A recent preliminary report from Israel’s Economy and Industry Ministry and the Israel Export and International Corporation says that they believe 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 a cool $7 billion, but industrial exports come in at $45 billion, that a rise of 3% for industrial and 6% overall. During 2017, there was a 20% rise in Israeli exports to the EU and high-tech services were up 7%.
Amazing news on all fronts.
On another front, the Bank of Israel has achieved success with their intervention in the foreign currency market, a success as the underlying facts of the Israeli economy is strong.
Israel has natural gas supplies, very low unemployment (4%) – and the worldview of Israel’s economy is good, which makes it a good bet for foreign investors – bringing money into the country for further and future growth. And because of this, even though the Bank of Israel’s efforts to keep the shekel value reasonably stable, it is considered to be overvalued currently and appreciated by 11% in comparison to the US dollar in 2017.
Among many financial institutions, Yorkville Advisors, a hedge fund, was among the investors in Israeli companies, with CEO Mark Angelo noting, “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.”
Some other strong quotes on the strength of the Israeli Economy:
“You want a culture where citizens are free to express themselves and so live in 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, with an enormously stable economy 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 I.T. 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
“Israel is a perfect example of a country with which we should form closer bonds when we leave the EU: a growing and outwardly-focused, entrepreneurial nation with world-leading expertise in the industries of the future such as cyber, fintech, coding, and green finance.” Charles Bowman, lord mayor of London
Good news on all fronts for the Israeli economy.
Reprinted with author’s permission from Israel National News