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The State of Israel, a country on the southeastern side of Mediterranean Sea, has a biblical connotation reflected in its very name. Israel Economy and Politics enjoys a privileged position over the Middle East countries in many respects, it has a liberal democratic system of government, with a wide range of political and civil rights present. And added to all liberties and liberalities Israel proudly claims to be the most economically developed among the Middle East countries. The condition of Economy and Politics of Israel started improving after the country won Independence in 1948 from the British Mandate and after going through two phases of Arab-Israel war. The politics of Israel follows a specific pattern, parliamentary representative democratic republic, in which the Prime Minister of Israel heads the Government. The government has the authority to exercise the Executive Power while the Knesset, an assembly of 120 members handles the Legislative Power department. The three-tier Judiciary enjoys a unique independent structure, much to the benefit of the common people, as laws do not fall under the clutches of government. There is no formal constitution laid out for administration of Israel, but the main principles of governance are etched out in 11 basic laws. There prevails some confusion regarding the names of major political parties in Israel, as some are known by their English names and the others by their Hebrew original ones. The parties carrying English names are Labour Party, National Union, Jewish National Front and the Green Party. Kadima, Likud, Meretz retain their Hebrew names. Economically Israel draws heavily on imports of fuels and crude oils, food grains and military equipments. Though there is definite dearth of natural resources in Israel, the country experiences tremendous growth in agricultural and industrial sectors. Diamonds also hold an important position in the import business of Israel. United States remains the major source of the country's economic and military aid. With an increase in the educated mass, Israel acquires a whooping third position in the world of industries. The GDP (Purchasing Power Parity) of Israel in 2006 was $166.3 billion which marks for the growth in economy of Israel.
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