Wed, 21 Apr 2021

JERUSALEM, April 6 (Xinhua) -- The Israeli hi-tech sector grew by 5.8 percent in 2020, despite the coronavirus crisis, according to an annual report released by the Bank of Israel on Tuesday.

"The Israeli hi-tech sector has demonstrated high resilience during the crisis in contrast to more significant shocks suffered by other sectors," the central bank said.

"The significant share of the hi-tech sector in the Israeli economy is probably one of the reasons why the economic damage to the Israeli economy was moderate," the bank added.

The data showed that the programming industry, which constitutes 57 percent of the hi-tech sector in Israel, rose at a high rate of 8.6 percent.

Manufacture of computers, electronic equipment, and optical equipment, which are a quarter of Israeli hi-tech, grew by 6.3 percent in 2020. However, the pharmaceutical industry and aircraft manufacturing saw contractions last year.

Despite continued growth, the bank said that many young hi-tech companies were severely hit by the crisis due to a lack of funding from potential investors.

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