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Israel's IMF ranking goes up
International Monetary Fund ranks Israel's gross individual income in 18th place. Bank of Israel to change CBS data accordingly
A new estimate published Wednesday by the International Monetary Fund (IMF) ranked Israel in the 18th place when in comes to its gross individual income. Israel was previously ranked 21.


Israel's annual purchasing power parity (PPP) was estimates at $31,767 per person.


Based on a report in the World Economic Outlook, the Bank of Israel has decided to change the Central Bureau of Statistics' (CBS) estimate on individual income in 2006 – listed as $26,051 per person – which had no bearing on Israel's international ranking.


The CBS's assessment, which follows the Organization for Economic Co-operation and Development's (OECD) triennial guidelines, is considered solid and has proven itself consistent.


The IMF's new evaluation is a result of weighting the purchasing power parity with the changes in world currencies. Israel's new ranking places it alongside other OECD members such as France and Germany.


Officials in the bank of Israel told Ynet that there are a few other international organizations that publish individual income and PPP rankings, such as the World Bank and the University of Pennsylvania, and that the Israel's ranking varies between them.


These other rankings, added the official, are also based on the OECD's triennial guidelines, with the difference in results depending on the year used as the basis for the calculations.


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