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The Economy in Israel Ministry of Finance June 2012 LOGO Outline of the Deficit 2013-2020 2 Budget Deficit Israel and selected countries, 2011-2012 10.0% 9.0% 2011 8.0% 2012 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% בUnited "ארה בריטניה United States Kingdom Source: IMF, Ministry of Finance. יוון Greece ספרד Spain 3 צרפת France ישראל Israel Germany גרמניה Simulated Outline of Debt-to-Product Ratio Based on the Deficit and Expenditure Outline New outline – 3.5% average growth New outline – 4.0% average growth 4 Year 2011 - Summary Growth Unemployment 4.8% (based on the new index*) Income from taxes Deficit Debt * (NIS billions) (percentage of product) 7.0% 211.3 3.3% 74.2% (percentage of product) The recent amendment of the method of the workforce survey by the Central Bureau of Statistics resulted in an upward adjustment of unemployment rates. 5 Projection for 2012 Growth Income from taxes Deficit Debt 3.2% (NIS billions) (percentage of product) 221 3.4% 73.8% (percentage of product) 6 Product Growth 2008-2011 6% 4.8% 4.8% 4.0% 4% 2% 0.8% 0% 2008 2009 Source: Central Bureau of Statistics. 2010 7 2011 Product Growth – Global Comparison 2011-2012 Source: OECD, Central Bureau of Statistics. 8 Increase in Real Investments 2008-2012 Between the years 2010-2011, the volume of investments grew by some 33%. Source: OECD, Central Bureau of Statistics. * The projection for 2012 is based on OECD data. 9 Increase in Real Investments, Global Comparison 2011 Source: OECD, Central Bureau of Statistics. China – based on IMF data. 10 Unemployment and Rate of Participation The high growth rates recorded in the economy and the reduction in transfer payments since 2003 increased the rate of participation Right axis Rate of participation Left axis Unemployment rate 11 Unemployment Rate 2008-2012 United States Eurozone (12 countries) Israel The data for 2012 are the existing available data, and in Israel are based on the new index. Source: BLS, CBS, EUROSTAT. 12 Creation of Jobs in Israel Increase in the Number of the Employed and of Available Jobs, in Thousands 50 46.4 40 30 24.8 21.5 18.4 16.4 15.0 17.5 20 12.3 10 0 -10 7.2 5.3 4.4 5.7 8.7 8.1 6.1 19.8 15.4 8.4 4.1 -0.1 20.4 17.2 7.5 9.2 13.8 6.3 6.5 3.0 12.8 0.4 0.3 -0.5 -4.8 -20 -4.8 -18.5 -30 13 S&P Credit Rating Israel and Western Europe, 2010-2012 Country Current rating Change in rating Austria +AA Italy +BBB Ireland +BBB Belgium AA United Kingdom AAA = Germany AAA = The Netherlands AAA = Greece CC 12X Israel +A Spain +BBB Portugal BB France +AA Sweden AAA 4X 5X = * An arrow represents the rise or decline of the rating by one level. 14 Real Rate of Product Growth 1970-2011 6.0% 5.8% 5.3% 5.0% 4.3% 4.0% 3.7% 3.5% 3.0% 2.0% 1.0% 0.0% * Includes an updated projection for 2012 at the rate of 3.2%. 15 Real Rate of Product Growth 2002-2012 6.0% 5.6% 5.5% 4.8% 4.9% 5.0% 4.8% 4.8% 4.0% 4.0% Average growth 3.2% 3.6% 3.0% 2.0% 1.5% 0.8% 1.0% 0.0% -1.0% -0.6% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 *2012 * Updated projection. 16 Share of the Workforce* in the Population 2009-2029 63.0% 62.8% 62.0% 61.7% 61.0% 60.8% 60.3% 60.3% 2024 2029 60.0% 59.0% 2009 2014 2019 * Population of ages 15-65. Source: Demographic projections of CBS, analyses by Economics and Research Division. 17