The flow of natural gas from the Tamar offshore gas field contributed 0.3% to the GDP growth of Israel's economy in 2014, and 0.8% in 2013, according to the Bank of Israel's 2014 annual report. Thus the flow of gas offset the 0.3% reduction in growth caused by Operation Protective Edge in Gaza in July and August 2014.
The report also said that Israel's current account surplus was about $9 billion in 2014, representing 3% of GDP, and up from $6.9 billion in 2013, and $2.1 billion in 2012.
The report said, "The improvement in the current account over the past two years is the direct result of the start of gas production from the Tamar field, which reduces the need to import fuel, as well as an improvement in the services account."
According to the Bank of Israel, growth in gas and oil exploration investment in 2014 reduced demand for domestic credit. "This growth, which included many investments in gas and oil exploration, was in part implemented by foreign companies. The participation of foreign companies in the investments in Israel reduced the demand for domestic credit (banking and non-banking) and the rate of its growth was significantly lowerthan in satellite countries.
The Bank of Israel report also said, 'The consolidation of the natural gas sector on local production is a positive structural change for the Israeli economy, which has contributed to "a high rate of productivity than the long-term average."
Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2015
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