The Israeli economy grew at a rate of 3.5% during 2016, defeating the Bank of Israel's prediction of a growth rate of 2.8%. The Israeli GDP grew by 4% during 2016, which bested the Bank of Israel's prediction by 1.2%. The average Israeli unemployment rate during 2016 was an impressive 4.8%; a new record low. Imports rose 10.6% during 2016, and exports saw a 2.2% rise. According to World Bank data, since 2011 the Israeli economy has grown by a cumulative 21.6%, exceeding all other OECD nations.
The Israeli economy was ranked the third most stable economy in the world by the Bloomberg financial news agency in April 2017, with only Hong Kong and South Korea placing higher on the list. The World Economic Forum’s 2016-2017 Global Competitiveness Report ranked Israel as the second best place in the world for innovation, ranking only behind Switzerland.