How has Israel’s lack of oil affected the country’s economy

The correct answer is the economy depends on technology instead of oil

Israel's economy is partly capitalist and partly socialist. Health and education are made available in a socialist way.

Israel is a small country, with a population of about 5 million people. Even so, it stands out in commerce and industry.

He is a major exporter of agricultural products and technological products.

In agriculture, the following segments stand out: potatoes, wheat, apples, tomatoes, citrus fruits and melons.

In the industry: food, beverages, tobacco, machinery, chemistry, petrochemical, technology, metallurgy, transportation equipment, medical and hospital equipment and jewelry (Israel is the third largest diamond cutter in the world).

Another area is tourism, which was once one of the segments that generated the most income in the economy, but over time this has changed, mainly because of terrorism.

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