Economy of Israel

Knowledge Identifier: $Economy_of_Israel

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Economy of Israel

Economy of Israeladd

Category: Economy

Launched in 1950.

Countries: (33%), Jordan (15%), United States (9%)

Main connections: Organisation for Economic Co-operation and Development, David Suzuki, Cyprus

Linked to: Israel Electric Corporation, Globes, Stockholm International Peace Research Institute, Intel

 

Timeline


 

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1950

In 1950, the Israeli government launched Israel Bonds for American and Canadian Jews to buy add something

 

In the 1950s, Levi Yissar developed a solar water heater to help assuage an energy shortage in the new country add something


1952

In 1952, Israel and West Germany signed an agreement stipulating that West Germany was to pay Israel for the persecution of Jews during the Holocaust, and compensate for Jewish property stolen by the Nazis add something


1960

By the late 1960s, textiles were one of the largest industrial branches in Israel, second only to the foodstuff industry add something


1973

Yom Kippur War - The years after the 1973 Yom Kippur War were a lost decade economically, as growth stalled, inflation soared and government expenditures rose significantly add something


1983

Also worthy of mention is the 1983 Bank stock crisis add something


1985

The two countries signed a free trade agreement in 1985 that progressively eliminated tariffs on most goods traded between the two countries over the following ten years add something


1990

In the 1990s, cheap East Asian labor decreased the profitability of the sector add something

 

In the late 1990s, the government of Israel decided to encourage the usage of natural gas because of environmental, cost, and resource diversification reasons add something

 

Israel's venture capital sector has rapidly developed from the early 1990s, and has about 70 active venture capital funds , of which 14 international VCs have Israeli offices add something

 

Two developments have helped to transform Israel's economy since the beginning of the 1990s add something


1991

The second development benefiting the Israeli economy is the peace process begun at the Madrid conference of October 1991, which led to the signing of accords and later to a peace treaty between Israel and Jordan add something


1995

Until 1995, Israel's trade with the Arab world was minimal due to the Arab League boycott, which was begun against the Jewish community of Palestine in 1945 add something


1996

An agricultural trade accord was signed in November 1996, which addressed the remaining goods not covered in the FTA. Some non-tariff barriers and tariffs on goods remain, however add something


1998

In 1998, Tel Aviv was named by "Newsweek" as one of the ten technologically most influential cities in the world add something


1999

By 1999, Israel ranked second only to the United States in invested private-equity capital as a share of GDP. Israel led the world in the share of its growth attributable to high-tech ventures: 70 percent add something


2000

In 2000, a modest discovery was made when a 33-billion-cubic-metre , or 1,200-billion-cubic-foot, natural-gas field was located offshore Ashkelon, with commercial production starting in 2004 add something

 

In the early 2000s, Israeli companies had 30 plants in Jordan add something

 

Petrotyranny by John C. Bacher, David Suzuki, published by Dundurn Press Ltd., 2000; reference is at Page 70 ://books add something

 

This consists of laying a 2000MW HVDC undersea power cable between them and between Cyprus and Greece, thus connecting Israel to the greater European power grid add something

 

This has greatly intensified the utilization of natural gas within the Israeli economy, especially in the electrical generation and industrial sectors, with consumption growing from an annual average of 350 million cubic feet between 2000 and 2002 to 129 billion cubic feet in 2010 add something

 

Until the early 2000s, natural gas use in Israel was minimal add something


2004

Total arms transfer agreements topped 12,9 billion between 2004 to 2011 add something


2007

Israel's thriving venture capital industry has played an important role in the booming high-tech sector, the financial crisis of 2007-2010 affected the availability of venture capital locally add something

 

Within the last five years between 2007 to 2012, the number of active hedge funds have doubled to 60 while the total asset values that the funds control have quadrupled since 2006 add something

 

In May 2007, Israel was invited to open accession discussions with the OECD add something

 

Israel has signed free trade agreements with the European Union, the United States, the European Free Trade Association, Turkey, Mexico, Canada, Jordan, Egypt, and on 18 December 2007, became the first non-Latin-American country to sign a free trade agreement with the Mercosur trade bloc add something


2008

Bribery and other forms of corruption are illegal in Israel, which is a signatory to the OECD Bribery Convention since 2008 add something


2009

The Bank of Israel was ranked first among central banks for its efficient functioning, up from the 8th place in 2009 add something

 

The country possesses negligible reserves of crude oil but does have abundant domestic natural gas resources which were discovered in large quantities starting in 2009, after many decades of previously unsuccessful exploration add something


2010

The company sold 52,037 GWh of electricity in 2010 add something

 

Three Israeli companies were listed on the 2010 Stockholm International Peace Research Institute index of the world's top 100 arms-producing and military service companies: Elbit Systems, Israel Aerospace Industries and RAFAEL add something

 

In September 2010, Israel was invited to join the OECD add something


2011

Another large employer is Teva Pharmaceutical Industries, one of the world's largest pharmaceutical companies, currently employing 40,000 people as of 2011 add something

 

The supply of gas from Tamar is expected to provide a boost to the Israeli economy, which has suffered losses of approximately NIS15 billion since 2011 resulting from the disruption of gas supplies from neighboring Egypt add something


2012

In 2012, the city was named one of the best places for high-tech startup companies, placed second behind its California counterpart add something

 

In early 2012 the Israeli cabinet announced plans to set up a sovereign wealth fund that would allocate part of the royalties from energy exploration to education, defense and overseas investments add something

 

It is a major player in the global arms market and is the 11th largest arms exporter in the world as of 2012 add something

 

Tourism is one of Israel's major sources of income and economic growth engine in the country, attracting 3,5 million foreign tourists in 2012, representing a 4 percent increase since 2011 making it an all-time high add something


2013

In 2013, Tel Aviv repeated the feat where the American newspaper, Boston Globe ranked Tel Aviv as the second best city for business start-ups, after Silicon Valley add something

 

While Egyptian gas supplies to Jordan were partially restored in 2013, supplies from Tamar, and in the future from the Leviathan field, are expected to satisfy all Israeli domestic natural gas needs for decades to come add something

 

The Tamar field began commercial production on 30 March 2013 after four years of extensive development works add something


2014

As of early 2014, Israel has verified gas finds of 35 trillion cubic feet add something


2016

The Global Competitiveness Report of 2016 to 2017 ranked Israel as having the world's second most innovative economy add something

 

The IMD World Competitiveness Yearbook of 2016 ranked Israel's economy as world 21st most competitive out of the 61 economies surveyed add something


2017

In 2017 the company had an order backlog of 11,4 billion US dollars add something