Middle East > Israel > Top 4 Industries in Israel: Which Parts of the Economy Are Strongest?

Israel: Top 4 Industries in Israel: Which Parts of the Economy Are Strongest?

2015/10/31

Israel’s location on the eastern end of the Mediterranean Sea and its developed economy gives it an advantageous spot in the world economy. The increase of the country is closely correlated with its educated workforce, as research and development in a lot of areas has spurned increase.

In terms of land, Israel is a small country, but it’s as well a world player thanks to its major industries. Here are the top four industries in Israel, the strongest parts of the economy.

1. Technology

Technology is growing faster than any other industry in the country. According to the Israel Ministry of Foreign Affairs, high-tech industries as a whole are growing at 8 % per year and 4.9 % of the country’s gross domestic product is spent on high-tech industries. That is the highest part all Organization for Economic Cooperation and Improvment(OECD) nations. In 2006, high-tech industries accounted for 70 % of the country’s industrial product.

2. Mining and manufacturing

While the high-tech portion of industry gets most of the attention, Israel as well has robust mining and manufacturing sectors. According to Brittanica.com, potassium nitrate and phosphoric acid are two major exports from a plant in Haifa and oil pipelines run to the Mediterranean Sea as well. Manufacturing is mostly high-tech presently, with educated employees leading the way. At the same time as it comes to diamond cutting and polishing, Tel Aviv plays host to the major such industry in the world.

3. Tourism

Israel is a popular spot for worldwide visitors, and the increase of the tourism industry has helped fuel the country’s economy. According to the Ministry of Foreign Affairs, additional than 3.3 million tourists visited Israel in 2014, matching the record-setting number from the year before. The industry brought in additional than $10 billion in 2014, down slightly from 2013.

4. Transportation

Israel’s developed transportation system pays major dividends in its economic success. According to Britannica.com, the highway system enables citizens to move freely and efficiently. Israel has three deepwater ports (two on the Mediterranean Sea and one of the Red Sea), and those provide access to the Atlantic and Indian oceans. Air transport has as well helped play a role in the export of high-price goods from the high-tech sector.

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