(Shield of David) centered between two equal
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@Israel:Economy

Economy-overview: Israel has a technologically advanced market economy
with substantial government participation. It depends on imports of
crude oil, grains, raw materials, and military equipment. Despite
limited natural resources, Israel has intensively developed its
agricultural and industrial sectors over the past 20 years.
Manufacturing and construction employ about 28% of Israeli workers;
agriculture, forestry, and fishing only 2.6%; and services the rest.
Israel is largely self-sufficient in food production except for
grains. Diamonds, high-technology equipment, and agricultural products
(fruits and vegetables) are leading exports. Israel usually posts
sizable current account deficits, which are covered by large transfer
payments from abroad and by foreign loans. Roughly half of the
government's external debt is owed to the US, which is its major
source of economic and military aid. To earn needed foreign exchange,
Israel has been targeting high-technology niches in international
markets, such as medical scanning equipment. The influx of Jewish
immigrants from the former USSR topped 750,000 during the period
1989-97, bringing the population of Israel from the former Soviet
Union to one million, or one-sixth of the total population. Initially
this great influx increased unemployment, intensified housing
problems, and strained the government budget. At the same time, the
immigrants bring to the economy scientific and professional expertise
of substantial value for the future.

GDP: purchasing power parity-$96.7 billion (1997 est.)

GDP-real growth rate: 1.9% (1997 est.)

GDP-per capita: purchasing power parity-$17,500 (1997 est.)

GDP-composition by sector:
agriculture: 2%
industry: 17%
services: 81% (1997 est.)

Inflation rate-consumer price index: 9% (1997)

Labor force:
total: 2.3 million (1997)
by occupation: public services 31.3%, manufacturing 20.2%, finance and
business 13.1%, commerce 12.8%, construction 7.5%, personal and other
services 6.4%, transport, storage, and communications 6.2%,
agriculture, forestry, and fishing 2.6% (1996)

Unemployment rate: 7.7% (1997)

Budget:
revenues: $55 billion
expenditures: $58 billion, including capital expenditures of $NA (1998
est.)

Industries: food processing, diamond cutting and polishing, textiles
and apparel, chemicals,