אַשְׁרֵי הָעָם שֶׁכָּכָה לּוֹ אַשְׁרֵי הָעָם שֱׁה' אֱלֹקיו
Fortunate is the people that has it thus; fortunate is the people whose G-d is Hashem.
Continuing pesukei d’zimra, the morning verses of praise
This Psalm descibes many forms of goodness that the nation of Israel enjoys: bountiful storehouses of grain, prolific flocks, healthy farm animals, etc. The Psalm concludes by praising the nation that has such things, the nation whose G-d is Hashem. The Radak informs us that these are not merely two ways of describing Israel; they are actually interdependent. The reason Israel has such things is because Hashem is their G-d!