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Israel: Selected Issues and Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
May 1999
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INFORMATION NOTE III

Israel: Summary of the Tax System and Tax Incentives as of January 1, 1998

A. Corporate Income Tax (CIT)

52. General nature: The CIT follows the classic system: profits are taxed at the corporate level and distributed dividends are taxed at the individual level (see withholding tax below). All companies, resident or nonresident for tax purposes, are subject to tax on Israeli-sourced income.

53. Notable special features: A comprehensive set of inflation adjustments is available. For resident companies, the adjustments generally involve a deduction from taxable income, the amount of which is linked to the shareholders' equity. These deductions are reduced, however, by assets that are considered inflation-immune, for example, fixed assets. For nonresident companies meeting certain criteria, an option to keep records for tax purposes in U.S. dollars is available.

54. Rate structure: The regular rate has been 36 percent since 1996. The tax rate for income accrued outside of Israel and then received in Israel is 25 percent. Numerous special rates are available (see tax incentives below).

55. Revenue significance: 3.6 percent of GDP and 11.3 percent of total tax revenue in 1998.

B. Personal Income Tax (PIT)

56. General nature: All individuals, resident or nonresident for tax purposes, are subject to the PIT on Israel-source active and passive income. Deductions of national insurance contributions can be made against 52 percent of nonwage income for the self-employed as well as contributions to advanced training funds. Capped deductions or tax credits are also allowed for charitable donations, shift labor, and residents living in certain geographic areas. Tax relief for interest on savings plans and for incomes from pensions and provident funds is provided. A system of tax credits based on points is in operation with a minimum of 2.25 credit points for each Israeli resident taxpayer with, inter alia, working women entitled to an additional 0.5 point, married persons with nonworking spouses an additional 1 point, working women with children under 18 an additional 1 point for each child, recent immigrants an additional 1–3 additional points for periods up to 3½ years, and heads of one-parent families and individuals with dependent children are entitled to 1 additional point. As of January 1998, each credit point was worth NIS 153 per month; the value of a credit point is adjusted annually.

57. Notable special features: Fringe benefits provided by employers are comprehensively taxed, including an imputed value of usage of company cars.

58. Rate structure: In 1998, five brackets of 10–20–30–45–50 percent on active income. Tax brackets are adjusted annually for changes in the CPI. A minimum rate of

30 percent applies to passive income (i.e., nonwage or nonbusiness income), including interest (but not from savings accounts), rental income (beyond NIS 6,350 per month), and capital gains (except gains from the stock market which are tax exempt for individuals); income from these sources is taxed at the marginal personal income tax rate thereafter (i.e., at 45 percent and 50 percent). The tax rate for income accrued abroad and remitted to Israel is 25 percent, for dividend income is 25 percent, and for interest on bonds and foreign securities not traded on the Tel Aviv Stock Exchange is 35 percent.

59. Revenue significance: 11.1 percent of GDP and 35.2 percent of total tax revenue in 1998.

C. Withholding Tax

60. General nature: Tax is withheld at source on a variety of incomes and payments, including wages, national insurance contributions, royalties and most investment incomes (e.g., interest and dividends). Withholding on investment incomes paid to individuals is generally final.

61. Rate structure: For dividends, rates are 25 percent (regular rate) and 15 percent (approved enterprises—see tax incentives below); for interest, rates are 35 percent (on interest from government and private bonds to residents and from residents’ foreign'currency bank accounts) and 25 percent (on interest from private bonds to nonresidents).

D. Capital Gains Tax (CGT)

62. General nature: The CGT is formally a part of the CIT or PIT, as the case may be. Under the CIT and PIT, resident companies and individuals are taxed on their world-wide gains; nonresident companies and individuals are taxed on gains from Israel-source assets. Gains from real estate are taxed under a separate Land Betterment Tax with broadly similar rules (see below).

63. Capital gains arising from the sale of securities listed on the Tel Aviv Stock Exchange and of securities in Israeli industrial companies and industrial holding companies listed on specified foreign stock exchanges are usually taxed only if the seller is a company or an individual who holds securities as part of the primary business. For other individuals (resident or nonresident), their gains are exempt from taxes. Capital gains accruing to dealers of securities are taxed as for regular income under the CIT. Gains from the sale of securities of unlisted companies are taxable as for individuals.

64. Rate structure: Nominal gains on assets acquired after 1960 are divided into real and inflationary parts. Real gains are taxable as regular income rates, while inflationary gains accrued until 1994 are taxable at 10 percent; nominal gains accrued after 1994 are tax exempt. Assets acquired before 1960 are taxed as follows: for assets acquired up to 1948, the final tax is 12 percent; for assets acquired between 1949–60, 1 percent is added to the 12 percent tax rate for each year after 1948, up to a total of 24 percent. Sales by individuals and mutual funds of foreign securities that are not traded on the Tel Aviv Stock Exchange are taxed at the flat rate of 35 percent.

E. Payroll Taxes

65. General nature: There are four main payroll categories: (i) national insurance (social security) contributions from both employers and employees to cover an array of benefits, such as old age pensions, disability benefits, family allowances, and unemployment benefits; (ii) national health insurance premiums (effective from 1995) from all residents, in lieu of such payments on a private-billing basis; (iii) employer’s tax (paid by public and nonprofit institutions only); and (iv) payroll taxes in lieu of value-added tax (VAT) paid by certain organizations (see VAT below).

66. Rate structure: As of January 1998, for category (i), resident employees pay either 4.90 percent or a reduced rate of 2.66 percent on active income (the reduced rate applies to the first 50 percent of the average wage); employers pay a flat amount of 4.93 percent of payroll. For the self-employed, the combined rates (also progressive) are 5.72 percent and 9.62 percent. The maximum taxable income subject to national insurance tax is four times the average wage (NIS 22,240 per month as of January 1, 1998; the value of the ceiling is adjusted). All citizens are required to pay national insurance payroll taxes, regardless of whether they work (except married homeworkers who do not work outside of the home), or whether they reside abroad. Career soldiers, foreign workers in Israel, and workers from the territories are exempt. For category (ii) the arrangements are similar as for those above. Only wage earners and the self-employed contribute, at 4.8 percent and a reduced rate of 3.1 percent on the first 50 percent of the average wage up to NIS 22,240 per month. For category (iii), employers pay 4 percent of payroll, excluding fringe benefits.

67. Revenue significance: Categories (i) and (ii); 6.1 percent of GDP; though not part of the general budget, they represent 19.2 percent of total (nonpayroll) central government tax revenue in 1998. For category (iii), 0.3 percent of GDP and 0.9 percent of the total tax revenue.

F. Property-Related Taxes

68. (1) Land Betterment Tax: levied on capital gains arising from the sale of real estate. The rate structure applying to the sale of real estate is the same as for the capital gains tax. Sale of one residential dwelling is exempt from land betterment tax once every four years, and the slte of two dwellings with a combined value of NIS 1.2 million (adjusted annually for changes in the CPI) is exempt once per taxpayer's lifetime (subject to a variety of conditions).

69. (2) Real Estate Purchase Tax: levied on the purchase of all residential apartments, buildings and vacant land. Rates are 4.5 percent on business buildings and vacant land, 0.5–4.5 percent on residential apartments (rising with value, which in general is adjusted quarterly on the rate of increase in the housing price index), and either 0.5 percent or 5 percent on farms. Various preferences qualify for the 0.5 percent rate for real estate holdings.

70. (3) Property Tax: levied annually on the value of vacant urban land. The rate is 2.5 percent, but is taxed at 1.2 percent if the land is part of a business' inventory. Government, public institutions, and United Nations agencies are exempt. Fruit orchards qualify for a deduction of NIS 65,700 per dunam for property tax purposes.

71. Revenue significance: Total property tax was 0.9 percent of GDP and 2.8 percent of total tax revenue in 1998.

G. VAT

72. General nature: Standard credit-invoice based.

73. Notable special features: The base is broad with exemptions limited to certain sales of assets, consumption in Eilat, and many imported services. Major zero-rated items are exports, unprocessed fruits and vegetables, and tourism services.

74. Rate structure: 17 percent (apart from the zero rate). Financial institutions pay 17 percent on their payroll and profits (deductible against taxable income under the CIT but not creditable against other VAT payments), and nonprofit institutions pay 8.5 percent on their payroll(not creditable against other VAT payments).

75 Revenue significance: 10.6 percent of GDP and 33.6 percent of total tax revenue in 1998.

H. Purchase Tax

76. General nature: A purchase tax is imposed on the wholesale price of selected final consumer goods (imported or locally produced), most notably motor vehicles, as well as a limited number of raw materials and intermediate goods.

77. Rate structure: Between 5 percent to 95 percent.

78. Revenue significance: 2.4 percent of GDP and 7.8 percent of total tax revenue in 1998.

I. Excise and Stamp Duties

79. General nature: Excises are imposed on tobacco. Stamp duties are imposed on most legal documents, though several government contracts are exempt.

80. Rate structure: On cigarettes, the rate is 55 percent of the consumer price excluding VAT plus MS 0.916 per pack. On fuel, the rate varies between MS 1.82–1.87 per liter for petroleum, NIS 0.099 per liter for diesel, and MS 0.064 per liter for kerosene (adjusted quarterly by the rate of increase in the CPI). Stamp duty rates vary between 0.4–3.0 percent.

81. Revenue significance: 1.6 percent of GDP and 5.2 percent of total tax revenue in 1998.

J. Customs Duties

82. General nature: Most imports of industrial products to Israel are exempt from customs and duties, and all quotas have been converted into tariffs. For nonfood imports which are not exempt, as of September 1996 customs duties generally varied between 8 percent and 20 percent. Imports of lumber, footwear, fertilizers, sheet metal, ceramic implements, and electric motors attained their final rate of 8–12 percent on September 1998. The textile industry will do so in September 2000. In general, imports of ships, aircraft, diamonds, and inputs and intermediate goods are exempt.

83. For agricultural products, since January 1, 1996 the maximum tariff has been 100 percent, which will be reduced in stages to reach a maximum rate of 50 percent by the year 2003. Processed foods are charged customs duties of 12 percent for the estimated value-added component, plus the relevant agricultural tariff for the estimated raw material component.

84. All goods imported under the Free-Trade Agreements with the United States, European Union, and EFTA (European Free Trade Area) are duty free. There are also trade agreements between Israel and Canada, the Czech Republic, Hungary, Poland, Slovakia, and Turkey, which will reduce tariffs on industrial products to zero by the year 2000 or 2002 (depending on the country).

85. Rate structure: See description above.

86. Revenue significance: 0.3 percent of GDP and 1.1 percent of total tax revenue in 1998.

K. Local Taxes

87. General nature: Local taxes comprise primarily those on property (arnona) and a range of user fees and water charges.

L. Tax Incentives

88. General nature: Most tax incentives are granted under the Encouragement of Capital Investment Law (1959, as amended), Encouragement of Industry (Taxes) Law (1969, as amended), Encouragement of Industry (Taxes) Law 1969, as amended), Encouragement of Capital Investments in Agriculture Law (1980, as amended), and Encouragement of Industrial Research and Development Law (1984, as amended) to: (i) approved enterprises (projects) without sectoral restrictions but mostly in manufacturing and tourism, with varying benefits depending on location (i.e., whether then are in or outside national priority zones A and B); (ii) approved agricultural projects; (iii) income from properties which form part of an approved enterprise enjoying the tax benefits; (iv) companies with at least 25 percent of foreign investment that own approved enterprises; and (v) approved international trading companies (excluding importing to and exporting from Israel).

89. There are, in addition, the Free Port Zone Law (1969), establishing Kishon Port (Haifa), Port of Ashdod, and Port of Eilat as free ports; the Eilat Free Trade Zone Law (1985), establishing the city of Eilat and its surrounding one kilometer area as a free trade zone; and the Free Export Processing Zone Law (1994), under which one such zone is being established near Beer Sheva.

90. Approved enterprise status is granted by the Investment Center at the Ministry of Trade and Industry, and generally required a minimum of 30 percent in paid-up capital by the investor(s).

91. Forms of incentives: The system of incentives is complex, with varying incentives subject to differing requirements. In general, it has the following structure.

(1) Investment (cash) grants: provided as a percentage of investment in net fixed assets. The grant is deducted from the value of fixed assets for depreciation and capital gains purposes. Grants range from 5 percent to 24 percent (in 1994), depending on nature and location of the approved enterprise. Approved enterprises may also receive an accelerated depreciation schedule.

(2) Reduced CIT rate: provided on taxable income of an approved enterprise (including agricultural projects) with a reduced CIT rate of 25 percent for 7 years. The withholding tax on dividends paid by an approved enterprise is 15 percent for 19 years. The benefits are enhanced if the approved enterprise has substantial foreign ownership: a reduced rate of 25 percent applies for ten years if the percentage of foreign ownership is 25–49 percent; the applicable CIT rate further decreases (to a low of 10 percent) with increases in foreign ownership (to 90 percent or more). Dividends paid by approved enterprises with a minimum of 25 percent foreign ownership are subject to a withholding tax of 15 percent with no time limit. Rate incentives on income from approved assets are similar to those applicable to approved enterprises described above.

(3) Tax holidays (alternate track): instead of receiving investment grants, approved enterprises can opt for a CIT holiday of 2–10 years, depending on location (if the holiday period is shorter than the applicable period of reduced CIT rate, the benefits of the latter commence upon the expiration of the holiday). Withholding tax on dividends is applicable as if the enterprises had not chosen the holiday option. Approved international trading companies can enjoy a CIT holiday often years.

(4) Industrial incentives: such companies can deduct from taxable income various capital and R&D expenditures.

(5) Free port zones: enterprises established in a free port enjoy a CIT holiday (except on real capital gains, which are taxed under the regular system) of seven years, after which a 25 percent rate applies without time limit. Dividends are taxed at 15 percent, also without time limit. Under the Eilat free trade zone, residents are entitled to a tax credit of 10 percent of their taxable income (but no more than the total tax otherwise payable) under the PIT. Employers are allowed to retain 20 percent of wages from payroll taxes withheld from employees (but no more than the actual taxes withheld). The VAT is also exempted. Under the free export processing zone, there is a CIT holiday of 20 years, but dividends and capital gains are taxed at 15 percent. Imports and intra-zone sales are free from indirect taxes.

92. Revenue significance: Total investment grants and subsidies by the central government, which represent explicit outlays, amounted to about 0.5 percent of GDP in 1998. Total income tax expenditures, which represent revenue forgone, are estimated by the authorities at 0.3 percent of GDP.

Table A1.Israel: GDP by Expenditure Components in Current Prices, 1993–98
199319941995199619971998
Est 1/
(In millions of new sheqalim; current prices)
Consumption169,663205,112238,416277,144308,808335,156
Private116,475142,478161,217186,596209,328225,700
Public53,18862,63477,19990,54899,480109,456
Gross domestic capital formation46,99054,23464,89674,14473,69272,692
Total domestic demand216,653259,346303,312351,288382,500407,848
Exports of goods and nonfactor services60,53673,33483,48194,232107,156120,776
Imports of goods and nonfactor services90,613107,843126,060141,956151,336162,880
Foreign balance−30,077−34,509−42,579−47,724−44,180−42,104
GDP186,576224,837260,733303,564338,320365,744
(In percent of GDP; current prices)
Consumption90.991.291.491.391.391.6
Private62.463.461.861,561.961.7
Public28.527.929.629.829.429.9
Gross domestic capital formation25.224.124.924.421.819.9
Total domestic demand116.1115.3116.3115.7113.1111.5
Exports of goods and nonfactor services32.432.632.031.031.733.0
Imports of goods and nonfactor services48.648.048.346.844.744.5
Foreign balance−16.1−15.3−16.3−15.7−13.1−11.5
GDP100.0100.0100.0100.0100.0100.0
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; and 1997 Statistical Abstract of Israel
Table A2.Israel: GDP by Expenditure Components in Constant Prices 1993–98 1/
199319941995199619971998
Est. 2/
(In millions of new sheqalim; constant 1995 prices)
Consumption214,469227,410238,418250,931258,944267,476
Private137,375150,449161,219169,311176,088182,304
Public77,09476,96277,19881,62082,85685,172
Gross domestic capital formation54,17258,74064,89670,22065,60461,704
Fixed capital formation49,39255,28060,59666,36464,17261,692
Increase in stocks5,2902,0243,5073,135644−164
Total domestic demand266,478285,102303,315321,153324,686328,257
Exports of goods and nonfactor services66,84075,40183,48187,68693,97697,352
Imports of goods and nonfactor services104,778116,192126,060136,109139,664142,804
Foreign balance−37,938−40,791−42,579−48,423−45,688−45,452
GDP228,283244,077260,736272,730278,856283,728
(Annual percentage change)
Consumption6.26.04.85.23.23.3
Private7.39.57.25.04.03.5
Public4.2−0.20.35.71.52.8
Gross domestic capital formation5.38.410.58.2−6.6−5.9
Fixed capital formation1.811.99.69,5−3.3−3.9
Total domestic demand5.17.46.05.91.11.1
Exports of goods and nonfactor services9.912.810.75.07.23.6
Imports of goods and nonfactor services14.110.98.58.02.62.2
GDP3.46.96.84.62.21.7
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; and 1997 Statistical Abstract of Israel
Table A3.Israel: Investment, 1993–98
In millions of
new sheqalimPercentage change at constant prices
1997199319941995199619971998
Est. 1/
Gross domestic capital formation73,6925.38.410.58.2−6.6−5.9
Gross fixed capital formation73,0481.811.99.69.5−3.3−3.9
Machinery, transport, and other equipment30,16213.823.130,511.4−6.2−8.0
Land transport equipment6,2635.919.1−8320.2−13.3−11.1
Other machinery and equipment23,05714.119.93.79.7−3.1−0.9
Ships and aircraft8420.9184.7−20.6−9.332.4−79.6
Construction42,865−5.15.417.87.6−1.5−4.4
Residential23,176−23.24.124,94.80.3−8.6
Private18,54111.815.620.51.72.6−6.3
Public4,635−60.7−30.847.217.9−8.2−17.8
Nonresidential19,68927.76.810.311.0−3.60.5
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistic; and 1997 Statistical Abstract of Israel
Table A4.Israel: Consumption, 1993–98
In millions of

new sheqalim

1997
Percentage change at constant prices
199319941995199619971998

Est. 1/
Private consumption209,3287.39.57.25.04.03.5
Consumption by Israeli households
Household consumption in the domestic market204,1167.38.87.84.32.83.0
Food, beverages, and tobacco45,4387.58.66.54.82.30.7
Fuel and electricity9,0455.56.86.45.83.74.5
Clothing, footwear, and personal effects10,95119.015.18.90.1−1.92.5
Other goods10,06814.38.19,23.5−5.24.7
Durable goods22,6860.511,114.66.42.51.6
Of which
Passenger cars6,887−13.911.18.85.3−8.7−3.1
Housing48,6574.53.33.04,04.44.4
Other services57,2718.210.48.74.14.54.1
Plus: Consumption by Israelis abroad9,71114.022.99.810.413.09.7
Less: Consumption by nonresidents10,7568.08.617.6−5.9−9.6−0.6
Consumption by nonprofit institutions4,169−1.616.1−3.9−3.13.54.1
Public consumption (excluding net defense imports)92,3494.2−0.20.35.71.52.8
Civilian67,5442.47.33.74.52.13.1
Compensation of employees45,5613.35.82.33.72.42.4
Indirect taxes on salaries3,3344.05.92.13.92.5
Consumption of fixed capital997
Other current purchases17,652−1.413.67.96.71.14.3
Domesstic defense24,805−6.00.2−1.81.7−0.4−0.2
Compensation of employees14,233−1.0--−0.8−0.9−0.2−1.2
Indirect taxes on salaries6791.2−0.6--−0.2−0.4
Other current purchases10,572− 11.00.5−3.05.5−0.71.0
Memorandum items;
Net defense imports7,13142.3−32.8−14.124.46.011.8
Defense imports7,80140.1−31.4−11.731.12.29.8
Less: Sales670−34.97.435.5−16.7−0.34.8
Public consumption including net defense imports99,4804.2−0.20.45.71.52.8
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; 1997 Statistical Abstract of Israel; and data provided by the Bank of Israel.
Table A5.Israel: Gross Private Income and Savings, 1993–97
19931994199519961997
(In millions of new sheqalim; at current prices)
GNP at market prices183,624221,509255,436296,643329,526
Plus:4,3014,8764,4434,4624,361
Subsidies on domestic production3,8304,4564,0794,1674,172
Subsidies on government loans471420364295189
Less:
Indirect taxes on domestic production26,36531,13136,24242,65548,573
GNP at factor cost161,560195,254223,637258,450285,314
Plus:
Net private transfers from abroad7,4259,40010,74011,57313,375
Net transfers to domestic households and private nonprofit institutions28,12032,52439,57045,41252,738
Less:
Public sector income from property and entrepreneurship2,1132,4884,1763,3452,339
Public sector consumption of fixed capital2,6663,0083,4823,8754,331
Private income192,326231,682266,289308,215344,757
Less: Direct taxes 1/34,67344,66953,56759,64471,566
Gross private disposable income157,653187,013212,722248,571273,191
Private consumption116,475142,478161,217186,598209,328
Private savings41,17844,53551,50561,97363,863
(Percent of gross private disposable income)
Private consumption73.976.275.875.176.6
Private savings26.123.824.224.923.4
Sources: Central Bureau of Statistics, Current Briefings in Statistics; and data provided by the Bank of Israel
Table A6.Israel: National Savings, Foreign Savings, and Investment, 1993–97
19931994199519961997
(In percent of total income) 1/
Gross national savings21.318.417.117.616.8
General government1.70.7−0.9−1.1−0.5
Private sector19.617.718.018.717.3
Foreign savings1.03.15.64.93.2
Current account−0.7−2.8−5.3−4.6−3.0
Civilian import surplus7.28.010.09.78.0
Unilateral transfers6.55.24.75.15.0
Transfers on capital account0.30.30.30.30.2
Gross investment22.321.722.722.320.0
Inventories2.10.91.21.00.2
Fixed residential5.75.56.66.46.3
Fixed nonresidential14.515.314.914.913.5
Source: Data provided by the Bank of Israel.
Table A7.Israel: Industrial Production Indices, 1993–98
WeightPercentage change at constant prices
199319941995199619971998
Est.

1/
Food, beverages, and tobacco12.77.66.38.90.13.11.0
Textiles, clothing, and leather6.74.610.13.8−6.0−5.01.5
Wood, furniture, paper, and printing12.112.86.74.23.1−0.5−1.4
Chemicals, rubber, and plastics15.210.910.98.18.20.58.8
Mining and nonmetallic minerals6.53.15.118.29.1−6.9−7.6
Basic metals and metal products12.53.810.613.35.34.5
Machinery and equipment (incl. electric)7.012.15.43.91.4−6.1
Transport equipment5.7−6.9−8.00.66.65.79.8
Electronic equipment19.98.68.39.211.28.3
Jewelry and miscellaneous articles1.85.011.114.97.6−4.9−8.1
Total industrial production100.06.87.48.45.41.82.8
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; and data provided by the Bank of Israel.
Table A8.Israel: Labor Market Indicators, 1993–98
In thousandsPercentage change
1998199319941995199619971998
Est.

1/
Israeli working-age population 2/42433.02.93.03.02.72.8
Israeli civilian labor force22434.84.34.02.22.51.5
Total Israelis employed20606.16.95.02.41.41.0
Public services6123.54.87.72.33.02.9
Business sector14477.27.44.22.50.70.1
Workers from administered areas53−27.3−16.7−14.2−31.717.010.4
Foreign workers 3/14278.374.378.348.94.4−0.7
Total employed22544.96.45.93.41.91.0
Memorandum items:
Participation rate (in percent of working-age population)52.953.654.153.753.553.5
Unemployment rate (in percent of civilian labor force)10.07,86.96.77.79.2
Sources: Bank of Israel 1997 Annual Report; Central Bureau of Statistics, Monthly Bulletin of Statistics; and data provided by the Bank of Israel.
Table A9.Israel: Employment and Labor Input by Industry, 1993–98 1/
Annual percentage change
1998 2/199319941995199619971998 3/
Employed persons 4/(In thousands)
Total 5/2,0526.16.95.02.41.41.0
Agriculture497.41.6−11.7−11.1−4.13.5
Industry3926.56.72.20.2−1.7−1.5
Public utilities2021.415.3−5.4−3.11.67.3
Construction132−3.421.23.36.7−2.5−10.9
Commerce271−3.421.23.32.73.13.1
Hotels and restaurants787.322.110.6−6.3−0.51.6
Transport, storage, and communication1232.43.02.08.20.0−2.0
Banking, insurance, and finance736.86,44.0−0.18.92.2
Business services2156.812.511.99.85.66.0
Community, social, and personal services976.15.110.03.31.20.3
Civil service1110.07.3−0.70.75.3−2.9
Education2582.94.55.93.11.36.7
Health and welfare2017.86.37.04.12.79.0
Private household services3213.411.811.63.71.9−2.0
Foreign organizations29.10.016.7−23.1−36.160.5
(In millions of
Labor inputman-hours)
Total 5/76.26.48.65.62.71.4−0.5
Agriculture2.09.42.9−7.9−10.9−3.9−0.8
Industry16.57.57.33.70.5−1.0−1.9
Public utilities0.818.719.2−4.3−0.3−0.54.9
Construction5.6−1.724.75.96.0−3.0−12.1
Commerce10.9−2.522.12.53.22.11.1
Hotels and restaurants3.04.132.10.9−5.6−1.82.5
Transport, storage, and communication5.04.86.61.78.7−2.1−1.3
Banking, insurance, and finance2.86.87.83.4−0.99.20.3
Business services8.26.213.411.910.76.12.7
Community, social, and personal services3.24.53.910.31.12.4−1.3
Civil service4.30.09.3−0.21.93.9−2.2
Education6.40.97.97.91.54.4−2.2
Health and welfare6.68.86.07.07.03.38.1
Private household services0.810.017.717.18.5−0.36.5
Foreign organizations−0.16.212.620.2−24.244.453.7
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; and data provided by the Bank of Israel.
Table A10.Israel: Real Wages, Labor Costs, and Productivity, 1993–98
199319941995199619971998 1/
(Percentage change)
Real wages per employee post 2/
Total economy0.62.52.21.62.43.3
Business sector0.3−0.40.61.53.54.3
Public sector1.29.85.71.9--0.9
Labor costs and productivity
in the business sector
Real compensation 3/0.70.80.33.82.7
Labor productivity 4/−2.2−1.50.41.4−1.2
Real unit labor costs 5/2.92.3−0.12.43.9
Sources: Bank of Israel, 1997 Annual Report; and data provided by the Bank of Israel.
Table A11.Israel: Real Wage Indices, 1993–98 1/
Public

Services
Business

Sector
Total
(1994=100)
199391.1100.497.5
1994100.0100.0100.0
1995105.7100.6102.1
1996107.7102.1103.8
1997107.7105.7106.3
1996
I104.3102.0102.7
II110.8101.1104.1
III111.9102.0104.9
IV104.0103.1103.1
1997
I105.2103.7104.1
II110.2105.2106.7
III111.7107.0108.4
IV103.8106.8105.9
1998
I105.7109.7108.5
II112.2110.9110.6
III112.5110.2110.9
Source: Data provided by the Bank of Israel.
Table A12.Israel: Consumer Price index and its Main Components, 1993–98
199319941995199619971998
WeightAnnualDuringAnnualDuringAnnualDuringAnnualDuringAnnualDuringAnnualDuring
in indexaverageyearaverageyearaverageyearaverageyearaverageyearaverageyear
General index1000,010.911.212314.510.08.111.310.69.07.05.48.6
General index excluding agricultural957.711.511.911.912.710.510.011.510.78.96.95.48.0
Agricultural products44.11.4−1.616.650.70.4−23.66.47.912.27.74.727.2
Fruits, vegetables and field crops37.00.3−1.723.6633−0.5−27.34.05.212.38.54.831.1
Fish and animal products7.16.5−1.4−19.8−18.17.617.424.024.811.42.93.75.0
Industrial products381.56.56.57.28.58.58.29.38.66.65.33.44.2
Food, beverages and tobacco141.56.58.69.59.49.310.011.510.19.29.35.84.9
Clothing and textiles52.16.13.93.97.77.36.36.54.91.3−4.5−0.71.7
Wood and wood products19.47.37.26.910.311.810.410.19.67.65.43.063
Footwear, leather goods, rubber and plastic17.75.54.55.16.85.83.65.25.32.6−0.6−3.3−2.0
Chemical and fuel products44.35.32.46.39.99.69.818.421.012.38.94.84.4
Metals, machinery, transport and electronic equipment74.27.16.15.86.36.14.42.21.21.62.70.63.5
Miscellaneous32.38.07.38.49.69.69.89.17.75.55.04.76.1
Electricity and water27.17.75.78.58.710.09.18.210,57.8
Building and housing services206.518.522.523.123.614.513.916.013.210.87.55.911.7
Transportation and communications65.811.610.97.05.56.36.88.09.19.26.56.913.0
Services275.012.311.012313.211.29.911.611.810.39.27.79.0
Municipal taxes and insurance61.812.914.015.015.512.410.711.811.610.78.57.08.6
Public sector services105.813.810.012.814.911.89.812.413.010.79.47.27.2
Education41.814.513.713.213.111.610.412.211.610.19.26.85.6
Health64.013.37.312.516.512.48.912.714.911.59.97.89.3
Personal services107.48.68.19.010.210.19.310.310.89.09.07.98.2
Entertainment19.413.813.913.113.212.911.010.210.911.611.99.510.6
Other38.66.55.97.08.58.68.410.310.77.77.36.96.9
Hotels, guest accommodation41.713.012.111.59.78.69.911.511.811.310.39.815.2
Business services7.714.116.814.514.110.79.711.89.98.78.45.55.5
Source: Central Bureau of Statistics data, as prepared and complied by the Bank of Israel.
Table A13.Israel: Selected Price Indices, 1993–98
Weight199319941995199619971998
(Percent increase during the period, at annual rates)
Consumer price index
General index1000.011.214.58.110,67.08.6
Controlled prices 1/121.49.912.07.111.57,66.7
Uncontrolled prices844.611.514.98.010.56.99.0
Tradables380.46.59.07.78.35.86.0
Nontradables585.613.718.08.412.07.710.2
Of which: Housing207.723.723.613.613.27.58.8
CPI excluding housing792.37.612.26.49.86.87.7
CPI excluding housing and750.08.19.78.810.16.78.5
CPI excluding housing, fruits &
vegetables, controlled prices, clothing & footwear535.17.99.39.210.27.87.1
Wholesale price index of7.29.710.07.06.55.7
Exchange rates
Against the U.S. dollar10.11.83.15.07.918.2
Against the currency basket8.05.45.83.03.720.6
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics ; IMF, International Financial Statistics; and data provided by the Bank of Israel.
Table A14.Israel: Regulated Prices in the Consumer Price Index(as of August 1998)
Weight

(from 1000)
Weight

(from 1000)
A. Controlled pricesB. Prices under supervision
Public bus transportation14.7Flour1.5
Meat7.8Margarine0.8
Municipal taxes20.0Yogurt5.7
Electricity (for domestic use)18.4Bread9.0
Water (for domestic use)8.6Milk7.6
Education fees22.7Cream1.1
Sick Fund services8.1Butter0.5
Train and domestic flight tickets0.3Cheese9.8
Phone services20.3Refrigerators5.0
Mail services0.5School books4.4
Total125.8Medicines4.2
Gas (for domestic use)3.2
Oil and fuel (for domestic use)0.4
Taxi rides3.4
Total56.6
Source: Data provided by the Bank of Israel.
Table A15.Israel: Bank of Israel Accounts, 1993–98
199319941995199619971998

Nov.
(In millions of new sheqalim; end of period)
Total assets46,88146,67741,67451,46585,952109,876
Foreign assets19,06320,50725,57637,12670,97094,207
Domestic assets
Credit to the government (long term debt)8,3738,0807,7737,4487,1097,133
Loans and notes16,97215,5644,5031,2361,519848
Monetary16,50115,0114,0099571,426790
Other4715534942799358
Government securities1,9651,8963,0454,8565,0905,392
Other accounts5086307777991,2642,296
Total liabilities46,88146,67741,67451,46585,952109,876
Foreign liabilities1,2861,3661,242724613716
Allocations of SDRs437467996996508
Liabilities to international monetary
organizations849899746228105
Currency in circulation5,6526,4547,9169,22210,37311,739
Deposits of the government16,16517,45619,32523,01326,50934,326
In Israeli currency8,8676,68216,82815,67013,91412,910
In foreign currency7,29810,7742,4977,34312,59521,416
Deposits of banking institutions22,29119,60311,12616,48446,15449,197
In Israeli currency2,0883,1901,0078,50238,52141,255
In foreign currency20,20316,41310,1197,9827,6337,942
Against resident deposits9,8848,0749,8447,6497,1657,398
Against nonresident deposits3,2363,885--------
Free deposits of banking institutions7,0834,454275333468544
Other deposits and accounts1,1671,4781,7451,9523,32814,923
Capital and reserves32032032070−1,025−1,025
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; and data provided by the Bank of Israel.
Table A16.Israel: Monetary Survey, 1994–98 1/
19941995199619971998

Sept.
(In millions of new sheqalim; end of period)
Net foreign assets14,44617,05630,13349,72162,703
Bank of Israel19,14124,33436,40270,35782,839
DMBs−4,695−7,278−6,269−20,636−20,136
Net domestic assets199,106228,532268,574250,058264,986
Domestic credit188,192218,968257,821250,609267,896
Net claims on government35,58634,77439,28634,10424,635
Total gross claims76,25380,78389,88978,66372,888
Bank of Israel9,97610,81812,30412,19912,439
DMB claims66,27769,96577,58566,46460,449
Government bonds24,58336,62447,20640,44839,000
From bank resources11,6246,3786,2864,6452,876
Foreign currency credit2,8262,0301,2261,3731,200
From earmarked deposits27,24424,93322,86719,99817,373
Less: Government deposits held at:40,66746,00950,60344,55948,253
Bank of Israel17,45619,32523,01326,50929,923
DMBs23,21126,68427,59018,05018,330
Mortgage banks14,58118,12824,35224,36027,157
Private sector138,025166,066194,183192,145216,104
Nondirected credit in Israeli currency115,314124,562144,442125,096134,892
Nondirected credit in foreign currency15,71134,33242,50659,91873,663
Directed credit in foreign currency49132715225
Credit from earmarked deposits5,3755,8126,1426,1006,404
Securities1,1341,0339411,0291,140
Other items, net10,9149,56410,753−551−2,910
Monetary liabilities196,732227,408276,999311,947338,548
Ml14,60917,03320,29422,54021,968
Quasi-money182,123210,375256,705289,407316,580
Time and saving deposits168,435194,031238,303269,674298,619
Time deposits35,85453,29576,88298,824116,874
Saving schemes53,43661,50176,94984,99788,400
Long-term indexed deposits38,87734,66334,60334,02033,409
Foreign currency deposits37,31640,09346,20149,15156,869
Mortgage bank deposits2,9524,4793,6682,6823,067
CDs13,68816,34418,40219,73317,961
Earmarked deposits27,78524,76422,69419,83717,346
Source: Data provided by the Bank of Israel.
Table A17.Israel: Financial Assets of the Public, 1994–98 1/
19941995199619971998

Sept.
(In millions of new sheqalim; end of period)
Total assets in banks and government bonds265,502302,023358,704418,182451,378
Broad money assets196,413226,017274,210310,176335,586
Liquid financial assets (M3)86,531109,973145,098174,950195,807
Money supply (Ml)14,60817,03420,29422,54021,968
Time deposits and negotiable CDs48,97768,83894,363118,200133,555
Special deposits 2/195434295271278
Resident foreign currency22,75123,66730,14633,93940,006
Medium-term assets109,882116,044129,112135,226139,779
Restitution deposits14,49516,40316,03915,20416,853
Saving schemes53,40161,44675,53783,16587,047
Long-term linked deposits13,12912,33113,73215,76817,290
Earmarked deposits28,85725,86423,80421,08918,589
Short-term treasury bills4,2627,3938,93413,36916,094
Tradable linked government bonds 3/64,82768,61375,56094,63799,698
Stocks98,800114,500116,600163,900167,228
Total financial assets364,302416,523475,304582,082618,606
Of which: Nonindexed short term assets67,84793,266123,591154,108171,575
(In percent of total financial assets)
Total assets in banks and government bonds72.972.575.571.873.0
Broad money assets53.954.357.753.354.2
Liquid financial assets (M3)23.826.430.530.131.7
Money supply (M1)4.04.14.33.93.6
Time deposits and negotiable CDs13.416.519.920.321.6
Special deposits 2/0.10.10.1--
Resident foreign currency6.25.76.35.86.5
Medium-term assets30.227.927.223.222.6
Restitution deposits4.03.93.42.62.7
Saving schemes14.714.815.914.314.1
Long-term linked deposits3.63.02.92.72.8
Earmarked deposits7.96.25.03.63.0
Short-term treasury bills1.21.81.92.32.6
Tradable linked government bonds 3/17.816.515.916.316.1
Stocks27.127.524.528.227.0
Total financial assets100.0100.0100.0100.0100.0
Of which: Nonindexed short term assets18.622.426.026.527.7
(Real rate of growth) 4/
Total assets in banks and government bonds1.75.27.49.07.3
Broad money assets4.76.49.75.78.3
Liquid financial assets (M3)11.917.619.312.715.5
Money supply (Ml)−5.97.97.73.82.1
Time deposits and negotiable CDs24.930.023.917.117.9
Special deposits 2/−12.2105.9−38.5−14.177.0
Resident foreign currency1.5−3.815.25.215.3
Medium-term assets−0.2−2.30.6−2.1−0.4
Restitution deposits−2.54.7−11.6−11.45.7
Saving schemes8.96.411.l2.91.7
Long-term linked deposits1.0−13.10.77.312.4
Earmarked deposits−13.2−17.1−16.8−17.2−20.5
Short-term treasury bills45.560.59.339.938.5
Tradable linked government bonds 3/−8.2−2.1−0.417.10.7
Stocks−43.17.2−7.931.4−4.8
Total financial assets−16.25.83.214.53.8
Of which: Nonindexed short term assets17.227.219.816.517.2
Source: Data provided by the Bank of Israel.
Table A18.Israel: Commercial Bank Credit to the Private Sector, 1993–98 1/
199319941995199619971998

Sept.
(In millions of new sheqalim; end of period)
Total119,483151,892183,168217,594252,566276,762
Short-term credit64,23679,013100,470116,439139,234161,570
Nondirected credit63,83378,522100,143116,287139,232161,565
In Israeli currency 2/51,21962,63365,56573,11877,86086,189
In U.S. dollars12,61415,88934,57843,16961,37275,376
Directed credit40349132715225
Medium- and long-term credit55,24772,87982,698101,155113,332115,192
Of which: Indexed NIS credit39,47557,13964,98984,01995,411102,765
(In percent of total)
Total100.0100.0100.0100.0100.0100.0
Short-term credit53.852.054.953.555.158.4
Nondirected credit53.451.754.753.455.158.4
In Israeli currency 2/42.941.235.833.630.831.1
In U.S. dollars10.610.518.919.824.327.2
Directed credit0.30.30.20.1----
Medium- and long-term credit46.248.045.146.544.941.6
Of which: Indexed NIS credit33.037.635,538.637.837.1
(Nominal percentage increase)
Total29.627.120.618.84.29.6
Short-term credit35.123.027.215.95.216.0
Nondirected credit35.523.027.516.15.216.0
In Israeli currency 2/47.722,34.711.59.510.7
In U.S. dollars1.326.0117.624.80.222.8
Directed credit−8.521.8−33.4−53.5−33.3150.0
Medium- and long-term credit23.931.913.522.32.91.6
Of which: Indexed NIS credit33.544.713.729.33.17.7
(Real percentage increase) 3/
Total16.511.111.67.4−2.74.7
Short-term credit21.47.517.64.8−1.710.8
Nondirected credit21.87.518.05.0−1.710.8
In Israeli currency 2/32.86.9−3.20.82.45.7
In U.S. dollars−8.910.1101.312.9−6.317.3
Directed credit−17.76.5−38.4−58.0−37.7138.8
Medium- and long-term credit11.315.35.010.6−3.9−2.9
Of which: Indexed NIS credit20.026.55.216.9−3.72.9
Source: Data provided by the Bank of Israel.
Table A19.Israel: Interest Rates, 1993–98
Inflation rateChange in NIS/US$ exchange rateLending ratesDiscount window loan, average cost 3/Monetary loan (maximum bracket)Three-month Euro-dollar rate 4/Deposit ratesYield to maturity on treasury billsYield to maturity on 5-year bondsYield to maturity on 10-year bonds
Overdraft facilities 1/Exceptional creditNondirected NIS credit 2/Reserve deposits with BolSelf Renewing OvernightTime deposits
(Average annual rate)(Nominal rates in percent per annum) 5/
199310.915,118.120.216,511.311.33.11.19.710.411.42.82.9
199412.36.419.821.817.413:412.94.62.211.612.213.02.93.2
199510.0--22.425.020.215.514.85.90.313.314,115.44.14.3
199611.35.923.024.920.716.115.35.43.813.814.515.64.44.5
19979.08.220.822.818.714.313.85.612.212.213.114.13.94.0
19985.410.218.220.216.011.911.75.510.310.111.012.15.04.8
(Annualized rate)
1997 Jan.5.1−0.122.324.020.015.414.85.410.513.314.315.04.34.3
Feb.15.224.621 923.719.614.914.35.411 912.813.814.53.94.1
Mar.12.211.321.723.619.414.614.15.512.512.413.414.23.94.1
Apr.9.48.721.423.419.214.614.05.732.512.413.414.24.14.2
May5.83.221.323.419.114.714.15.712.612.513.414.34.04.0
June13.720.920.822.818.714.113.65.712.412.013.013.73.93.9
July12.736.619.821.617.713.313.05.611.911.212.413,03.63.8
Aug.4.9−4.619.821.717.713.413.05.612.111.312.313.33.53.7
Sept−0.8−7.320.422.418.414.113.65.612.512,012.814.13.73.8
Oct.15.24.820.422.318.214.213.75.612.612,012.814.13.93.8
Nov.−3.14.020.222.318.314.113.75.712.512.012.714.24.03.9
Dec.−3.80.419.821.918. 114.113.75.812.612,112.614.14.14.1
1998 Jan.4.015.620.322.318.113.913.65.512.412.012.613.94.44.4
Feb.−0.85.919.721.517.713.312.95.511.911.412.213,45.14.7
Mar.−2.3−2.619.021.017.212.912.65.611.311.011.912.95.44.9
Apr.17.748.018.820.716.712.612.35.610.910.711.512.75.04.8
May4.7−12.218.520.516.312.211.95.610.510.411.212.15.44.8
June4.7−0.318.320.316.011.811.65.610.210.010.811.95.95.1
July−1.5−1.317.919.915.611.511.35.69.99.810.611.55.65.2
Aug.6.316.916.318.414.29.99.85.68.78.39.610.04.64.7
Sep.18.254.615.918.013.79.69.65.48.38,08.99.94,44.6
Oct16.5183.7116.118.013.89.89.85.18.38.211.44.1
Nov.0.79.619.221.517.212.912.95.210.811.013,64.6
Source: Data provided by the Bank of Israel.
Table A20.Israel: Interest Rates on Various Types of Credit and the Public's Assets, 1993–98
1993199419951996199719971998
IIIIIIIVIIIIII
(Annual rates in percent, before tax)
Nominal interest rates
Short-term bank credit to the private sector 1/16.015.517.817.617.319.718.916.114.415.516.521.7
Nondirected credit16.115.617.817.617.319.718.916.114.415.516.621.7
In Israeli currency16.517.420.220.718.719.719.018.018.217.716.414.5
Overdraft facilities18.119.822.423.020.822.021.120.020.119.718.516.7
Fixed-term credit15.015.618.418.817.017.817.216.316.716.214.913.1
Self-renewing overnight deposits9.711.613.313.812.212.812.311.512.011.510.48.7
Time deposits 2/10.412.214.114.513.113.813.312.512.712.211.29.7
One-month treasury bills11.413.015.415.614.114.614.113.514.113.412.210.5
Real actual interest rates 3/
Short-term bank credit to the private sector 1/4.30.99.06.39.68.08.610.311.715.06.813.3
Nondirected credit4.41.09.0639.68.08.610.311.715.06.913.3
In Israeli currency4.72.611.29.111.08.08.712.115.417.26.76.6
Overdraft facilities6.24.713.211.212.910.110.614.017.319.28.68.7
Fixed-term credit3.41.09.57.49.36.37.010.414.015.75.35.3
In foreign currency (euro) 4/2.1−7.01.00.16.16.76.76.411.65.619.1
CDs−1.4−2.54.82.94.91.82.65.99.411.01.21.2
Time deposits 2/−0.8−2.05.53.55.72.73.56.810,111.81.92.1
One-month treasury bills0.1−1.36.74.56,63.44.27.811.412.92.82.9
Indexed 5-year government bonds2.82.94.14.43.94.04.03.64.04.05.44.8
Interest rate spread 5/7.77.58.28.27.88.28.07.77.37.47.57.4
Source; Data provided by the Bank of Israel.
Table A21.Israel: Reserve Requirements on Deposits and Interest Brackets, 1993–98
Demand

deposits
Time

deposits
(In percent)
(November 2, 1991 to December 28, 1994)
1-6 days1 week-3 monthsOver 3 months
Reserve requirement
Domestic holdings8864
Foreign holdings
Percentage of reserve requirement

on which interest is paid

by the Bank of Israel
0033.350
(from December 29, 1994)
1-6 days1 week-1 yearOver 1 year
Reserve requirement6630
Domestic holdings6630
Foreign holdings6630
Percentage of reserve requirement

on which interest is paid

by the Bank of Israel
0000
Source: Bank of Israel.
Table A22.Israel: Sources of Changes to the M3 Base, 1993–98 1/
1993199419951996199719971998
IIIIIIIVIIIIII
(In millions of new sheqalim)
Public sector injection 2/2,6284,9402,8418,5823,485−2,390−2,0448147,1052361251
Total public sector domestic deficit7,0536,09811,42816,42911,2041,1961,7741,9776,2571,2242,0092,478
Less: Amount absorbed by net borrowing 3/4,4251,1588,5877,8477,7193,5863,8181,163−8481,2011,3972,427
Bank of Israel injection3,800−4,188−21,975−10,534−22,631−12,867−5,868−443−3,453−2,780612,457
Monetary loans5,994−1,490−11,002−3,052470621042,532−2,228−629−558
Swaps —−5,146−9171,112−6647151,104−43−69−106−262
Open market operations9961,386−3,061890157736768−1,322−25−1,044−15−48
Other factors 4/−3,190−4,084−2,766−7,455−24,370−13,001−7,455−2,757−1,156−1,0381892,709
Total liquidity injection6,428752−19,134−1,952−19,146−15,257−7,9123713,652−2,7576732,508
Net foreign currency purchases by private sector4,591−1,151−18,413−5,753−22,817−13,997−8,9246935−1,476116182
Additions to money base1,8371,903−7203,8013,670−1,2591,0123013,616−1,2815582,326
Source: Data provided by the Bank of Israel.
Table A23.Israel: Factors Affecting the M3 Base, 1993–98
199319941995199619971998
Sept.
(In millions of new sheqalim; end of period)
M3 base10,12711,18414,8431814,84318,19818,448
Narrow money base 1/7,7409,6438,92312,72416,39417,997
Reserve requirements on Patam deposits2,3871,5411,9352,1191,804451
(Real percentage increase during the period) 2/
M3 base−0.4−3.5−10.223.614.619.9
Narrow money base 1/17.98.9−14.428.920.434.5
Reserve requirements on Patam deposits−33.7−43.616.2−1.0−20.4−77.5
(In percent)
Percent of increase in narrow liquid asset base due to:
Revaluation increments18.01.5−22.11.94.314.5
Nonrevaluation increments82.098.5122.198.195.785.5
(In millions of new sheqalim; flows)
Memorandum items:
Increase in M3 base9861,058−3273,9863,355250
Of which:
Revaluation increments on Patam deposits' reserve requirements17716727614536
Nonrevaluation increments8091,041−3993,9103,210214
Source: Data provided by the Bank of Israel.
Table A24.Israel: The Israeli Capital Market, 1997
TotalShares 1/Tradable

bonds 2/
Indexed

earmarked

bonds
Treasury

bills 2/
Other

assets

held by

institutions
(In billions of new sheqalim; end of period)
Institutions
Provident funds127.717.057.67.12.443.6
Pension funds88.2--0.481.8--4.8
Life insurance48.11.45.929.5--12.5
Mutual funds 3/19.87.38.6--2.51.5
Households and firms79.238.732.1--8.4--
Nonresidents30.129.20.8--0.1--
Banks40.9--33.8--7.1--
Total434.093.6139.2118.420.562.4
(Real percentage change from 1996)
Institutions
Provident funds8.88.83.2−29.2258.713.1
Pension funds109.1--105.98.6--−0.5
Life insurance17.660.117.3134.5--64.1
Mutual funds 3/46.435.021.54.0286.1243.4
Households and firms22.030.316.8--8.8--
Nonresidents61.565.2−11.2--28.9--
Banks−19.3--−15.5--−33.7--
Total11.641.92.04.73.416.6
Real change in price (in percent)5.123.50.9------
Real change in quantity (in percent)6.214.91.14.73.416.6
Source: Data provided by the Bank of Israel.
Table A25.Israel: Principal Stock Market Indicators, 1993–97
19931994199519961997
(In millions of 1996 new sheqalim)
Private sector issues (excluding privatizations) 1/11,5835,9361,7081,1175,933
Market value 2/208,567120,960127,405116,629153,182
Volume of stock exchange trade 3/118,76492,46730,39725,61746,136
(In percent)
Annual turnover ratio 4/0.750.640.260.230.32
Real overall rate of return 5/ on all shares27.0−46.03.6−11.026.4
Sources: Data provided by the Bank of Israel; and Central Bureau of Statistics.
Table A26.Israel: Principal Bond Market Indicators, 1993–97
19931994199519961997
(In millions of 1996 new sheqalim, unless otherwise indicated)
Market value of listed bonds
Government114,823109,500117,103122,766125,981
Corporate 1/15,82113,25111,3519,6789,656
Total130,644122,751128,454132,444135,636
Of which:
Percentage held by:
Public2826253131
Commercial banks1921272823
Social insurance funds5150453742
Bank of Israel22344
Volume of stock exchange trade
Government20,15516,88117,67826,00322,340
Corporate 1/1,1801,4061,005757730
Total21,33518,28718,68326,76023,070
Bank of Israel intervention 2/ (in percent)2.201.842.932.981.34
Net issues of tradable bonds (issues less redemptions)
Government1,884−3,6405,9711,685−5,173
Private 1/−1,352−2,362−1,641−1,594−1,556
Total532−6,0024,33091−6,729
Annual turnover 3/
Government0.180.150.17
Private 1/0.080.100.09
Total0.180.150.16
(In percent)
Real overall rate of return
CPI-indexed bonds−1.22.0−0.72.04.0
Exchange-rate indexed bonds−4.6−10.0−0.6−1.16.0
Nominal bonds2.9−1.86.65.18.7
Sources: Data provided by the Bank of Israel; and Central Bureau of Statistics.
Table A27.Israel: Institutional Investor Indicators, 1993–97
19931994199519961997
Mutual funds
Total assets (in 1996 NIS billions)49,79923,06717,52013,17619,029
Real growth rate of total assets (in percent)13.8−53.7−24.0−24.844.4
Real annual rate of return (in percent)10.3−29.02.8−2.915.0
Percent of total tradable assets:
CPI indexed bonds86432
Foreign-currency indexed bonds32171198
Nonbank shares129655
Unindexed assets2966312
Provident funds
Total assets (in 1996 NIS billions)134126122109119
Real growth rate of total assets (in percent)4.3−6.1−3.1−10.69.5
Real annual rate of return (in percent)2.7−8.32.51.37.5
Percent of total tradable assets:
Tradable government bonds5151484352
Private bonds5362636364
Nonbank shares91211910
Unindexed assets77191117
Pension funds
Total assets (in 1996 NIS billions)6770747782
Real growth rate of total assets (in percent)5.54.76.43.06.9
Real annual rate of return (in percent)5.15.15.15.1
Sources: Data provided by the Bank of Israel; and Central Bureau of Statistics.
Table A28.Israel: StateBudget Balance and financing, 1993–99
1993199419951996199719981999
BudgetBudget
(In millions of new sheqalim)
Total revenue (excluding foreign grants)73,01890,119104,637116,648132,771148,958158,215
Total expenditure85,861103,411120,516141,099153,591169,218178,023
Budget balance before foreign grants−12,843−13,292−15,879−24,451−20,821−20,261−19,808
Foreign grants8,2328,0185,12612,98511,38711,07011,808
Budget balance after foreign grants−4,611−5,274−10,753−11,466−9,434−9,191−8,000
Total financing4,6115,27410,75311,4669,4349,1918,000
Foreign (net)1,157863,9123,450−1,5622,000884
Gross5,2485,4899,3979,4864,54210,9809,676
Repayment4,0915,4035,4856,0366,1048,9808,792
Domestic (net)3,4545,1886,8418,01610,9967,1917,116
Nonbank borrowing (net)2,652−3236,4407,9237841,9832,623
Gross14,33520,35824,20634,00628,04333,46332,495
Repayment11,68320,68117,76626,08327,25931,48029,872
Bank of Israel credit (net)1404,242−1,40576510--
Sale of assets3,2547031,7983498,4674,3004,590
Lending (net) (-)−2,589564181−8071,757909−97
Gross (-)−5,523−2,825−3,555−4,507−3,610−4,491−5,244
Of which: housing (-)−2,856−2,334−2,7973,264−2,845−3,584−4,194
Repayment2,9343,3893,7363,6995,3675,4005,147
Residual−32−173−214−22--
Memorandum items:
Primary balance9,58210,4397,8208,93712,79314,60915,836
Current balance1,440931−4,467−3,989−2,6133,6088,375
Domestic balance−4,360−4,372−8,529−13,952−10,654−8,406−10,381
Foreign balance−251−902−2,2242,4861,220−7852,381
(In percent of GDP)
Total revenue (excluding foreign grants)39.140.140.138.439.239.539.5
Total expenditure46.046.046.246.545.444.944.5
Budget balance before foreign grants−6.9−5.9−6.1−8.1−6.2−5.4−5.0
Foreign grants4.43.62.04.33.42.93.0
Budget balance after foreign grants−2.5−2.3−4.1−3.8−2.8−2.4−2.0
Total financing2.52.34.13.82.82.42.0
Foreign (net)0.6-1.51.1−0.50.50.2
Gross2.82.43.63.11.32.92.4
Repayment2.22.42.12.01.82.42.2
Domestic (net)1.92.32.62.63.31.91.8
]Nonbank borrowing (net)1.4−0.12.52.60.20.50.7
Gross7.79.19.311.28.38.98.1
Repayment6.39.26.88.68.18.47.5
Bank of Israel credit (net)0.11.9−0.50.3---
Sale of assets1.70.30.70.12.51.11.1
Lending (net) (-)−1.40.30.1−0.30.50.2-
Gross (-)−3.0−1.3−1.4−1.5−1.1−1.2−1.3
Of which: housing (-)−1.5−1.0−1.11.1−0.8−1.0−1.0
Repayment1.61.51.41.21.61.41.3
Memorandum items:
Primary balance5.14.63.02.93.83.94.0
Current balance0.80.4−1.7−1.3−0.81.02.1
Domestic balance−2.3−1.9−3.3−4.6−3.1−2.2−2.6
Foreign balance−0.1−0.4−0.90.80.4−0.20.6
Source: Data provided by the Ministry of Finance.
Table A29.Israel: State Budget Revenue, 1993–99
1993199419951996199719981999
BudgetBudget
(In millions of new sheqalim)
Total tax revenue59,18672,64982,81993,941106,536121,175126,450
Taxes on income and profits25,73033,30237,83242,42149,89757,53560,300
Companies6,1139,1219,0829,59712,52214,09013,100
Individuals19,61724,18128,75032,82437,37543,44547,200
Wage & salary14,90918,69122,24726,17530,15434,67038,950
Self-employed4,7085,4906,5036,6497,2218,7008,250
Payroll tax (nonprofit)5926979141,2659481,5601,130
Taxes on property2,0873,2993,6223,6342,9353,3703,230
Real-estate purchase tax1,0021,4741,5491,5741,3571,3501,460
Land betterment tax6691,1361,2871,1498891,180970
Property tax416689786911689840800
Taxes on domestic goods and services29,33134,75840,20345,82551,59457,40060,610
VAT20,33424,31328,93832,50637,13541,16044,640
Domestic expenditure & civilian imports17,08020,56724,21727,87230,81635,65037,300
Nonprofit entities2,0112,6343,2572,8654,5013,5505,080
Financial institutions5946878368749991,1301,350
Defense imports649425628895819830910
Excises3,4443,8214,1965,6476,5567,4307,360
Fuel2,4272,7153,1104,1594,9595,6205,650
Tobacco541565586737848950910
Stamp476541500751749860800
Purchase tax5,5536,6247,0697,6727,9038,8108,610
Domestic676654705718742910810
Imports4,8775,9706,3646,9547,1617,9007,800
Customs duties1,1518459701,0601,1621,3101,180
Adjustment to budget frame295−252−722−264---
Total nontax revenue13,83217,47021,81822,70726,23527,78331,765
Interest1,3741,7092,9142,4652,5563,1803,540
Domestic1,2311,5281,9732,2242,2632,7502,828
Foreign143181941241293430712
Loans from National Insurance Institute3,1004,7504,9655,3705,7856,7506,320
Fees, royalties, pension provisions, & misc.2,8533,0114,8755,6187,7588,64512,571
Income from Israel Land Administration1,0001,8081,6431,7159757,9428,134
Revenue for revenue-dependent expenditure5,5056,1927,4217,5399,161148,958158,215
Total revenue73,01890,119104,637116,648132,771148,958158,215
Foreign grants8,2328,0185,12612,98511,38711,07011,808
Total revenue and grants81,25098,137109,763129,633144,158160,028170,023
Memorandum items:
Domestic revenue71,94489,079101,923113,749129,020145,461151,485
Foreign revenue and grants9,3069,0587,84015,88415,13714,56618,538
(In percent of GDP)
Total tax revenue31.732.331.830.931.532.231.6
Taxes on income and profits13.814.814.514.014.715.315.1
Companies3.34.13.53.23.73.73.3
Individuals10.510.811.010.811.011.511.8
Payroll tax (nonprofit)0.30.30.40.40.30.40.3
Taxes on property1.11.51.41.20.90.90.8
Taxes on domestic goods and services15.715.515.415.115.315.215.2
VAT10.910.811.110.711.010.911.2
Excises1.81.71.61.91.92.01.8
Purchase tax3.02.92.72.52.32.32.2
Customs duties0.60.40.40.30.30.30.3
Adjustment to budget frame0.2−0.1−0.3−0.1---
Total nontax revenue7.47.88.47.57.87.47.9
Total revenue39.140.140.138.439.239.539.5
Foreign grants4.43.62.04.33.42.93.0
Total revenue and grants43.543.642.142.742.642.542.5
Memorandum items:
Domestic revenue38.639.639.137.538.138.637.9
Foreign revenue and grants5.04.03.05.24.53.94.6
Source: Data provided by the Ministry of Finance.
Table A30.Israel: State Budget Expenditure (Economic Classification), 1993–99
1993199419951996199719981999
BudgetBudget
(In millions of new sheqalim)
Current expenditure79,81097,206114,230133,623146,771156,419161,648
Wages16,05420,93725,49429,57632,50333,37734,230
Of which: Defense6,3728,0369,47510,62911,21612,64513,144
Goods and services17,72821,64124,87328,68531,45231,08432,749
Of which: Defense11,42313,33215,53017,36919,67519,73420,647
Interest14,19315,71318,57320,40322,22623,80023,836
Domestic10,06311,09813,73914,42516,73617,64018,131
Foreign4,1304,6154,8345,9785,4906,1605,705
Subsidies and transfers30,05036,57942,47151,72956,81963,67966,092
Subsidies4,4844,5954,9825,1565,2685,9505,644
Nonexport1,1251,5241,5721,7711,6131,9661,548
Export40986----------
Investment grants2,9502,9853,4103,3853,6563,9854,096
Transfers25,56631,98437,48946,57251,55057,72860,447
To local authorities3,2764,6055,7807,0728,4909,0539,029
To National Insurance Institute9,68012,71115,26017,83014,28915,31916,589
To nonprofit institutions11,26913,16814,67819,69125,46630,80132,105
To defense1,3411,5001,7711,9803,3062,5552,724
Repayment to National Insurance Institute1,7852,3362,8193,2303,7724,4804,741
Capital expenditure6,2666,2056,2867,4776,8208,6869,229
Of which: Housing2,6911,8631,8432,1391,7712,2052,076
Reserve−215----4,1137,146
Total expenditure85,861103,411120,516141,099153,591169,218178,023
Memorandum items:
Domestic expenditure76,30493,451110,452127,701139,674153,867161,866
Foreign expenditure9,5579,96010,06413,39813,91715,35116,157
(In percent of GDP)
Current expenditure42.843.243.844.043.441.540.4
Wages8.69.39.89.79.68.98.6
Goods and services9.59.69.59.49.38.28.2
Interest7.67.07.16.76.66.36.0
Domestic5.44.95.34.84.94.74.5
Foreign2.22.11.92.01.61.61.4
Subsidies and transfers16.116.316.317.016.816.916.5
Repayment to National Insurance Institute1.01.01.11.11.11.21.2
Capital expenditure3.42.82.42.52.02.32.3
Of which: Housing1.40.80.70.70.50.60.5
Reserve−0.1----1.11.8
Total expenditure46.046.046.246.545.444.944.5
Memorandum items:
Domestic expenditure40.941.642.442.141.340.840.5
Foreign expenditure5.14.43.94.44.14.14.0
Source: Data provided by the Ministry of Finance.
Table A31.Israel: State Budget Expenditure (Functional Classification), 1993–99
1993199419951996199719981999
BudgetBudget
(In millions of new sheqalim)
General public service5,9737,5949,65711,76313,07215,01215,706
General administration4,1005,1356,6268,2429,21910,75210,441
Public order1,8732,4593,0313,5213,8534,2605,265
Defense19,28622,05026,92630,85234,41034,81236,393
Education10,01713,56415,66120,21122,29525,50826,221
Of which: Universities1,6912,3832,7473,6493,8894,5014,782
Health3,7276,1466,8288,80215,19013,09713,839
Labor and welfare11,94515,46918,63621,89118,82919,90522,075
Other social services11,69010,05610,70712,38911,49313,90414,220
Of which: Housing9,7217,8988,1739,2268,1309,89510,186
Immigrant absorption1,1471,2441,2411,3771,4241,6161,752
Economic services8,3757,2898,7179,7929,90711,43212,180
General334545698731725700776
Agricultural2,8607329711,3991,1311,2861,257
Manufacturing2,0162,4603,0753,2903,4653,9484,039
Water and energy6797728247269971,2051,334
Transport and communications1,5531,9602,0252,1812,3762,4523,098
Other8838211,1241,4651,2131,8411,676
Unallocable and other functions15,43917,71320,39222,98022,86929,58232,457
Interest14,19315,91018,57420,40322,22623,80023,836
Interest and loan subsidy47242036529718927829
Subsidy for basic products1,4951,7251,6331,8391,8032,0592,046
Export market development41086-----
General transfers2,0182,9613,5564,1424,0184,7324,547
Reserves−215----4,1137,146
Repayment of loans (-)−2,934−3,389−3,736−3,699−5,367−5,400−5,147
Total expenditure and net lending86,45299,881117,524138,679148,066163,251173,091
Nominal GDP186,576224,836260,732303,564338,320376810394195
(In percent of GDP)
General public service3.23.43.73.93.94.04.0
Defense10.39.810.310.210.29.29.2
Education5.46.06.06.76.66.86.7
Health2.02.72.62.94.53.53.5
Labor and welfare6.46.97.17.25.65.35.6
Other social services6.34.54.14.13.43.73.6
Of which: Housing5.23.53.13.02.42.62.6
Immigrant absorption0.60.60.50.50.40.40.4
Economic services4.53.23.33.22.93.03.1
Unallocable and other functions8.37.97.87.66.87.98.2
Interest7.67.17.16.76.66.36.0
Interest and loan subsidy0.30.20.10.10.10.1-
Subsidy for basic products0.80.80.60.60.50.50.5
Export market development0.2------
General transfers1.11.31.41.41.21.31.2
Reserves−0.1----1.11.8
Repayment of loans (-)−1.6−1.5−1.4−1.2−1.6−1.4−1.3
Adjustment to total expenditure (excluding net lending)−1.90.1−0.3−0.4-0.2-
Total expenditure and net lending46.344.445.145.743.843.343.9
Source: Data provided by the Ministry of Finance.
Table A32.Israel: General Government Balance and Financing (National Accounts), 1993–97
19931994199519961997
(In millions of new sheqalim)
Total receipts (including foreign receipts)98,873117,988137,811154,944174,389
Total expenditure (including foreign expenditure)103,886120,467144,921166,633182,805
Overall balance−5,013−2,479−7,110−11,689−8,416
Total financing5,0132,4797,11011,6898,416
Change in monetary base1,8371,903−7203,8013,670
Foreign borrowing (net)−4,5327,595−7,198−4,466−28,770
Domestic borrowing (net)3,170−3322,28816,10631,223
Through government (net)4,4251,1588,5877,8477,719
Through Bank of Israel (net)−1,255−1,19113,7018,25923,504
Sale of assets3,1916961,0753526,350
Residual 1/1,347−7,682−8,335−4,104−4,057
Memorandum items:
Current balance (net saving)−2,245−1,522−5,070−9,096−5,768
Current balance + depreciation (gross saving)4211,486−1,588−5,221−1,437
Domestic balance−7,499−5,136−9,967−15,097−12,814
Foreign balance2,4862,6572,8573,4084,398
(In percent of GDP)
Total receipts (including foreign receipts)53.052.552.951.051.5
Total expenditure (including foreign expenditure)55.753.655.654.954.0
Overall balance−2.7−1.1−2.7−3.9−2.5
Total financing2.71.12.73.92.5
Change in monetary base1.00.8−0.31.31.1
Foreign borrowing (net)−2.43.4−2.8−1.5−8.5
Domestic borrowing (net)1.70.08.55.39.2
Through government (net)2.40.53.32.62.3
Through Bank of Israel (net)−0.7−0.55.32.76.9
Sale of assets1.70.30.40.11.9
Residual0.7−3.4−3.2−1.4−1.2
Memorandum items:
Current balance (net saving)−1.2−0.7−1.9−3.0−1.7
Current balance + depreciation (gross saving)0.20.7−0.6−1.7−0.4
Domestic balance−4.0−2.3−3.8−5.0−3.8
Foreign balance1.31.31.11.11.3
Source: Data provided by the Bank of Israel.
Table A33.Israel: General Government Receipts (National Accounts), 1993–97
19931994199519961997
(In millions of new sheqalim)
Total domestic receipts85,984105,868125,630140,341157,442
Current receipts76,52894,516113,243126,717144,581
Taxes and fees71,74488,552104,743118,536136,935
Indirect taxes37,08043,88351,17659,72766,195
Domestic production26,36531,43136,83943,94650,280
Civilian imports10,71512,45214,33715,78115,915
Direct taxes and fees25,99734,10538,60941,39950,254
National insurance income 1/8,66710,56414,95817,41020,486
Transfer payments2,7013,5304,4335,1255,643
Of which: imputed pensions2,2923,0363,8504,4564,886
Property income/tax2,0832,4344,0673,0562,003
Capital receipts9,45611,35212,38713,62412,861
Transfer payments6,7908,3448,9059,7498,530
Depreciation2,6663,0083,4823,8754,331
Total foreign receipts12,88912,12012,18114,60316,947
Current receipts12,34011,56111,57613,97116,340
Interest1,0736711,3861,5572,715
Transfer payments11,26710,89010,19012,41413,625
Intergovernmental9,4208,8947,97910,01311,283
National and nonprofit institutions1,8471,9962,2112,4012,342
Capital receipts549559605632607
Total receipts98,873117,988137,811154,944174,389
(In percent of GDP)
Total domestic receipts46.147.148.246.246.5
Current receipts41.042.043.441.742,7
Taxes and fees38.539.440.239.040.5
Indirect taxes19.919.519.619.719.6
Domestic production14.114.014.114.514.9
Civilian imports5.75.55.55.24.7
Direct taxes and fees13.915.214.813.614.9
National insurance income 1/4.64.75.75.76.1
Transfer payments1.41.61.71.71.7
Of which: Imputed pensions1.21.41.51.51.4
Property income/tax1.11.11.61.00.6
Capital receipts5.15.04.84.53.8
Transfer payments3.63.73.43.22.5
Depreciation1.41.3131.31.3
Total foreign receipts6.95.44.74.85.0
Current receipts6.65.14.44.64.8
Interest0.60.30.50.50.8
Transfer payments6.04.83.94.14.0
Intergovernmental5.04.03.13.33.3
National and nonprofit institutions1.00.90.80.80.7
Capital receipts0.30.20.20.20.2
Total receipts53.052.552.951.051.5
Source: Data provided by the Bank of Israel.
Table A34.Israel: General Government Expenditure (National Accounts), 1993–97
19931994199519961997
(In millions of new sheqalim)
Total domestic expenditure93,483111,004135,597155,438170,256
Current expenditure80/71098,136120,565138,589154,140
Civilian 1/30,05039,15051,91760,67066,842
Defense14,80417,55819,86922,60724,537
Transfer payments21,04625,00930,47736,91342,317
Subsidies4,8215,3424,8174,6874,743
Credit471420364296190
Other4,3504,9224,4534,3914,553
Interest9,98911,07713,48513,71215,701
Capital expenditure12,77312,86815,03216,84916,116
Investment7,1118,1549,58610,78811,279
Capital grants4,8704,2875,2915,8784,794
Repayment of compulsory loans79242715518343
Total foreign (current) expenditure10,4039,4639,32411,19512,549
Defense imports5,7704,1963,5345,0225,728
Interest3,7844,5645,0795,4206,061
Other849703711753760
Total expenditure103,886120,467144,921166,633182,805
(In percent of GDP)
Total domestic expenditure50.149.452.051.250.3
Current expenditure43.343.646.245.745.6
Civilian 1/16.117.419.920.019.8
Defense7.97.87.67.47.3
Transfer payments11.311.111.712.212.5
Subsidies2.62.41.81.51.4
Credit0.30.20.10.10.1
Other2.32.21.71.41.3
Interest5.44.95.24.54.6
Capital expenditure6.85.75.85.64.8
Investment3.83.63.73.63.3
Capital grants2.61.92.01.91.4
Repayment of compulsory loans0.40.20.10.1--
Total foreign (current) expenditure5.64.23.63.73.7
Defense imports3.11.91.41.71.7
Interest2.02.01.91.81.8
Other0.50.30.30.20.2
Total expenditure55.753.655.654.954.0
Source: Data provided by the Bank of Israel.
Table A35.Israel: Structure of General Government Finances (National Accounts), 1993–97
19931994199519961997
(In millions of new sheqalim)
Receipts from the public98,833117,177137,267153,921174,238
Central government78,88593,850107,611119,390135,039
National Insurance Institute8,73510,63015,03617,49820,582
National institutions1,7771,5501,6402,1731,797
Local authorities6,9968,1539,53810,91412,598
Public nonprofit associations2,4402,9943,4423,9464,222
Expenditure on the public103,506119,774145,549166,516182,262
Central government64,40372,93283,82995,044102,414
National Insurance Institute13,81516,29019,94123,84827,961
National institutions1,6421,9782,2282,3912,542
Local authorities13,13415,73018,94721,29422,479
Public nonprofit associations10,51212,84420,60423,93926,866
Unilateral transfers to general government entities−8--------
Central government19,41225,22331,75838,51941,845
National Insurance Institute−6,535−7,657−7,116−8,038−9,152
National institutions526676662
Local authorities−3,650−5,353−5,952−7,031−7,440
Public nonprofit associations−9,240−12,239−18,757−23,516−25,315
Overall balance−4,665−2,597−8,282−12,595−8,024
Central government−4,930−4,305−7,976−14,173−9,220
National Insurance Institute1,4551,9972,2111,6881,773
National institutions130−454−655−284−807
Local authorities−2,488−2,224−3,457−3,349−2,441
Public nonprofit associations1,1682,3891,5953,5232,671
(In percent of GDP)
Receipts from the public53.052.152.650.751.5
Central government42.341.741.339.339.9
National Insurance Institute4.74.75.85.86.1
National institutions1.00.70.60.70.5
Local authorities3.73.63.73.63.7
Public nonprofit associations1.31.31.31.31.2
Expenditure on the public55.553.355.854.953.9
Central government34.532.432.231.330.3
National Insurance Institute7.47.27.67.98.3
National institutions0.90.90.90.80.8
Local authorities7.07.07.37.06.6
Public nonprofit associations5.65.77.97.97.9
Unilateral transfers to general government entities----------
Central government10.411.212.212.712.4
National Insurance Institute−3.5−3.4−2.7−2.6−2.7
National institutions----------
Local authorities−20−2.4−2.3−2.3−2.2
Public nonprofit associations−5.0−5.4−7.2−7.7−7.5
Overall balance−2.5−1.2−3.2−4.1−2.4
Central government−2.6−1.9−3.1−4.7−2.7
National Insurance Institute0.80.90.80.60.5
National institutions0.1−0.2−0.2−0.1−0.2
Local authorities−1.3−1.0−1.3−1.1−0.7
Public nonprofit associations0.61.10.61.20.8
Source; Data provided by the Bank of Israel.
Table A36.Israel: The Largest Government Companies(as of December 31, 1997)
Total

assets 1/
Total

revenues 2/
Percentage direct

and indirect

government

ownership 3/
(In millions of U.S. dollars)
The Israel Electric Corporation10,8322,251100
Bezeq - Telecommunication Corporation4,8372,53374
Israel Chemicals3,1261,73032
Mekorot - Water Corporation1,978464100
Israel Aircraft Industries1,8711,691100
Oil Refineries1,2772,16274
El-Al Israel Airlines9801,237100
Source: Government Companies Authority.
Table A37.Israel: Privatization and Raising of Capital from the Public by Issuance of Shares and Convertible Securities, 1996 to October 30, 1998
Total

capital

raised
Percentage

sold
Percentage held

by the State

after sale
(In millions of U.S. dollars)
1996:
Lapidoth Oil Prospectors8.651.0--
Tahal Engineers and Consultants12.9100.0--
Israel Discount Bank160.015.879.3
Naptha Petrochemical Corporation16.444.0--
Total197.9
1997:
Israel Chemicals198.017.031.5
R.D.C4.350.149.9
Yozma Risk Capital14.8100.0-
Yozma Nitsanim Fund9.340.0--
Yozma J.P.V. Fund9.640.0--
Bezeq (Telecommunications)48.02.573.6
The Israel School of Tourism0.377.9--
The Israel National Oil Company26.099.9--
Israel Discount Bank180.919.359.9
Bank Leumi406.218.363.4
United Mizrahi Bank128.725.045.9
Bank Hapoalim 2/1,368.043.033.6
Total2,394.1
1998:
Bezeq (Telecommunications)461.719.254.3
Weed Extermination Company1.884.0--
Yozma Gemini Fund9.226.7--
Yozma Polaris Fund9.540.0--
Yozma Inventec Fund9.640.02.9
Bank Leumi52.02.061.4
United Mizrahi Bank290.431.714.2
Bank Hapoalim 2/232.99.424.3
Total1,067.1
Source: Government Companies Authority.
Table A38.Israel: Privatization of Banks and Raising of Capital from the Public by Issuance of Shares and Convertible Securities, 1991 to October 30, 1998
BankDateTotal

capital

raised 1/
Percentage

sold
Percentage held

by the State

after sale
(In millions of

U.S. dollars)
I.D.B. HoldingsOctober 1991229.725.042.0
Israel General BankJuly 199215.625.0--
I.D.B. HoldingsNovember 1992349.342.0--
Union BankMay 199349.635.023.0
Bank HapoalimMay 1993244.516.082.6
Bank LeumiAugust 199352.015.081.7
Bank HapoalimNovember 1993121,86.076.6
United Mizrahi Bank 2/November 1994110.026.070.9
Israel Discount Bank 3/March 1996160.015.879.3
Israel Discount BankApril 1997182.619.359.9
Bank LeumiMay 1997407.818.363.4
United Mizrahi BankJuly 1997128.725.045.9
Bank Hapoalim 4/September 19971,368.043.033.6
Bank LeumiApril 199852.02.061.4
United Mizrahi BankJune 1998290.431.714.2
Bank Hapoalim 4/June 1998232.99.424.3
Source: Government Companies Authority.
Table A39.Israel: Currency Basket of the Israeli Sheqel, 1993-98
Absolute amount

of currency in

basket as of

Dec. 31, 1996
Percentage distribution of currencies on the

basis of market rates on:
199319941995199619971998
Dec. 31Dec. 31Dec. 31Dec. 31Dec. 31Nov. 30
U.S. dollar0.67410.56270.53810.55830.60280.62660.6203
Deutschmark0.05890.22580.24190.24190.240.187000.18700.1934
Pound sterling0.35880.09290.09390.090.08950.08970.0897
Japanese yen6.54370.06460.06920.05970.05050.0690.0496
French franc0.29330.05400.05690.05770.05020.04580.0471
Sources: IMF, International Financial Statistics; and data provided by the Bank of Israel
Table A40.Israel: Exchange Rate Developments, 1993–98
U.S. dollar/sheqelDeutsche mark/sheqelPound sterling/sheqelJapanese yen/sheqelFrench franc/sheqelCurrency basket
(Index number 1986 = 100; period averages)
1993190.4248.2194.8286.9232.0205.2
1994202.4269.8211.5331.1252.5221.2
1995202.4304.7217.8361.2280.2231.4
1996214.3307.3228.4329.0289.3249.9
1997231.9288.6259.2320.9274.5269.5
1993
I187.6247.6189.0259.5233.7205.3
II184.8246.2193.3281.0233.8204.8
III191.2245.6196.1302.4226.7209.5
IV197.4252.9200.8304.3233.6215.6
1994
I200.1250.6203.1310.7235.9217.5
II203.0264.1208.4328.3247.1223.8
III203.6281.0215.1342.9262.7229.6
IV203.0283.7219.4342.8264.6230.2
1995
I201.6294.2217.6350.4269.7231.9
II200.5309.3218.3395.9281.4236.9
III202.1304.5216.9360.4282.1235.5
IV205.5311.5218.6338.0288.0238.4
1996
I209.3307.7218.7330.5287.3235.6
II217.0307.2225.5337.4290.3241.4
III212.6306.4225.4325.9288.3237.8
IV218.2307.8243.3323.2291.4243.3
1997
I223.3291.5248.7308.5276.5243.3
II229.5288.8256.0320.9274.2248.1
III237.1283.3263.1335.8269.3253.2
IV237.3291.8269.0316.3278.9254.8
1998
I241.0285.9270.5314.3273.1256.2
II247.1297.3278.5303.5283.9262.9
III250.7306.2282.2298.9292.3267.3
Sources: IMF, International Financial Statistics ; and data provided by the Bank of Israel.
Table A41.Israel: Overall Balance of Payments, 1993–98
199319941995199619971998
IIIIII
(In millions of U.S. dollars)
Current account balance−1,774−2,502−4,797−5,107−3,237−536−443−1,305
Trade balance−5,756−5,533−7,529−7,584−5,776−1,034−1,035−1,025
Exports, f.o.b.14,63817,08719,13620,65121,7795,6595,5335,182
Imports, f.o.b.20,39422,62026,66528,23527,5556,6936,5686,207
Civilian imports18,28721,15925,37226,56425,7996,1886,0645,859
Military imports2,1061,4611,2931,6711,756506504349
Civilian trade balance−3,649−4,072−6,236−5,913−4,020−529−531−677
Services balance−2,707−3,967−4,548−5,432−5,505−1,000−1,094−1,762
Exports7,3617,8329,5249,95810,6082,67833363,790
Imports10,06811,79914,07215,39016,1133,6784,4305,552
Net transfers6,6896,9987,2807,9098,0441,4981,6861,482
Capital account balance3,0781,9214,1966,57110,3252,17639916
Long-term capital2,2393,0012,5774,8515,1982,050348306
Short-term capital839−1,0801,6191,7205,127126−309610
Errors and omissions1756441,6571,9572,227−41436208
Change in reserves−1,480−63−1,057−3,422−9,314−1,226368181
(Percentage change from same period previous year)
Memorandum items:
Goods exports9.316.712.07.95.52.04.6−5.5
Goods imports11.810.917.95.9−2.4−4.9−4.3−8.1
Services exports−1.16.421.64.66.57.324.839.4
Services imports5.117,219.39.44.76.57.928.7
Source; Central Bureau of Statistics, Monthly Bulletin of Statistics.
Table A42.Israel: Balance of Payments—Services, 1993–98
199319941995199619971998
IIIIII
(In millions of U.S. dollars)
Freight and transportation, net−1,107−1,432−1,718−1,928−1,819−413−444−548
Receipts1,7651,7952,1462,0322,190533559579
Payments2,8723,2273,8643,9604,0099461,0031,127
Travel, net175−187−218−428−829−64−81−693
Receipts2,2272,4082,9302,8762,741548753649
Payments2,0522,5953,1483,3043,5706128341,342
Insurance, net−191−198−228−254−262−66−62−64
Receipts1313181429545
Payments204211246268291716669
Other, net−196−394−614−1,048−857−21524−189
Receipts2,2222,5292,8783,3543,7489191,2531,068
Payments2,4182,9233,4924,4024,6051,1341,2291,257
Government, n.e.s., net−145−154−154−138−113−27−16−39
Receipts4750648088242822
Payments192204218218201514461
Total services (excluding−1,464−2,365−2,932−3,796−3,880−785−579−1,533
Receipts6,2746,7958,0368,3568,7962,0292,5972,323
Payments7,7389,16010,96812,15212,6762,8143,1763,856
Investment income, net−1,241−1,599−1,616−1,636−1,626−201−517−229
Receipts1,0881,0381,4891,6021,8116187381,467
Payments2,3292,6373,1053,2383,4378191,2551,696
Total services, net−2?705−3,964−4,548−5,432−5,506−1,000−1,096−1,762
Receipts7,3627,8339,5259,95810,6072,6333,3353,790
Payments10,06711,79714,07315,39016,1133,6334,4315,552
Source: Central Bureau of Statistics, Monthly Bulletin of Statistics.
Table A43.Israel: Export Volume and Price Indices, 1993–98
199319941995199619971998
III
(Percentage change from same period previous year)
Volume indices 1/
Agricultural products1.911.214.615,77.437.6−31.7
Citrus fruit−11.3−0.837.1−5.63346.7−66.1
Other fruits and vegetables8.10.721.632.0−0.152.2−47.5
Other4.721.72.819.713.024.66.1
Industrial products (excl. diamonds)19.213.83.57.013.40.05.3
Ores and minerals4.918.61.5−9,18.2−0.830.2
Food10.45.52.8−3.7−12.67.7−5.9
Textiles2.37.82.1−5,4−1.5−6.2−1.5
Metals, machinery and electronics25.815.70.613.4−03−735.8
Chemicals27.014.66.34.416.813,9−0.6
Other industrial products4.310.214.14.1203−2.27.9
Diamonds, net−0.223.312.24.00.714.9−11.8
Total exports12315.56.57.1934,6−0.5
Total exports, excluding diamonds16.713.14.68.21232.02.7
Price indices 2/
Agricultural products−2.9−2.58.8−6.6−7.26.214.6
Citrus fruit18.15.517.3−6.0−10.916.9−2.3
Other fruits and vegetables−3.1−4,78.3−12.3−4.7−3.1−8.2
Other−10.1−455.1−3.8−6.86.6−23.6
Industrial products (excl. diamonds)−3.3−0.65.5−0.9−2.7−1.1−0.9
Ores and minerals−8.0−1.213.23.85.31.04.3
Food−10.4−0.77.22.5−0.8−3.4−0.6
Textiles−4.91.64.82.01.44.4−1.9
Metals, machinery and electronics−1.40.84.9−2.12.40.0−2.8
Chemicals−5.2−3.25.2−23−2.8−4.54.6
Other industrial products−0.3−1.85.91.0−4.7−1.0−0.6
Diamonds, net10,3−3.02.72.52.73.6−4.0
Total exports0.5−1.44.7−0.1−1.20.6−2.4
Total exports, excluding diamonds−2.5−0.85.4−1.0−2.5−03−2.0
Sources: Central Bureau of Statistics. Foreign Trade Statistics Quarterly; and data provided by the Bank of Israel.
Table A44.Israel: Commodity Composition of Exports, 1993–98 1/2/
199319941995199619971998
III
(In millions of U.S. dollars)
Agricultural products547594741804802307179
Citrus fruits1211262031801668428
Other fruits and vegetables1431371812091999043
Other284330357411437134108
Industrial products (excluding diamonds)10,17911,28112,22413,00714,4213,7793,943
Ores and minerals28333238236041996131
Food, beverages, and tobacco534559617608527128120
Textiles, clothing and leather8839681,036999998263254
Other light industry products1,1991,3011,5741,6571,687393404
Chemicals1,9122,1202,3702,4192,748739723
Metals, machinery and electronics5,0585,8946,2226,9027,9242,1262,279
Diamonds4,0434,015456234,9295,1001,2361,046
Other exports, n.e.s. 3/55162216429458131124
Total exports14,82616,05117,80219,16920,7815,4535,292
(In percent of total exports)
Agricultural products3.73,74.24.23.95.63.4
Citrus fruits0.80.81.10.90.81.50.5
Other fruits and vegetables1.00.91.01.11.01.70.8
Other1.92.12.02.12.12.52.0
Industrial products (excluding diamonds)68.770.368.767.969.469.374.5
Ores and minerals1.92.12.11.92.01.82.5
Food, beverages, and tobacco3.63.53.53.22.52.32.3
Textiles, clothing and leather6.06.05.85.24.84.84.8
Other light industry products8.18.18.88.68.17.27.6
Chemicals12.913.213.312.613.213.613.7
Metals, machinery and electronics34.136.735.036.038.139.043.1
Diamonds27.325.026.025.724.52.42.3
Other exports, n.e.s. 3/0.41.01.22.22.22.42.3
Total exports100.0100.0100.0100.0100.0100.0100.0
Sources: Central Bureau of Statistics, Foreign Trade Statistics Quarterly and Monthly Bulletin of Statistics.
Table A45.Israel: Destination of Exports, 1993–98
199319941995199619971998

Oct.
(In percent of total exports)
Exports100,0100.0100.0100.0100.0100.0
Europe37.235.439.238.837.337.5
Of which:
European Union30.629.232.332.130.130.9
Austria0.50.50.40.40.40.3
Belgium5.35.35.35.44.94.7
Denmark0.30.20.30.30.20.3
Finland0.10.10.20.30.20.2
France3.93.43.73.32.72.9
Germany5.35.05.55.14.34.8
Greece0.80.61.10.80.70.6
Ireland0.20.20.20.40.90.8
Italy2.93.03.02.72.83.2
Netherlands3.73.74.24.34.44.7
Portugal0.30.20.20.20.20.3
Spain1.31.41.61.71.51.7
Sweden0.40.40.50.60.50.5
United Kingdom5.55.06.16,7625.7
EFTA countries 1/2.02.22.01.72.01.9
North, Central, and South America34.534.833.734.336.239.9
Of which:
United States31.231.030.130.632.135.8
Asia16.918.720.120.118.613.7
Of which:
Japan5.25.86.95.94.63.2
Other countries11.311.17.16.87.88.6
Source: Central Bureau of Statistics, Monthly Bulletin of Statistics.
Table A46.Israel: Civilian Import Volume and Price Indices, 1993–98
199319941995199619971998
III
(Percentage change from same period previous year)
Volume indices 1/
Consumer goods8.919.411.212.02.67.5−7.0
Nondurables20.624.49.514.13.411.3−10.7
Durables−0.814,612.99.81.72.9−2.2
Input goods13.29.711.74.42.9−0.2−2.7
Diamonds13.511.119.92.3−0.6−20.34.0
Fuel14,6−2.29.3−6.714.210.23.2
Other15.311.49.15.44.27.7−4.4
Investment goods13.923.83.210.3−4.1−0.91.5
Machinery and equipment16.817.111.411.2−0.43.43.6
Total imports, net12.713.210.46.31.50.6−2.0
Total imports, excluding diamonds12.613.68.67.11.94.7−3,0
Price indices 2/
Consumer goods0.20.88.0−3.7−4.2−4.40.2
Nondurables−3.2−0.38.8−2.6−2.4−3.81.3
Durables3.51.97.1−4.9−6.1−5.1−1.2
Input goods−4.42.59.10.7−4.6−2.9−1.6
Diamonds1.14.3−4.66.3−03−0.20.7
Fuel−11.3−2.610.314.9−7.6−18.5−9.8
Other−7.02.714.4−1.7−7.3−3.3−1.8
Investment goods 3/−1.30.35.1−2.0−5.1−2.10.2
Machinery and equipment−3.60.35.1−2.0−5.5−1.3−0.1
Total imports, net−3.32.18.5−0.6−4.6−3.0−1.0
Total imports, excluding diamonds 3/−4.11.711.2−1.8−5.5−3.5−1.3
Sources: Central Bureau of Statistics, Foreign Trade Statistics Quarterly; and data provided by the Bank of Israel.
Table A47.Israel: Commodity Composition of Civilian Imports (c.i.f), 1993–98 1/
199319941995199619971998
III
(In millions of U.S. dollars)
Consumer goods2,5333,0473,6573,9423,876997929
Nondurables1,2481,8461,8462,0512,070560506
Durables1,2831,8111,8111,8901,806437423
Input goods14,39115,89019,37120,32320,3084,9424,734
Diamonds3,5423,8734,4304,8194,779925969
Fuel1,7421,6581,9992,1412,260504469
Other9,10710,35812,94213,36313,2693,5133,295
Investment goods3,5774,5104,9515,3154,8391,1321,151
Machinery and equipment2,5223,4683,4683,7803,558876906
Other imports, n.e.s. 2/18−77−74−102−398−131−84
Total imports, net20,51823,36927,90529,47828,6256,9406,730
Total imports, excluding diamonds16,97619,49623,47524,66023,8466,0155,761
(In percent of total imports)
Consumer goods12.313.013.113.413.514.413.8
Nondurables6.17.96.67.07.28.17.5
Durables6.37.76.56.46.36.36.3
Input goods70.168.069.468.970.971.270.3
Diamonds17.316.615.916.316.713.314.4
Fuel17.316.615.916.316.713.314.4
Other44.444.346.445.346.450.649.0
Investment goods17.419.317.718.016.916.317.1
Machinery and equipment12.314.812.412.812.412.613.5
Other imports, n.e.s. 2/0.1−0.3−0.3−0.3−1.4−1.9−1.2
Total imports, net100.0100.0100.0100.0100.0100.0100.0
Sources: Central Bureau of Statistics, Foreign Trade Statistics Quarterly and Monthly Bulletin of Statistics.
Table A48.Israel: Origin of Imports, 1993–98
199319941995199619971998
Oct.
(In percent of total imports)
Imports100.0100.0100.0100.0100.0100.0
Europe61.062.961.760.259.858.1
Of which:
European Union51.449.652.451.751.048.5
Austria0.60.50.60.50.50.4
Belgium12.18.712.112.112.410.4
Denmark0.70.60.60.50.50.6
Finland0.50.50.80.70.90.9
France4.24.54.13.93.84.1
Germany10.410.49.89.49.48.8
Greece0.40.50.50.50.40.5
Ireland0.30.40.60.60.60.8
Italy7.37.87.87.66.96.7
Luxembourg0.10.10.10.10.10.1
Netherlands3.43.33.43.23.84.2
Portugal0.40.50.40.40.40.4
Spain1.01.71.92.12.12.3
Sweden1.41.41.41.21.01.1
United Kingdom8.68.78.38.88.47.5
EFTA countries 1/7.76.76.35.85.85.8
North, Central, and South America19.419.820.221.520.922.1
Of which:
United States17.818.018.620.018.819.6
Asia10.09.710.010.210.812.4
Of which:
Japan5.14.13.33.73.63.6
Other countries9.77.68.18.18.67.3
Source: Central Bureau of Statistics, Monthly Bulletin of Statistics.
Table A49.Israel: Capital Account Transactions, 1993–98 1/
199319941995199619971998
IIIIII
(In millions of U.S. dollars)
Net capital flows (excluding flows by the central monetary institutions)3,0781,9214,1976,57210,3242,17639916
Long-term capital2,2393,0022,5784,8505,1982,050348306
Government liabilities2,1112,1648591,6411,2251,446−122−210
Direct investment
In Israel7566261,9342,4263,399577600341
Abroad−763−735−606−670−665−43−157−122
Private
Liabilities566443761,3761,390218291
Assets793031577−1516896
Short-term capital840−1,0781,6211,7205,128126−310610
Government
Liabilities−24228−29−29−341−12
Assets261−27−1,229864−19−3034−26
Private
Liabilities2623371,411147633344−70234
Assets−292−1273411,151539243−182451
Banking sector
Liabilities2809681,1736342,313432176441
Assets331−2,271−103−1,0471,691−829−269−478
Foreign currency assets and liabilities of the central menetary institutions−1,480−63−1,056−3,422−9,314−1,226368181
Liabilities--19−76−1653−6−184
Assets−1,480−82−980−3,257−9,317−1,220386177
Source: Central Bureau of Statistics, Monthly Bulletin of Statistics.
Table A50.Israel: Indicators of External Indebtedness, 1993–98
199319941995199619971998
IIIIII
(In millions of U.S. dollars; end of period)
Gross external liabilities37,67341,70345,11847,67551,85153,16353,16654,318
Gross external liabilities minus foreign assets of commercial banks27,21628,57731,55733,26439,50540,07339,73740,013
Net external liabilities 1/17,20217,97719,82419,28417,75817,30017,12217,178
(Percentage change over the same period of the previous year)
Gross external liabilities5.610.78.25.78.82.52.52.2
Gross external liabilities minus foreign assets of commercial banks9.25.010.45.418.81.43.40.7
Net external liabilities 1/1.34.510.3−2.7−7.9−2.6−3.60.3
(In percent of GDP)
Gross external liabilities57.155.952.150.152.953.953.561.4
Gross external liabilities minus foreign assets of commercial banks41.338.336.435.040.340.640.045.2
Net external liabilities 1/26.124.122.920.318.117.517.219.4
(In millions of U.S. dollars; end of period)
Memorandum items;
Foreign assets20,47123,72625,29428,39134,09334,09334,09334,093
Of which:
Commercial banks10,45713,12613,56114,41112,34612,34612,34612,346
Bank of Israel6,4686,8968,30911,57520,33321,60221,32321,716
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; and data provided by the Bank of Israel.
Table A51.Israel: Indicators of Debt Service, 1993–98
199319941995199619971998
III
(In millions of U.S. dollars)
Gross interest payments2,1362,3642,9032,9873,0897501,157
Interest receipts1,0881,0431,6551,7051,811618740
Net interest payments1,0481,3211,2481,2821,278132417
Principal repayments 1/1,88523042,2932,6732,958985850
Debt service 2/4,0214,6685,1965,6606,0471,7352,007
Net debt service 3/2,9333,6253,5413,9554,2361,1171,267
(In percent of exports of goods and nonfactor services)
Gross interest payments9.79.510.19.89.59.013.0
Gross debt service18.318.718.118.518.720.822.6
Net interest payments4.85.34.44.23.91.64.7
Net debt service13.314.512.412.913.113.414.3
Source: Data provided by the Bank of Israel.
Table A52.Israel: Assets and Liabilities in Foreign Currency, 1993–98
199319941995199619971998
IIIIII
(In millions of U.S. dollars; end of period)
Gross liabilities37,67341,70345,11847,67551,85153,16353,16654,318
Government20,35222,71223,73125,22126,12527,43327,44527,375
Nonfinancial private sector4,7565,1106,1056,8788,1377,7447,5477,960
Bank of Israel2843172689869836569
Banks12,28113,56415,01415,47817,52017,90318,10918,914
Gross assets20,47123,72625,29428,39134,09435,86336,04637,142
Bank of Israel reserves6,4686,8968,30911,57520,33321,60221,32321,716
Other financial institutions669542530371480370397328
Exporters' credit2,8773,1622,8942,034935801897793
Banking system10,45713,12613,56114,41112,34613,09013,42914,305
Net liabilities 1/17,20217,97719,82419,28417,75717,30017,12017,176
Total current debt5,8144,3126,1415,14010,90310,70210,70210,702
Banking system (net)1,8224371,4511,0676,3006,3006,3006,300
Nonfinancial private sector2,1241,8132,4191,8901,9871,9871,9871,987
Direct government debt----910--------
Medium- and long-term debt (repayable within a year)1,8682,0622,2622,1732,6162,4152,4152,415
Net current debt 2/−4,200−6,288−5,592−8,840−10,845−12,071−11,915−12,135
Sources: Central Bureau of Statistics, Monthly Bulletin of Statistics; and data provided by the Bank of Israel.
Table A53.Israel: Official Gold and Convertible Foreign Exchange Reserves, 1993–98
Gold 1/SDRsReserve

position

in the Fund
Foreign

exchange 2/
Total 3/
(In millions of U.S. dollars; end of period)
19930.40.5--6,4686,468
19940.40.4--6,8956,896
19950.533.8--8,3098,309
19960.433.4--11,57411,575
19970.4----20,33220,333
19980.40.3--22,67522,676
1995
I0.50.6--9,0939,093
II0.51.8--8,9348,934
III0.534.2--8,9918,992
IV0.533.8--8,3098,309
1996
I0.433.2--9,8379,837
II0.433.2--9,0089,008
III0.433.3--10,36810,369
IV0.433.4--11,57411,575
1997
I0.40.2--15,52115,521
II0.41.6--17,99417,994
III0.40.2--19,20619,206
IV0.4----20,33220,333
1998
I0.40.2--21,60221,602
II0.40.3--21,32221,323
III0.40.3--21,71521,716
IV0.40.3--22,67522,676
Sources: IMF, International Financial Statistics ; and data provided by the Bank of Israel.

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