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Memo Provided By: Globaledge.Msu.Edu and EXPORT.GOV Israel Introduction Key Economic Facts Risk Assessment (Provided by Coface) Israel is located in the Middle East bordering the Income Level (by per capita High Income Country rating: A3 - Changes in generally good but Mediterranean Sea. Neighboring countries include Egypt, GNI): somewhat volatile political and economic environment can Jordan, Lebanon, Syria, and the regions Gaza Strip and Level of Development: Developing affect corporate payment behavior. A basically secure West Bank. Despite its small size, Israel is GDP, PPP (current international $381.56 billion (2019) home to a variety of geographic features, $): business environment can nonetheless give rise to from the Negev desert in the south, GDP growth (annual %): 3.47% (2019) occasional difficulties for companies. Corporate default mountain ranges in the north, and the GDP per capita, PPP (current $42,146.15 (2019) probability is quite acceptable on average. Jordan Rift Valley in the east. The international $): Business Climate rating: A2 - The business environment government system is a parliamentary democracy; the chief Manufacturing, value added (% 11.96% (2018) is good. When available, corporate financial information is of state is the president, and the head of government is the of GDP): prime minister. Israel has an advanced market system in Current account balance (BoP, $13.14 billion (2019) reliable. Debt collection is reasonably efficient. Institutions which the prices of goods and current US$): generally perform efficiently. Intercompany transactions services are determined in a Inflation, consumer prices 0.84% (2019) usually run smoothly in the relatively stable environment (annual %): free price system. rated A2. Labor force, total: 4,248,718 (2020) Unemployment, total (% of 3.78% (2020) Strengths total labor force) (modeled ILO • Technology hub of the region estimate): • Solid institutional structure, positive business Imports of goods and services $108.32 billion (2019) (current US$): environment Location: Western Asia Exports of goods and services $115.71 billion (2019) • Very competitive production tissue, diversified Capital City: Jerusalem (+2 GMT) (current US$): economy with a large number of start-ups Chief of State: President Issac Herzog • Strong international reserves, low inflation Head of Govt.: Prime Minister Naftali Bennett • Improvement of relations with some of the Arab Currency: Israeli Shekel (ILS) GDP Composition % Agriculture Services Industry Manufacturing neighbors Major Languages: <p>Hebrew (official), Arabic (used officially for Arab minority), English Weaknesses 70 (most commonly used foreign • Weaker fiscal dynamics, higher government debt language)</p> 19 1 12 • Increased regional tensions Primary Religions: <p>Jewish 74.8%, Muslim 17.6%, Christian 2%, Druze 1.6%, other *Although Manufacturing is included in the Industry figures, it is also separately • New elections fuelling political uncertainty 4%</p> reported because it plays a critical role in economy. U.S. Embassy Calling Code: 972 Rankings Voltage: 230 Index Rank U.S. Embassy Israel Corruption Perceptions Index 35 / 180 71 HaYarkon Street Key Websites EY Globalization Index 15 / 60 Tel Aviv 6343229, Israel Tel: 03-519-7575 Main Government Page: gov.il Global Competitiveness Index 19 / 141 https://il.usembassy.gov/ Commerce Ministry: economy.gov.il Global Enabling Trade Index 30 / 136 Export Promotion Agency: export.gov.il Global Services Location Index 55 / 55 Investment Promotion investinisrael.gov.il Index of Economic Freedom 27 / 179 Agency: International Logistics Performance Index (LPI) 37 / 160 Inward FDI Potential Index 27 / 139 KOF Index of Globalization 38 / 185 Networked Readiness Index (NRI) 21 / 139 Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.
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