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The Israeli Economy: High-tech and the Macro-Economic Outlook September 2012 Prepared by

The Israeli Economy: High-tech and the Macro-Economic Outlook September 2012 Prepared by Gil Michael Bufman, Ph.D. Bank Leumi, Chief Economist. The Israeli Economy -- A High-Tech Little Giant: Resilient macroeconomic fundamentals.

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The Israeli Economy: High-tech and the Macro-Economic Outlook September 2012 Prepared by

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  1. The Israeli Economy: High-tech and the Macro-Economic Outlook September 2012 Prepared by Gil Michael Bufman, Ph.D. Bank Leumi, Chief Economist

  2. The Israeli Economy -- A High-Tech Little Giant: Resilient macroeconomic fundamentals. Substantial R&D investment with a sizeable spillover from defense R&D to civilian applications. A high degree of international cooperation. Highly skilled and motivated professionals. A favorable composition of target markets. An improvement in the degree of competitiveness.

  3. Israel will continue to outpace OECD growth, albeit a drop from the growth rates of 2010-2011 3

  4. FDI inflows have seen a rebound, but foreign party’s portfolio outflows have increased 4

  5. The depreciation of the shekel will be beneficial for exports in 2013 5

  6. Israel is a world leader in R&D; Aside from civilian R&D, there is a defense R&D that tends to spillover into civilian applications In 2009, 62% of Israel’s civilian R&D spending (US$4.7bn) took place in Israeli foreign owned companies. In addition, 92% of exported R&D services (US$3.4bn) originated from these companies. 6

  7. In “good periods”, Israel’s high-tech electronic goods exports tend to surge upwards more substantially than high-tech activity in the US 8

  8. Exports of high-tech services have grown substantially and are now equivalent in volume to the export of high-tech goods 9

  9. The data on the ICT sector gives a good indication of areas of activity and export destinations countries 10

  10. The Israeli Economy: High-tech and the Macro-Economic Outlook September 2012 Prepared by Gil Michael Bufman, Ph.D. Bank Leumi, Chief Economist

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