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Israel
ECONOMY
Gross National Product (GNP): Approximately
US$33 billion (US$7,576 per capita) in 1987. Between 1973 and
1983 real GNP growth rate was approximately 2.0 percent per year.
Real GNP increased 2.4 percent in 1984, increased 3.7 percent
in 1985, increased 3.3 percent in 1986, and increased 5.2 percent
in 1987.
Agriculture: Efficient and modern. Irrigation
extensive, but all available water resources currently being used.
Main products included cereals, fruits, vegetables, poultry, and
dairy products. Specialization in high-value produce, partly for
export. Imports of grains and meat. Agriculture's share of GNP
5 percent in 1986.
Industry: Contributed 23 percent of GNP and
employed 23 percent of labor force in 1986. Major industries included
electronics, biotechnology, diamond cutting and polishing, energy,
chemicals, rubber, plastics, clothing and textiles, and defense.
Imports: US$9.2 billion in 1986, excluding US$1.1
billion of direct defense imports. Materials for processsing accounted
for more than 75 percent of nondefense imports. Bulk of imports
from industrialized countries.
Exports: US$6.9 billion in 1986. Metals, machinery,
and electronics represented main exports (US$2.2 billion in 1986).
Diamonds were second largest export (US$1.9 billion). Main markets
in industrial countries.
Balance of Payments: During 1986 Israel had
current account surplus of US$1.4 billion. Situation resulted
from Economic Stabilization Program adopted in July 1985.
Currency and Exchange Rates: New Israeli shekel
introduced September 1985, worth 1,000 of former shekels; 100
agorot (sing., agora--see Glossary) = 1 new Israeli shekel. Average
exchange rate 1988 1.6 NIS per US$.
Data as of December 1988
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