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January 26, 2018 11:12 am

Israeli Economy Continues to Flourish

avatar by Ronn Torossian

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A plane flies above an electronic board displaying market data outside the Tel Aviv Stock Exchange, Jan. 29, 2017. Photo: Reuters / Baz Ratner.

A recent preliminary report from Israel’s Economy and Industry Ministry, along with the Israel Export Institute, says that the country’s annual exports of goods and services should be more than $100 billion for 2017, reflecting a 6% rise. Diamond exports alone should come to $7 billion, but industrial exports will likely come in at $45 billion; that’s a rise of 3% for industrial and 6% overall. During 2017, there was also a 20% increase in exports to the EU, and high-tech services were up 7%.

Israel also has large natural gas supplies, very low unemployment (4%), and a strong, stable economy — meaning that it’s a good bet for foreign investors. This will bring in more money for further and future growth. And despite the Bank of Israel’s efforts to keep the shekel value reasonably stable, it is considered to be overvalued currently. According to reports, the shekel appreciated by 11% in comparison to the US dollar in 2017.

US hedge fund manager Mark Angelo has stated: “We have seen increased Israeli market interest in our financings, and have partnered with a number of growth companies in Israel. It’s been a great success.”

Amazing news on all fronts.

Some other strong quotes on the strength of the Israeli economy include:

“You want a culture where citizens are free to express themselves and [and have] the openness necessary to the functioning of a successful economy? Israel is free.” John Podhoretz

“Growing up in Israel, how can I not be an optimist? When you remember what Israel was 50 years ago and you see Israel now — one of the most successful countries in the world, stable, democratic … despite everything that has happened in the global economy in the last few years — how can I not be an optimist?” Ehud Olmert

“From media and telecommunications to IT and banking, Israeli technological advances are key contributors to the progress and strength of the global economy.” Rupert Murdoch

“Israel produces more conceptual products than any other country. Israel is a global technological power. We are cultivating this true strength and are promoting it in many forums.” Prime Minister Benjamin Netanyahu

“Israeli exports have great importance to the economy. They are the engine that drives economic growth and the main source of steady employment.” Economy and Industry Minister Eli Cohen

Great news on all fronts for the Israeli economy!

Ronn Torossian is a public relations executive.

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