Israel’s location on the eastern end of the Mediterranean Sea and its developed economy gives it an advantageous spot in the world economy. The growth of the nation is closely correlated with its educated workforce, as research and development in many areas has spurned growth.
In terms of land, Israel is a small country, but it’s also a global player thanks to its largest industries. Here are the top four industries in Israel, the strongest parts of the economy.
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Technology is growing faster than any other industry in the nation. According to the Israel Ministry of Foreign Affairs
, high-tech industries as a whole are growing at 8 percent per year and 4.9 percent of the nation’s gross domestic product is spent on high-tech industries. That is the highest among all Organization for Economic Cooperation and Development (OECD) countries. In 2006, high-tech industries accounted for 70 percent of the nation’s industrial product.
2. Mining and manufacturing
While the high-tech portion of industry gets most of the attention, Israel also has robust mining and manufacturing sectors. According to Brittanica.com
, potassium nitrate and phosphoric acid are two major exports from a plant in Haifa and oil pipelines run to the Mediterranean Sea as well. Manufacturing is mostly high-tech now, with educated employees leading the way. When it comes to diamond cutting and polishing, Tel Aviv plays host to the largest such industry in the world.
Israel is a popular spot for worldwide visitors, and the growth of the tourism industry has helped fuel the nation’s economy. According to the Ministry of Foreign Affairs, more than 3.3 million tourists visited Israel in 2014, matching the record-setting number from the year before. The industry brought in more than $10 billion in 2014, down slightly from 2013.
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Israel’s developed transportation system pays major dividends in its economic success. According to Britannica.com, the highway system enables citizens to move freely and efficiently. Israel has three deepwater ports (two on the Mediterranean Sea and one of the Red Sea), and those provide access to the Atlantic and Indian oceans. Air transport has also helped play a role in the export of high-value goods from the high-tech sector.
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