consulate(s) general: Atlanta, Boston, Chicago, Houston, Los Angeles, Miami, New York, Philadelphia, and San Francisco
Diplomatic representation from the US: chief of mission: Ambassador
Martin S. INDYK
embassy: 71 Hayarkon Street, Tel Aviv
mailing address: PSC 98, Unit 7228, APO AE 09830
telephone: [972] (3) 519-7575
FAX: [972] (3) 517-3227
consulate(s) general: Jerusalem; note - an independent US mission, established in 1928, whose members are not accredited to a foreign government
Flag description: white with a blue hexagram (six-pointed linear star) known as the Magen David (Shield of David) centered between two equal horizontal blue bands near the top and bottom edges of the flag
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. Israel is largely self-sufficient in food production except for grains. Cuts diamonds, high-technology equipment, and agricultural products (fruits and vegetables) are the 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. The influx of Jewish immigrants from the former USSR topped 750,000 during the period 1989-99, bringing the population of Israel from the former Soviet Union to 1 million, one-sixth of the total population, and adding scientific and professional expertise of substantial value for the economy's future. The influx, coupled with the opening of new markets at the end of the Cold War, energized Israel's economy, which grew rapidly in the early 1990s. But growth began moderating in 1996 when the government imposed tighter fiscal and monetary policies and the immigration bonus petered out. Growth was a strong 5.9% in 2000. But the outbreak of Palestinian unrest in late September and the collapse of the BARAK Government - coupled with a cooling off in the high-technology and tourist sectors - undercut the boom and foreshadows a slowdown to 2%-3% in 2001.