Israeli companies - above politics It is a small miracle that Israel's economy manages to navigate with such equanimity the instability that surrounds it. For that, thank the country's technology and industrial sectors. Real gross domestic product has grown by about 5 per cent every year since 2004, with the exception of 2009. Per capita income is $31,000 - half as much again as the few countries, such as South Korea, Slovakia and the Czech Republic, that have grown at a similar pace. The country's stock market has roughly tracked its European and US peers this year, but it has outperformed the former by a fifth in the past five years. An early general election, triggered this month by a dispute in the coalition government about spending cuts, is unlikely to interfere too much with the economy. But it highlights the biggest issue facing Israel - whether one of the world's fastest-growing economies can keep doing so in the face of a global slowdown and political instability at home and in the region. Israel has not had a property crash or a banking collapse, and inflation and interest rates are low. But its debt to gross domestic product ratio is a relatively high 70 per cent. Its economy is very globalised, with two-fifths of GDP generated by exports of technology, pharmaceuticals and other high-value goods, a third of which go to Europe. Foreign investors" perceptions so far remain robust: inward portfolio flows have recovered from a sharp sell-off in 2009. Foreign direct investment in Israel doubled to about $8bn last year compared with its 2009 level. Israel's $100bn stock market is dominated by a few big companies including Mellanox Technology, Teva and Perrigo, in pharma, and Israel Chemicals. They are not recession-proof, but their global operations make them more resilient to local disruption than the banking sector, dominated by Leumi and Hapoalim. Israel's entrepreneurs have always been a better bet than its politicians.