Israel: Composite State of the Economy Index growth remains broadly stable in July
The Bank of Israel’s Composite State of the Economy Index rose 0.21% in month-on-month seasonally-adjusted terms in July, which followed June’s 0.16% increase. July’s reading was positively affected by industrial output, services and retail trade data for June, as well as goods exports for July. The index is calculated using the latest available data and hence uses a combination of figures from recent months to provide a comprehensive picture of the economy’s performance.
On an annual basis, economic activity rose at a quicker rate of 2.6% in July (June: +2.5% yoy).
Moving to the third quarter, the economy should expand at a robust pace, although the recent reimposition of some Covid-19 restrictions, including tougher border controls and a “green pass” in order to enter certain public venues, could take the edge of momentum.