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STATE OF ISRAEL MINISTRY OF FINANCE Chief Economist Department – Research, State Revenue & International Affairs. Economic Highlights Presentation 2 nd Quarter 2013 ( As of July 1 th ).

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Economic Highlights Presentation 2 nd Quarter 2013 ( As of July 1 th )

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Economic highlights presentation 2 nd quarter 2013 as of july 1 th

STATE OF ISRAELMINISTRY OF FINANCEChief Economist Department – Research, State Revenue & International Affairs

Economic Highlights Presentation

2nd Quarter 2013

( As of July 1th)

In any case of information derived from sources external to the Ministry of Finance, such sources are mentioned at the bottom of each item


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payments

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Economic Figures

*Using a periodic average exchange rate.

** For available months

Sources: CBS, IMF


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Economic Figures

* MoF Estimates


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payments

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

GDP and Business GDP

Annual rate of change, constant prices, 2005


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

GDP Growth

Israel compared to advanced economies, annual rate of change, constant prices

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 1.1% growth in it’s GDP.

* MoF forecast, Euro stat and OECD forecast

Source: CBS, OECD Stat


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

GDP Components

Real Annual Percentage Change

Effects of the global economic crisis


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

GDP per Capita

$ U.S, Current prices, Current PPP, 2012

Additional Sources: OECD


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Output Gap

As percentage of Potential GDP, 2012

The actual - potential GDP Difference.

Positive index means that actual output is higher than potential.

Additional Sources: OECD Estimates


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Stock Exchange Indices

Percentage Change, end of period relative to end of previous period

* The change since the beginning of 2013 till the end of the specified quarter.

Additional Sources: TASE, Bloomberg


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payments

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Exports of Goods and Services

As a share of GDP

Effects of the global economic crisis


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Main Trading Partners

$ US Billions, 2012

* The data on trade with Hong-Kong is added to the data regarding China

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Main Export Destinations

As a share of total exports

* Relates to January-April 2013

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Current Account Surplus

As % of GDP

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Foreign Investments

$ US Billions

* In 2006, a large acquisition by Teva Pharmaceutical Industries Ltd. was included in the data.

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Exchange Rates

30 June 2013 vs 31 December 2012

The change in the specified currency relative to the $ US

A decrease means an appreciation of the specified currency relative to the $ US

Source: Pacific Exchange Rate Service


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Terms of Trade

2005 average = 100

Terms of Trade = Export Prices to Import Prices Ratio

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Israel’s Free Trade Agreements

1985

USA

QIZ Agreements

1993

EFTA

2004

Egypt

1997

Turkey

1998

Jordan

1997

Canada

2000

Mexico

2000

European Union (Association Agreement)

2007

MERCOSUR

More comprehensive information is available on the Israel Ministry of Finance website


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Bilateral Investment Treaties

Cyprus

Albania

Hungary*

Argentina

Czech Republic

India

Armenia

El Salvador

Kazakhstan

Azerbaijan

Korea

Estonia

Belarus

Ethiopia

Latvia

Bulgaria

Lithuania

Georgia

China

Germany

Moldova

Croatia*

Guatemala

Macedonia*

*Comprehensive information is available on the Israel Ministry of Finance website


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Bilateral Investment Treaties

Turkey

Montenegro

Turkmenistan

Poland

Ukraine*

Romania

Uruguay

Serbia

Uzbekistan

Slovakia

Slovenia*

South Africa*

Thailand

*Comprehensive information is available on the Israel Ministry of Finance website


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Economic Organizations

Membership in main international economic organizations

  • Israel is a member of leading international economic organizations:

  • United Nations Organizations

  • United Nations Agencies

  • World Bank Group

  • International Monetary Fund

  • OECD

  • Regional Organizations

  • Inter-Governmental Organizations

More comprehensive information is available on the Israel Ministry of Finance website


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payments

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Unemployment and Participation

As % of total labor force

Since the 2nd quarter of 2009 unemployment is relatively decreasing, with a gradual increase in the participation rate since the beginning of 2010.

*Available data.

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Unemployment Rate

Latest available data

Additional Sources: OECD


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Job Creation

Change in the number of employees

Effects of the global economic crisis

Annual average relative to previous year average.

* April to May average.

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Employment Rate

15+, latest available quarterly data

Additional Sources: OECD, Euro Stat


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payments

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

General Government Expenditure

As % of GDP

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

General Government Tax Burden

As % of GDP

OECD countries average: 33.8%

(2011 average)

Source: Central Bureau of Statistics, OECD


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

General and Central Budget Deficit

As % of GDP


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Public Debt

As % of GDP

Effects of the global economic crisis


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Public Debt

As % of GDP, international comparison

Source: OECD


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Israel’s Credit Ratings

Updated to mid-September, 2012

April 2008

Moody’s upgrades

Israel To A1

Sep 2011

S&P upgrades

Israel To A+

Nov 2007

S&P upgrades

Israel To A

Feb 2008

Fitch upgrades

Israel To A


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Avoidance of Double Taxation

Austria

Denmark

India

Belarus

Estonia

Ireland

Belgium

Ethiopia

Italy

Brazil

Finland

Jamaica

Bulgaria

France

Japan

Latvia

Canada

Georgia

China

Germany

Lithuania

Croatia

Greece

Luxembourg

Hungary

Czech Republic

More comprehensive information is available on the Israel Ministry of Finance website


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Avoidance of Double Taxation

Taiwan

Mexico

Russia

Thailand

Moldova

Singapore

Turkey

Slovak Republic

Netherlands

Slovenia

UK

Norway

South Korea

Ukraine

Panama

USA

Philippines

South Africa

Spain

Uzbekistan

Poland

Sweden

Portugal

Vietnam

Switzerland

Romania

More comprehensive information is available on the Israel Ministry of Finance website


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payment

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Inflation Rate

Rate of change in consumer price index

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Interest Rate

Source: Bank of Israel


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Central Bank’s Interest Rates

International Comparison

Source: Specified Countries’ Central Banks


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payments

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Industrial Production

Annual Growth, 2013 average relative to 2004 average

Total industrial production grew by 3.9%

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Industrial Export

Current U.S. $ Billions, and the share of high tech and mid high tech sectors in the Israeli goods exports

80.6%

80.1%

79.5%

80.3%

77.4%

80.9%

76.7%

76.3%

75.4%

75.3%

72.5%

73.2%

* 2013 available months at annual rate

Source: Central Bureau of Statistics


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Israel is a World Leader in Science, Technology, and Innovation

  • 1st in R&D expenditure as % of GDP*

  • 1stin quality of scientific research institutions**

  • 1st for entrepreneurship being widespread amongst its managers*

  • 2nd in public expenditure on education* 

  • 3rd in venture capital availability**

  • 4th in PCT patents applications per million population**

  • 5th for strength of investor protection**

  • 6 Israelis in the last 10 years have been awarded Nobel Prizes in the fields of Economics or Chemistry

Civilian R&D as % of GDP, 2009

Global Competitiveness Report 2012-2013

“The country’s main strengths remain its world-class capacity for innovation (3rd), which rests on highly innovative businesses that benefit from the presence of the world’s best research institutions geared toward the needs of the business sector. Israel’s excellent innovation capacity, which is supported by the government’s public procurement policies, is reflected in the country’s high number of patents (4th). Its favorable financial environment, particularly evident in the ease of access to venture capital (3rd), has contributed to making Israel an innovation powerhouse..”

Source: OECD Science, Technology and Industry Scoreboard 2011. * International Institute for Management Development (IMD) Global Competitiveness Yearbook 2011. ** World Economic Forum (WEF) Global Competitiveness Report 2012-2013.


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Israel in IMD Rankings

IMD World Competitiveness Yearbook 2013

(2) USA 1

(3) Switzerland 2

(1) Hong Kong 3

(5) Sweden 4

The Institute for Management Development ranked Israel 19th out of 59 countries for 2012.

Israel has been ranked 1st at entrepreneurship and 9th at economy resilience.

(4) Singapore 5

(8) Norway 6

(6) Canada 7

(16) UAE 8

(9) Germany 9

(10) Qatar 10

(7) Taiwan 11

(13) Denmark 12

(12) Luxemburg 13

(11) Netherlands 14

(14) Malaysia 15

(15) Australia 16

(20) Ireland 17

(18) United Kingdom 18

(19) Israel 19

(17) Finland 20

Source: IMD World Competitiveness Yearbook 2013


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Israel in IMD Rankings

IMD World Competitiveness Yearbook 2012

Israel’s ranking compared to other IMD countries, Economic Performance and Government Efficiency

Israel’s ranking compared to other IMD countries, Business Efficiency and Infrastructure

Source: IMD World Competitiveness Yearbook 2012


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Israel in WEF Rankings

World Economic Forum Global Competitiveness Index 2012-2013

The World Economic Forum ranked Israel 26thout of 144 countries for 2012-2013 in terms of competitiveness.

The Forum also ranked Israel:

1st in Quality of scientific research institutions

3rd in Venture capital availability

4th in PCT patents, applications/million pop.

5th in Strength of investor protection

5th in Firm-level technology absorption

6th in Capacity for innovation

6th in Company spending on R&D

And 8th in University-industry collaboration in R&D

Source: World Economic Forum Global Competitiveness Index 2012-2013


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Cooperation in Industrial R&D

North America

New YorkMassachusettsMarylandVirginiaWisconsinColoradoIllinois

Oregon

BIRD (Foundation)Ontario CIIRDF (Foundation)

Europe

FranceRussiaItaly ( and Trento county)GermanyGreeceCzech RepublicBulgariaLithuania Slovenia

DenmarkHungaryTurkeyPortugalFinlandSwedenIreland

Spain

Cyprus

Netherlands

* Through EUREKA (40 country Multilateral Initiative)

Asia

China (Shanghai, Jiangsu, Shenzhen, Federal)IndiaSIIRD-Singapore (Foundation)KORIL-RDF-Korea (Foundation)

South America

ArgentinaUruguayBrazil

Australia

(Victoria)

More comprehensive information is available on the Israel Ministry of Finance website


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payment

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Learn More

Visit the Israel Ministry of Finance English website for more information:

About the Ministry

Economic Overview of Israel

Ministry of Finance publications and reports

Other publications and reports on the Israeli economy

Ministry press releases


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Learn More

Click to open:

Israel Central Bureau of Statistics

Bank of Israel

Ministry of Industry, Trade and Labor

Ministry of Foreign Affairs

Israel Government Portal


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Table of Contents

Table of Contents

1

Main Indicators

2

Real Economy

3

Foreign Trade and Balance of Payment

4

Labor Market

5

Fiscal Stance

6

Price Stability and Monetary Policy

7

Innovative Economy

8

Learn More

9

Contact


Economic highlights presentation 2 nd quarter 2013 as of july 1 th

Contact


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