Israel: Economic activity stays robust in February, but good performance won’t last
The Bank of Israel’s Composite State of the Economy Index rose 0.26% in February compared to the previous month in seasonally-adjusted terms, matching January’s revised figure (previously reported: +0.25% month-on-month). On a year-on-year basis, growth in the index clocked 3.1%, down from January’s 3.2%. The data suggests the economy began the year in healthy fashion.
February’s month-on-month reading was supported by higher industrial production and retail trade and services revenue in January. 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.
However, from March onwards economic activity is set to take a severe hit from containment measures at home and abroad.