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Israel Trade & Economic Office

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Israeli #Biotech delegation joins investors and NYCBio (wrap-up)

Israel's Chief Scientist Avi Hasson addressing the press at BIO2012

A group of 20 biotechnology companies from Israel visited in the United States in June for a whirlwind tour of the Northeast.  They came with the Chief Scientist of Israel, Avi Hasson, as well as members

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BIRD Fund announces $8 million towards 10 tech projects in U.S. and Israel

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BIRD – Israel – U.S. Binational Industrial R&D Foundation to invest $8 million in 10 new projects The approved projects involve innovations in the areas of healthcare & wellness, advanced materials, manufacturing technologies, water and

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The IMF released a preliminary report of the Israeli economy for 2015


The Bank of Israel published that IMF mission, headed by Mr. Bas Bakker, presented the Minister of Finance, Mr. Moshe Kahlon., and the Governor of the Bank of Israel, Dr. Karnit Flug, with its preliminary 2015 Article IV Consultation Concluding Statement on Israel’s economy. The IMF is expected to publish within two months its final report on the Israeli economy for 2015.

4 key points emerge from this report:

  1. Israel’s economy is performing well.
    After the global financial crisis, Israel, unlike other countries, maintains its GDP growth and the creation of employment (employment rate increased in 2007 from a rate of 59% to 68%).
  2. Some challenges remain:
    A. The fiscal deficit remains stubbornly high, leaving limited buffers to respond to shocks.
    B. Negative inflation, below the Bank of Israel’s target, but housing prices continue to rise.
    C. Low labor productivity and the gap with the US is widening.
    D. Income inequality is among the highest in the developed countriesOutlook:
  3. Positive economic outlook.
    Expected growth is 3% (up from 2.8% in 2014), due to strong private consumption growth. This is driven the rapid increase in employment, inear-zero interest rates, falling import prices, and the rebound from the impact of military operations last year. Inflation will turn positive, reaching ¾ percent at the end of the year and the target band next year. There is not much slack in the economy: staff judges that the output gap is near zero. In the medium term, output will grow around 3-3 ¼ percent-in line with our current estimate of potential output growth.
  4. Risks to the outlook are balanced.
    Growth could disappoint if growth in Israel’s trading partners were weaker, geopolitical tensions in the region heightened, or the shekel appreciation continued. A sharp correction in housing prices could also slow growth. Growth could also be stronger than expected, for example, if trading partner economies recover faster or investment in the natural gas sector increases. Monetary tightening in the United States would likely help Israel, as it would exert downward pressure on the shekel, which would boost growth and inflation.The IMF is expected to publish within two months of the final report on the Israeli economy for 2015.

    For the full report in English, visit the Bank of Israel.

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From Oranges Nation to Startup Nation

With the establishment of the State, the citrus industry was the main export industry, with Yafo (Jaffa) oranges brand becoming identified with the young country.   The changes in Israel’s export were, some might say, revolutionary. According

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NYC brands and investors sold on Israeli #Retailtech (wrap-up)


On June 5, 12 Israeli companies with solutions for the retail technology space visited NYC to meet with leading brands, technology partners and investors.  The group stopped through New York following their exhibition

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June 2015 OpportunIsrael is here!

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The June 2015 edition of our monthly newsletter, OpportunIsrael, is out!  Highlights this month include a biotech delegation, a visit from the Chief Scientist, a wrap-up of our digital health conference, and a new SHEKEL

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Israel Line: Culture, Events, News from the Consulate in New York

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Israel Line, the weekly electronic newsletter from the Consulate General of Israel in New York, wrapped up a major period of important cultural events in our area. First was the Celebrate Israel Parade,

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Spring 2015 Shekel: Economic and financial trends in Israel, edited by the Ministry of Finance


Last week, our friends at the Israel Ministry of Finance in NYC published the Spring 2015 edition of SHEKEL, their quarterly economic newsletter. SHEKEL is edited by Avi Braf, chief of the

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As Americans deal with water shortages, #Israeltech gets noticed


Recently, California and parts of the American west have been combatting serious drought and water shortages.  Water usage rates have spiked, and lifestyles have been affected all over American communities and farms in the most

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Digital Health May 2015 wrapup


On May 18, the Israel Economic Mission in NYC welcomed a delegation of 12 digital health technologies companies from Israel for a week-long tour of the United States, to meet with potential partners and investors.

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