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
Economy Israel
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 imports
significant quantities of grain but is largely self-sufficient in
other agricultural products. Cut 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
during the period 1989-99, 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; growth began moderating in 1996 when the
government imposed tighter fiscal and monetary policies and the
immigration bonus petered out. Growth was a strong 7.2% in 2000, but
the bitter Israeli-Palestinian conflict, difficulties in the
high-technology, construction, and tourist sectors, and fiscal
austerity in the face of growing inflation led to small declines in
GDP in 2001 and 2002.
GDP:
purchasing power parity - $117.4 billion (2002 est.)
GDP - real growth rate:
-0.8% (2002 est.)
GDP - per capita:
purchasing power parity - $19,500 (2002 est.)
GDP - composition by sector: agriculture: 3% industry: 30% services: 67% (2001 est.)
Population below poverty line: 18% (2001 est.)
Household income or consumption by percentage share: lowest 10%: 2.4% highest 10%: 28.3% (1997)
Distribution of family income - Gini index:
35.5 (2001)