Israel’s national economy is technologically advanced. Some of its leading exports include cut diamonds, high-tech equipment and pharmaceuticals.
Between 2004 and 2011, economic growth averaged nearly 5% each year, led by exports. Israel entered the global recession with solid fundamentals and largely weathered the storm due to strong trade links outside the Middle East which has insulated the economy from spillover effects.
Natural gas fields discovered off Israel’s coast since 2009 have brightened Israel’s energy security outlook.
In May 2013, the Israeli government passed an austerity budget in an effort to reign in the budget deficit and restore confidence in the government’s fiscal position.
Composition of GDP (2013)