Yoram Ettinger
Algemeiner, Aug. 2, 2023
‘Israel’s defense exports have surged due to the impact of the Russia-Ukraine war upon the demand for advanced Israeli military systems, the substantial increase of Germany’s defense budget, and Sweden and Finland’s decision to join NATO.”
According to a July 17, 2023, Bloomberg report, a leading global investment bank, the New York-based Jefferies Financial Group, Inc., “expects further growth in Israel’s tech sector despite political unrest over government plans to overhaul the judiciary.”
It quoted an analysis that, “while there are considerable uncertainties, we anticipate Israel’s tech ecosystem growth and maturation will only accelerate, creating a dominant and necessary opportunity for investors. … The volume and density of innovation has made Israel a mandatory destination for all leading investors and will likely create a disproportionate number of category-defining winners across sectors in the many years to come.”
Irrespective of the political turmoil associated with the judiciary controversy, the latest data indicates the remarkable success of Israel’s high-tech sector, in particular, and Israel’s economy, in general. According to Israel’s Central Bureau of Statistics, as presented on July 27, 2023, by a senior Israeli economist, Shlomo Maoz: Notwithstanding the dramatic decline in foreign investment in Israel’s high-tech sector, Israel’s high-tech export increased by 6.9% during the first five months of 2023, while domestic consumption of Israel’s high-tech products and services decreased by 0.2% during the same period.
The recent depreciation of the new Israeli shekel (compared with the US dollar) has benefited Israel’s exports.
Industrial production of the high-tech sector expanded during the first five months of 2023 by 5.6% more than it did in the first five months of 2022, as reflected by the 3% growth in the number of high-tech workers during the first five month of 2023, and the 3.6% rise in the number of working hours during the first five months of 2023.
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