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Industrial output grew 14% during September 2009-September 2010

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Sunday, September 19th, 2010

As published in Port2Port: Two-thirds of the growth was achieved by high-tech industries, whose output rose 20% in the September 2009-September 2010 period

The Manufacturers Association of Israel announced last week on the eve of the Jewish New Year, that Industrial output rose by 14% during the 12 months period ; September 2009-September 2010, after falling 6.5% in the parallel.

The rapid growth in output encompassed all industries. Two-thirds of the growth was achieved by high-tech industries, whose output rose 20% in the September 2009-September 2010 period,
after falling 1% in the previous year. The Manufacturers Association noted, however, that the pharmaceuticals industry was almost solely responsible for the growth.

Sales by industry totaled US$93billion in September 2009-September 2010, with the chemicals, electronics, and food industries accounting for 60% of the total. Manufacturers hired over 12,000 people during the year, boosting the labor force by 3.55%, after firing 21,000 employees in theprevious year.

Israeli industry currently employs 352,000 people, whose average gross monthly salary is NIS 11,350, 40% above the average business sector wage, and triple the minimum wage.

Industrial exports rose by over 20% in real terms in the September 2009-September 2010 period, after falling 7% in the previous year. All industrial sectors achieved double-digit growth for the year, but 85% of the growth was achieved by high tech and mixed high-tech industries, whose exports rose 20% and 32%, respectively.