Israel: Economic activity plummets in October
The Bank of Israel’s Composite State of the Economy Index fell 1.10% month-on-month in seasonally-adjusted terms in October (September: +0.03% mom). This marked the sharpest decline since the onset of the Covid-19 pandemic in Q2 2020. The Index was negatively influenced by sharp falls in imports, exports, credit card purchases and electricity production in October, as a result of the war with Hamas.
On an annual basis, economic activity rose 0.8% in October, down from the 2.2% rise in September.