Israel’s economy is entering 2022 with strong economic indicators and could continue to ride on the positive wave created throughout 2021.
Data from Visa Cal - a leading indicator of economic resilience - showed that the volume of credit card purchases increased by 19%, to a peak of NIS 410.3 billion over the last year.
The data also showed that online and telephone transactions increased by 16% to NIS380.1 billion. In 2021, there was a 1.1% decrease in the average transaction to NIS 222. The average transaction abroad increased by 16%.
The most prominent industry that saw an increase in transactions was the aviation and tourism industry, and thanks to the opening of Israel’s skies after a year of lockdowns, it increased by 119%.
According to estimates by the Foreign Trade Administration, exports in 2021 are expected to amount to $135-140 billion, an increase of 20% compared to last year. For the first time, exports of services exceed exports of goods, thanks to high-tech.
The leading sectors in the export of goods; electronic machinery, chemicals and pharmaceuticals and optical and medical equipment. Top customers were the United States, China, the Netherlands, Turkey and Germany.
"A stable and growing economy is one that can confront multiple challenges,” explained Minister of Economy Orna Barbivai. “The Foreign Trade Administration will continue in 2022 to promote exports and attract foreign investment to Israel."
On Monday, a study by Dunn and Bradstreet showed that Israel’s economy grew by seven percent in 2021, beating out the global average of 5.9%.
“The entire global economy and the Israeli economy in particular, showed an improvement in economic and business indices in 2021, after in 2020, it was significantly affected by the coronavirus,” explained Efrat Segev, VP of Data and Analysis at Dun & Bradstreet.