Despite the general economic downturn in Israel and around the globe, there were several positive economic developments and indicators in 2002.
In December of 2002, the Israel Export Institute (IEI) announced that industrial exports increased by 2% in October-November 2002 over the third quarter of 2002. According to the IEI, this was mainly due to a rise in hi-tech exports, which saw a 10.5% rise. Also showing strong rises in exports were the electronic components sector (which increased by 10.5%), the transportation equipment sector (12%), the food sub-sector (11%), the wood and furniture and paper and printing sub-sectors (10%). Exports from the machinery and equipment sub-sector rose by 10% and chemical exports increased 8%. Exports for 2002 have so far garnered $16.6 billion.
In addition, inflation dropped to 4% during the August-November 2002 period, according to the Central Bureau of Statistics. That represents half of the rate experienced during the first half of the year.
In the tourism sector, hardest hit in the past two years, good news was hard to come by. However, the Israel Hotel Association announced a 6% increase in foreign tourist overnight stays in November 2002, as compared with November of the previous year. Furthermore, the Association reported an 11% increase in overnight stays by Israelis for November 2002, as compared with November 2001, and a 37% increase as compared with November 2000. In total, overnight hotel stays in November were 10% higher than the same period last year and 3% higher than in 2000.
In December of 2002, the Israel Export Institute (IEI) announced that industrial exports increased by 2% in October-November 2002 over the third quarter of 2002. According to the IEI, this was mainly due to a rise in hi-tech exports, which saw a 10.5% rise. Also showing strong rises in exports were the electronic components sector (which increased by 10.5%), the transportation equipment sector (12%), the food sub-sector (11%), the wood and furniture and paper and printing sub-sectors (10%). Exports from the machinery and equipment sub-sector rose by 10% and chemical exports increased 8%. Exports for 2002 have so far garnered $16.6 billion.
In addition, inflation dropped to 4% during the August-November 2002 period, according to the Central Bureau of Statistics. That represents half of the rate experienced during the first half of the year.
In the tourism sector, hardest hit in the past two years, good news was hard to come by. However, the Israel Hotel Association announced a 6% increase in foreign tourist overnight stays in November 2002, as compared with November of the previous year. Furthermore, the Association reported an 11% increase in overnight stays by Israelis for November 2002, as compared with November 2001, and a 37% increase as compared with November 2000. In total, overnight hotel stays in November were 10% higher than the same period last year and 3% higher than in 2000.