Israel’s Economy Increased by 7% in 2021

Israel’s Economy Increased by 7% in 2021

According to Dun & Bradstreet, a multinational business information company, Israel’s economy has grown by 7% in 2021, exceeding the global average of 5.9%.

According to this research, India’s economy has grown by 9.5%, and China’s economy has increased by 8%.

The Dun & Bradstreet report pointed out that although Israel’s economy has shown significant improvement driven by the strong technology industry and booming real estate activity, many industries such as tourism, catering, and entertainment continue to suffer losses in 2021.

Due to the COVID-19 pandemic, raw material shortages and supply chain disruptions have also harmed the construction and electronics industries.

The report also mentioned the ongoing uncertainty surrounding the Omicron strain. However, Israel has shown resilience during the pandemic, primarily due to the widespread introduction of vaccines.

What Is the Employment Rate in Israel?

At the same time, as Israel lifted various restrictions related to the pandemic, the unemployment rate fell throughout the year.

According to the report, although about 46,000 companies in Israel closed in 2021, about 63,000 companies have opened or resumed operations. According to the report, as of the end of 2021, there were approximately 620,000 active companies. Approximately 96.5% (about 600,000) were defined as small businesses.

Earlier this month, the OECD stated that the Israeli economy would rebound strongly in 2021, exceeding expectations. The organization cited the country’s ongoing vaccination campaigns, a resurgent labor market, and a booming local technology industry.

Israel’s exports will likely reach a record high of $135 billion to $140 billion in 2021. This is an increase of 18.5% over last year.

The Ministry stated that analysts had collected these data from the first three quarters of 2021. According to the Ministry’s data, Israel’s exports reached 114 billion U.S. dollars in 2020. This number was 117 billion U.S. dollars in 2019.