Economic Highlights Presentation 1 st Quarter 2014 (As of May 1 st ) STATE OF ISRAEL MINISTRY OF FINANCE Chief Economist Department – Research, State Revenue.
Post on 23-Dec-2015
219 Views
Preview:
Transcript
Economic Highlights Presentation1st Quarter 2014(As of May 1st)
STATE OF ISRAELMINISTRY OF FINANCEChief Economist Department – Research, State Revenue & International Affairs
In any case of information derived from sources external to the Ministry of Finance, such sources are mentioned at the bottom of each item
www.financeisrael.mof.gov.il
3
4
2
5
Table of Contents
7
8
6
2
Foreign Trade and Balance of Payments
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
3
Economic Figures
*Using a periodic average exchange rate** For available months
Criteria201220132012 Q42013 Q12013 Q22013 Q32013 Q4
GDP(Current prices in $B)*
257.5291.566.068.273.074.975.5
Real GDP growth rate(% change)
3.4%3.3%3.5%2.0%4.5%1.8%3.2%
GDP per capita(Current $)
32,565$$36,226$8,294$8,521$9,080$9,292$9,308
GDP per capita growth rate (%, constant prices)
1.5%1.3%1.4%0.1%2.8%-0.1%1.2%
Exports (goods & services), $B*(As % of GDP)
93.136.2%
95.132.6%
23.335.2%
23.334.2%
24.733.7%
21.829.1%
25.233.3%
Imports (goods & services), $B*(As % of GDP)
92.636.0%
68.331.4%
21.933.2%
22.032.2%
22.631.0%
23.631.5%
23.230.8%
Unemployment rate**6.9%6.2%6.9%6.6%6.7%6.0%5.8%
Sources: CBS, IMF
4
Economic Figures
Criteria2007200820092010201120122013
Public debt(As % of GDP)
74.7%73.2%75.3%71.7%69.8%68.4%*
General government expenditure (As % of GDP)
42.6%41.6%41.8%41.0%40.4%40.2%40.4%
Current account surplus(As % of GDP)
3.2%1.4%3.8%3.1%1.3%0.3%2.5%
Inflation rate(CPI, yearly average, % change)
0.5%4.6%3.3%2.7%3.5%1.7%1.5%
Budget deficit (Central)(As % of GDP)
0.0%2.1%4.9%3.5%3.1%3.9%3.2%
* Data not available at time of publication
3
4
2
5
Table of Contents
7
8
6
5
Foreign Trade and Balance of Payments
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
6
GDP and Business GDPAnnual rate of change, constant prices, 2005
7
GDP GrowthIsrael compared to advanced economies, annual rate of change, constant prices
Source: CBS, OECD, Eurostat, BEA
Since 2004, Israel’s growth rate has exceeded the average growth rate of advanced economies.
In 2009, as most of the world experienced a decline in GDP, Israel experienced a 1.2% growth in it’s GDP.
All data taken from OECD* Data from respective official source (CBS, OECD (forecast), Eurostat, BEA)
8
GDP ComponentsReal Annual Percentage Change
Effects of the global economic crisis
9
GDP per Capita$ U.S, Current prices, Current PPP, 2012
Source: OECD
10
Output GapAs percentage of Potential GDP, 2013 (based on data last updated 4/12/13)
Additional Sources: OECD Estimates
The actual - potential GDP Difference.Positive index means that actual output is higher than potential.
* Mainland Norway
11
Stock Exchange IndicesPercentage Change, end of period relative to end of previous period
Additional Sources: TASE, Bloomberg
3
4
2
5
Table of Contents
7
8
6
12
Foreign Trade and Balance of Payments
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
13
Exports of Goods and ServicesAs a share of GDP
Effects of the global economic crisis
14
Main Trading Partners$ US Billions, 2013
* The data on trade with Hong-Kong is added to the data regarding China
Source: Central Bureau of Statistics
15
Main Export DestinationsAs a share of total exports
Source: Central Bureau of Statistics
16
Current Account SurplusAs % of GDP
Source: Central Bureau of Statistics
17
Foreign Investments$ US Billions
* In 2006, a large acquisition by Teva Pharmaceutical Industries Ltd. was included in the data.
Source: Central Bureau of Statistics
18
Exchange Rates 31 March 2014 vs 31 December 2013
Source: Pacific Exchange Rate Service
The change in the specified currency relative to the $ US
A decrease means an appreciation of the specified currency relative to the $ US
19
Terms of Trade = Export Prices to Import Prices Ratio
Source: Central Bureau of Statistics
Terms of Trade2005 average = 100
20
Israel’s Free Trade Agreements
1985
1992
1997
1997
1999
2000
2007
USA
EFTA
Turkey
Canada
Mexico
European Union (Association Agreement)
MERCOSUR
QIZ Agreements
2004
1998
Egypt
Jordan
More comprehensive information is available on the Israel Ministry of Finance website
Colombia*2013
* Yet to be ratified
21
Bilateral Investment Treaties
Albania
Argentina
Armenia
Azerbaijan
Belarus
Bulgaria
China
Croatia*
India
Kazakhstan
Latvia
Lithuania
Germany
Cyprus
Czech Republic
El Salvador
Estonia
Georgia
Guatemala
Ethiopia
Hungary*
South Korea
Moldova
*Comprehensive information is available on the Israel Ministry of Finance website
Macedonia*
22
Bilateral Investment Treaties
*Comprehensive information is available on the Israel Ministry of Finance website** Yet to be ratified
South Africa**
Slovakia
Slovenia*
Serbia
Poland
Romania
Montenegro
Thailand
Turkey
Turkmenistan
Ukraine
Uzbekistan
Uruguay
Myanmar**
23
Economic OrganizationsMembership 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
• WTO
• Regional Organizations
• Inter-Governmental Organizations
• Pacific Alliance (observer)
More comprehensive information is available on the Israel Ministry of Finance website
3
4
2
5
Table of Contents
7
8
6
24
Foreign Trade and Balance of Payments
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
25
Unemployment and ParticipationAs % of total labor force
Source: Central Bureau of Statistics
Since the 2nd quarter of 2009 unemployment is relatively decreasing, with a gradual increase in the participation rate since the beginning of 2010.
26
Unemployment RateLatest available data
Additional Sources: OECD
27
Effects of the global economic crisis
Job CreationChange in the number of employees
Annual average relative to previous year average.
* January to February average seasonally adjusted.
Source: Central Bureau of Statistics
28
Employment RatePeople aged over 15, latest available quarterly data
Additional Sources: OECD, Euro Stat
3
4
2
5
Table of Contents
7
8
6
29
Foreign Trade and Balance of Payments
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
30
General Government ExpenditureAs % of GDP
Source: CBS
31
General Government Tax BurdenAs % of GDP
Source: Central Bureau of Statistics, OECD
32
General and Central Budget DeficitAs % of GDP
Source: CBS, MoF
33
Public DebtAs % of GDP
Effects of the global economic crisis
Source: CBS, MoF
34
As % of GDP, international comparison
Source: CBS, MoF, OECD
Public Debt
35
Avoidance of Double Taxation
More comprehensive information is available on the Israel Ministry of Finance website
Austria
Belarus
Belgium
Brazil
Bulgaria
Canada
China
Croatia
Czech Republic
Denmark
Estonia
Ethiopia
Finland
France
Germany
Greece
Hungary
India
Ireland
Italy
Jamaica
Japan
Latvia
Lithuania
Luxembourg
Georgia
Malta
Avoidance of Double Taxation
More comprehensive information is available on the Israel Ministry of Finance website
Moldova
Norway
Philippines
Portugal
Poland
Romania
Russia
Singapore
Slovak Republic
Slovenia
South Korea
Spain
Sweden
Switzerland
Thailand
Netherlands Turkey
Ukraine
UK
Uzbekistan
USA
Taiwan
Vietnam
Mexico
South AfricaPanama*
36
* Yet to be ratified
3
4
2
5
Table of Contents
7
8
6
37
Foreign Trade and Balance of Payment
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
38
Inflation RateRate of change in consumer price index
Source: Central Bureau of Statistics
39
Interest Rate
Source: Bank of Israel
40
Central Bank’s Interest RatesInternational Comparison
Source: Specified Countries’ Central Banks
3
4
2
5
Table of Contents
7
8
6
41
Foreign Trade and Balance of Payments
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
42
Total industrial production grew by 3.8%
Industrial ProductionAverage Annual Growth - 2013 average relative to 2004 average
Source: Central Bureau of Statistics
Industrial Export Current U.S. $ Billions, and the share of high tech and mid high tech sectors in the Israeli goods exports
43
73.2%
72.5%
75.4%
75.4%
76.3%
76.6%
77.4% 80.9
%
80%79.5
%
81%
Source: Central Bureau of Statistics
83.6%
80.4%
4.4
1.8
1.3
3.8
2.8
2.3
2.0
1.81.9
1.7 1.7 1.6
1.3
0
1
2
3
4
5
Isra
el
Fin
lan
d
Ger
man
y
Fra
nce
Bel
giu
m
EU
27
Cze
ch R
ep.
Un
ited
Kin
gd
om
Can
ada
Irel
and
No
rway
Sp
ain
Ital
y
44
Israel is a World Leader in Science, Technology, and Innovation
Source: OECD. * International Institute for Management Development (IMD) Global Competitiveness Yearbook 2013. ** World Economic Forum (WEF) Global Competitiveness Report 2013-2014.
Civilian R&D as % of GDP, 2011 1st in R&D expenditure as % of GDP*
1st in quality of scientific research institutions**
1st in public expenditure on education*
1st for innovative capacity*
2nd for entrepreneurship being widespread amongst its managers*
5th in PCT patents applications per million population**
6th for strength of investor protection**
6th for Nobel Prizes per capita in the fields of physics, chemistry,
physiology, medicine and economics since 1950*
Global Competitiveness Report 2013-2014
“The country’s main strengths remain its world-class capacity for innovation (4th), 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 (5th). Its favorable financial environment, particularly evident in the ease of access to venture capital (8th), has contributed to making Israel an
innovation powerhouse.”.
The Institute for Management
Development ranked Israel 19th
out of 60 countries for 2013.
Israel has been ranked 1st for
innovative capacity and 4th at
economy resilience.
Israel in IMD RankingsIMD World Competitiveness Yearbook 2013
Source: IMD World Competitiveness Yearbook 201345
(2) USA 1
(17) Finland 20
(19) Israel 19(18) United Kingdom 18
(20) Ireland 17(15) Australia 16
(14) Malaysia 15
(11) Netherlands 14(12) Luxemburg 13
(13) Denmark 12(7) Taiwan 11
(10) Qatar 10
(9) Germany 9
(16) UAE 8(6) Canada 7(8) Norway 6
(4) Singapore 5(5) Sweden 4
(1) Hong Kong 3
(3) Switzerland 2
Israel’s ranking compared to other IMD countries, Business Efficiency and Infrastructure
Israel’s ranking compared to other IMD countries, Economic Performance and Government Efficiency
Israel in IMD Rankings
Source: IMD World Competitiveness Yearbook 201346
Israel in WEF RankingsWorld Economic Forum Global Competitiveness Index 2013-2014
Source: World Economic Forum Global Competitiveness Index 2013-2014
The World Economic Forum ranked Israel
27th out of 148 countries for 2013-2014 in
terms of competitiveness.
The Forum also ranked Israel:
1st in Quality of scientific research
institutions
4th in Capacity for Innovation
5th in Firm-level technology absorption
6th in Strength of investor protection
6th in Nature of competitive advantage
6th in Company spending on R&D
5th in PCT patents, applications/million pop.
And 8th in Venture Capital Availability 47
48
Cooperation in Industrial R&D
More comprehensive information is available on the Israel Ministry of Finance website
North America New YorkMassachusettsMarylandVirginiaWisconsinColoradoIllinoisOregonBIRD (Foundation)Ontario CIIRDF (Foundation)
South America ArgentinaUruguayBrazil
Australia(Victoria)
Europe FranceRussiaItaly ( and Trento county)GermanyGreeceCzech RepublicBulgariaLithuania SloveniaDenmarkHungaryTurkeyPortugalFinlandSwedenIrelandSpainCyprusNetherlands* Through EUREKA (40 country Multilateral Initiative)
Asia China (Shanghai, Jiangsu, Shenzhen, Federal)India
SIIRD-Singapore (Foundation)KORIL-RDF-Korea (Foundation)
3
4
2
5
Table of Contents
7
8
6
49
Foreign Trade and Balance of Payment
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
Learn More
50
Visit the Israel Ministry of Finance
English website for more information:
Economic Overview of Israel
Other publications and reports on the Israeli economy
Ministry of Finance publications and reports
About the Ministry
Ministry press releases
Learn More
51
Bank of Israel
Ministry of Foreign Affairs
Ministry of Economy
Israel Central Bureau of Statistics
Israel Government Portal
Click to open:
3
4
2
5
Table of Contents
7
8
6
52
Foreign Trade and Balance of Payment
Labor Market
Real Economy
Fiscal Stance
Innovative Economy
Learn More
Price Stability and Monetary Policy
Table of Contents
1 Main Indicators
9 Contact
Contact
53
Mr. Oded Keneresh, CPAMr. Daniel Hadow EricsonDr. Amichai FishlerOverseas Economic InformationChief Economist DepartmentMinistry of FinanceState of Israel
Send us an email:odedk@mof.gov.ildanielh-e@mof.gov.ilamichai@mof.gov.il
Visit our Website
Follow us on Twitter
Follow us on Linkedin
Follow us on YouTube
Follow us on Flickr
Subscribe to our RSS Feeds
Subscribe to our Newsletters
top related