007
24
Gross Tax Burden
(As percentage of GDP)
Tax burden has been in the vicinity of OECD average since 2003
38.1%
38.1%
37.5%
37.3%
37.1%
36.8%
36.4%
1999
2000
Source: Ministry of Finance
2001
2002
2003
36.4%
2004
36.4%
2005
2006
2007
25
International comparisons
and additional data
Press for desired slide or continue:
27 ICT and Business Sector’s Product
28 Capital raised by VC funds and
High Tech Companies
29 Central Bank Interest Rates
30 NASDAQ and Tel Aviv 100 Indices
31 Israel’s Credit Rating
32 Global Competitiveness Index
33-4 GCI: Selected Issues
35 Business Competitiveness Index ;
Network Readiness Index
36 Dividend Distribute in past years
Back to Contents
Israel’s ICT* and Business
Sector’s Product (Annual % change)
The strong rise in ICT product derives from extensive R&D funding.
90% of business R&D is transferred to ICT.
12%
7.2%
7%
3.2%
9.9%
6.5% 5.6%
6.5%
6.1%
2.3%
0.7%
2%
-3%
11.8%
10.8%
-1.9%
-2.8%
-8%
Business
-13%
ICT
-14.8%
-18%
2001
2002
2003
2004
2005
2006
2007
* Information and Communication Technology
Source: Central Bureau of Statistics, Israel Venture Capital, Bank of Israel
27
Capital Raised by Israeli Venture
Capital Funds* and High Tech
Companies (M$)
Capital Raising in the 4th Quarter 2007 – the Highest in 5 years
3,500
3,092
3,000
2,587
Venture Capital
2,500
High Tech
1,986
2,000
1,759
1,622
1,500
1,465 1,460
1,438
1,317
1,138
1,337
1,011
1,013
1,000
585
473
393
500
6
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
*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
28
Central Bank Interest Rates
Israel vs. U.S.A
Both BOI and the Federal Reserve are lowering rates
Bank of Israel Rate
6%
5%
4%
Currently: 3.25%
3%
U.S. Federal Funds Rate
Currently: 2.25%
2%
1%
4
3
2
Jan (1)
12
11
10
9
8
7
6
5
4
3
2
Jan (1)
12
11
10
9
8
7
6
5
4
3
2
Jan (1)
12
11
10
9
8
7
6
5
4
3
2
Jan (1)
0%
2004
2005
2006
2007
FF: Federal Funds
BOI: Bank of Israel
Source: Bank of Israel (BOI), Federal Reserve
29
NASDAQ Index & Tel Aviv 100
(monthly average)
Tel Aviv Stock Exchange has implemented an RTGS* system, allowing
real time settlement of transactions
4000
1200
Nasdaq Index (left scale)
1100
Tel Aviv 100 (right scale)
1000
3500
900
3000
800
2500
700
600
2000
500
400
1500
300
1000
200
l
Ju
07
20
07
20
06
20
* Real Time Gross Settlement
n
Ja
l
Ju
06
20
05
20
n
Ja
l
Ju
05
20
04
20
n
Ja
l
Ju
04
20
03
20
n
Ja
l
Ju
3
00
/2
01
Source: Tel Aviv Stock Exchange (TASE) and the Ministry of Finance.
30
Israel’s Credit Rating 1992-2007
Fitch Ratings raise Israel’s long-term credit from ‘A-’ to ‘A’
A1/A+
A2/A
A3/ABaa1/BBB+
Baa2/BBB
Baa3 /BBB-
Moody's A2 Positive
S&P A Positive
Fitch A Stable
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: Credit Rating Agencies, Accountant General
31
Global Competitiveness Index,
2007-2008
Israel Ranks 17th Out of 125 Countries
2
1
6
9
13
16
17
20
18
22
26
27
25
29
39
58
d
A
S lan
U
er
it z
w
S d
an
nl
Fi
on
st
in
pa ia
en
v
lo
a
si
K
U
a
ad
an
C
ay
w
or
N
el
ra
Is
ce
an
Fr m
u
gi
el
B
d g
r
an
el ou
Ir
b
m
xe
Lu
le
hi
C ia
E
S
S
us
R
Countries that have been invited for open discussions for joining the OECD.
Source: World Economic Forum, Global Competitiveness Index, 2007-8
32
Global Competitiveness Index, 2007/8
SELECTED CATEGORIES
Venture Capital Availability
Availability of Scientists & Engineers
United States
Finland
Netherlands
Israel
Israel
India
Denmark
Sweden
Hong Kong SAR
Switzerland
Australia
United States
Singapore
Korea, Rep.
Korea, Rep.
Germany
Germany
Belgium
Estonia
Norway
0
5
10
15
20
25 RANK
0
Quality of Scientific Research Facilities
Switzerland
Israel
United States
United Kingdom
Japan
Finland
Korea, Rep.
Sweden
Israel
Netherlands
Denmark
Singapore
Finland
Ireland
United Kingdom
Norway
Ireland
Hong Kong SAR
Hong Kong SAR
5
10
15
20
25 RANK
Source: World Economic Forum, Global Competitiveness Index, 2007-8
10
15
20
25 RANK
Company Spending on R&D
Switzerland
0
5
0
5
10
15
20
25 RANK
33
Global Competitiveness Index, 2007/8
SELECTED CATEGORIES (con.)
Strength of Investor Protection
Availabilty of Latest Technologies
New Zealand
Finland
Hong Kong SAR
Israel
Israel
India
Ireland
Sweden
United States
Switzerland
United Kingdom
United States
Japan
Korea, Rep.
Norway
Germany
Denmark
Belgium
Chile
Norway
0
5
10
15
20
0
25 RANK
Utility Patents
Hong Kong SAR
Israel
United Kingdom
United Kingdom
New Zealand
Finland
Singapore
Sweden
Germany
Netherlands
Israel
Singapore
Ireland
Ireland
Canada
Norway
United States
Hong Kong SAR
Iceland
5
10
15
10
15
20
25 RANK
Legal Rights Index
Switzerland
0
5
20
25 RANK
Source: World Economic Forum; Global Competitiveness Index, 2007-8
0
5
10
15
20 RANK
34
The business climate is a critical element of
sustained economic growth
Network Readiness Index 2006-7
Denmark
Switzerland
United States
United Kingdom
Canada
Japan
Germany
Israel
Estonia
Portugal
Slovenia
Chile
Greece
Russia
Business
Competitiveness
Index
2007-8
5.71 (1)
5.58 (5)
5.54 (7)
5.45 (9)
5.35 (11)
12
5.27 (14)
16
5.22 (16)
19
5.14 (18)
22
25
5.02 (20)
27
4.48 (28)
30
4.41 (30)
36
4.36 (31)
46
49
3.98 (48)
55
3.54 (70)
64
1
2
5
8
.A
.S
U
y
an
m
er
G
k
ar
m
s
en
nd
la
er
D
N
h
et
K
U
d
an
el
Ic
el
d
ra
an
Is
al
Ze
ew
N
nd
la
Ire
a
ni
to
Es
n
ai
Sp
le
hi
C
al
ug
rt
Po ia
en
ov
Sl
ly
Ita
a
si
us
R
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]
35
Figures from Tel Aviv
Stock Exchange
The Israeli market continues to appeal to investors despite global competition
700
654
624
600
606
584
578
577
21.0
500
12.7
400
12.1
300
7.5
200
3.3
3.4
100
9
4
2002
2003
25
32
44
2005
2006
62
0
2004
Amout of public companies * (Right scale)
* End of Year
24.0
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2007
Of which: New companies (Right scale)
Capital Raising ($B) ** (Left scale)
** Including option realization. Not including exchange-traded fund issues & realizaion by controled companies
Source: Tel Aviv Stock Exchange 2007 Annual Report
36
Israel and the OECD
Press for desired slide or continue:
38 Real GDP growth in 2007-8
39 Nominal GDP growth in 2007-8
40 Unemployment Rate in 2007-8
41 GDP Based on PPP per Capita in 2007 (IMF)
42 GDP Based on PPP per Capita in 2006 (OECD)
Back to Contents
Real GDP Growth
(Annual percentage of change, partial list)
OECD has given Israel the Roadmap for accession to the organization...
9%
8%
7%
5.3%
6%
4.2%
5%
4%
07’ 08’
2.7%
2.7%
3%
2%
1%
0%
w
Ne
d
lan
k
ar
a
Ze
nm
De
es
at
St
n
pa
Ja
d
lan
er
it z
m
do
Sw
ng
Ki
d
it e
Un
d
it e
Un
ain
Sp
nd
nla
Fi
da
na
Ca
d
lan
g
ur
bo
en
ed
Sw
e
Ir
l
ae
Isr
a
re
Ko
m
xe
Lu
ey
c
rk
bli
Tu
pu
Re
ak
ov
Sl
ea
ar
ro
Eu
D
EC
lO
ta
To
Source and projections: OECD and the Ministry of Finance, Israel
38
Nominal GDP Growth
(Annual percent of change, partial list)
.. and is now preparing a preliminary memorandum regarding the readiness
level to the organization’s legal instruments.
16%
14%
12%
10%
8%
6%
4.8%
4.7%
6.7%
5.0%
7.5%
07’ 08’
4%
2%
0%
n
pa nd
Ja
la
er
d
itz
an
Sw
al
Ze
w
Ne a l
g
rtu
Po
ce
an
Fr
d
an
el
Ic
k
ar
nm
De
da
na
Ca y
a
rw
No
n
ai
Sp l ia
ra
st
Au
ic
bl
el
ra
pu
is
Re
h
ec
Cz
ic
nd ubl
la
p
Po
Re
ak
ov
Sl
ey
rk
Tu
ea
ar
ro
D
Eu
EC
lO
ta
To
Source: OECD and the Ministry of Finance, Israel
39
Unemployment Rate
(average)
Israel therefore has created a professional “steering group” to prepare the
memorandum.
Norway
Switzerland
Korea
United States
Ireland
08’ 07’
Italy
Finland
Hungary
08’
07’
Israel
Portugal
Spain
Greece
Slovak Republic
08’ 07’
Euro area
08’
Total OECD
0%
1%
2%
3%
Source: OECD, Central Bureau of Statistics, Israel
4%
5%
07’
6%
7%
8%
9%
10%
11%
40
GDP Per Capita
based on purchasing-power-parity (PPP)
2007, (in $US)
Israel has been accepted to OECD’s development center – which is in
charge of OECD – non-member developing countries relations
85,000
IMF Calculation,
2007
75,000
65,000
55,000
45,000
35,000
25,000
15,000
5,000
-5,000
ia
ss
Ru
ile
Ch
ic
bl
nd
la
pu
Po
Re
ak
ov
Sl
a
ic
ni
bl
to
pu
Es
Re
h
ec
Cz
ia
en
ov
Sl
a
re
nd
Ko e ala
Z
w
Ne
e
ec
re
G
n
ai
Sp
ly
Ita
el
ra
y
Is
an
m
er
G
n
pa
Ja
en
ed
ds
Sw l an
er
th
Ne a
ri
st
Au d
an
es
el
at
Ic
St
d
ite
Un y
a
rw
No
nd rg
la
u
Ire
bo
m
xe
Lu
Source: IMF, Ministry of Finance
Countries that have been invited, as well as Israel, for open discussions for joining the OECD.
41
GDP per capita
based on purchasing-power-parity (PPP)
2006, (in $US)
Private expenditure per capita has grown by 4.8% in 2007
80,000
OECD Calculation,
2006
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
ey
rk
Tu o
ic
ex
M d
l ic
ub
n
l a ep
Po k R
a
ov
Sl
ry
ga
un
H gal
ic
bl
rt u pu
Po Re
ch
ze
C
a
re
Ko
nd
el
ra ala
Is
Ze
ew
N
n
ai
Sp
ly
Ita e
c
an
Fr
n
pa
Ja any ge
m era
er
G
Av
D
EC
O d
m
do
an
nl ing
Fi
K
d
te
ni
U ark
m
en la nd
D
er
itz
Sw d
s
n
la ate
Ire St
d
te
ni
U
ay g
w
r
or o u
N
b
m
xe
Lu
Source: OECD, and the Central Bureau of Statistics, Israel
42
International Treaties
Press for desired slide or continue:
44
Israel’s Free Trade Agreements
45-6
Avoidance of Double Taxation Agreements
47
Cooperation in Industrial R&D Agreements
48-9
50
Protection of Investments Agreements
International Organization Memberships
Back to Contents
Israel’s Free Trade
Agreements
1985
USA
2004
Egypt
1992
EFTA (1992)
2007
MERCOSUR
1995
Jordan (1995):
1997
Turkey (1997)
1997
Canada (1997)
1999
Mexico (1999)
2000
European Union
(Association Agreement)
(
Includes Romania and Bulgaria which
have recently joined the EU
)
44
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
* The agreement with Estonia has only been signed initially
45
Avoidance of Double
Taxation Agreements (con.)
*
Luxembourg
Russia
Switzerland
Mexico
Singapore
Thailand
Moldova
Slovakia
The Netherlands
Norway
Slovenia
Turkey
Philippines
South Africa
Ukraine
Portugal *
South Korea
United Kingdom
Poland
Spain
Uzbekistan
Romania
Sweden
USA
The agreement with Portugal has been recently ratified
46
Cooperation in Industrial R&D
Agreements
Austria
India
Sweden
Belgium
Ireland
UK
Canada
Italy
USA
China
Korea
Finland
Netherlands
France
Portugal
Germany
Singapore
Hong Kong
Spain
47
Protection of Investment
Agreements
Albania
El-Salvador
Argentina
Estonia
Armenia
Georgia
Belarus
Germany
Bulgaria
Hungary
Croatia
India
Cyprus
Czech Republic
Kazakhstan
Korea
48
Protection of Investment
Agreements (con.)
Latvia
Turkmenistan
Lithuania
Ukraine
Moldova
Uruguay
Poland
Uzbekistan
Romania
Slovakia
QIZ Agreement
Slovenia
Egypt
Thailand
Jordan
Turkey
49
International Organization*
Memberships:
BIS | BSEC (observer) | CE (observer)
CERN (observer) | EBRD | FAO | IADB | IAEA
IBRD | ICAO | ICC | ICCT (signatory) | ICFTU
IDA | IFAD | IFC | IFRCS (observer) | ILO | IMF
IMO | Interpol | IOC | IOM | ISO | ITU | MIGA
OAS (observer) | OECD (candidate) | OPCW (signatory)
OSCE (partner) | PCA | UN | UNCTAD | UNECE | UNEP
UNESCO | UNHCR | UNIDO | UPU | WB | WCO | WFP | WHO
WIPO | WMO | WTOO | WTRO | WTO
* Economic Organizations
50
Relevant Sites
International Affairs Department Homepage:
WWW.FINANCEISRAEL.MOF.GOV.IL
Government Institutions:
OECD Stat Profile on Israel
Economic News:
“The Marker”
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
Back to Contents
“Globes”
We welcome your feedback!
Contact:
Uri Geva
International Affairs Department
Ministry of Finance, Jerusalem, Israel
[email protected]
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