Israel Economic Outlook
July 3, 2018
A second release of Q1 GDP data shows that the economy grew at a quicker pace than previously estimated, driven by a strong domestic economy—especially private consumption—that offset a weak external sector. Looking at Q2, industrial production expanded robustly in April, and the monthly state of the economy index remained resilient through May. On a less positive note, activity in the manufacturing sector contracted in May on weakening domestic demand, and merchandise exports declined sharply on lower foreign demand for high-tech goods. Against this backdrop, the government is reportedly planning to loosen oil drilling restrictions in the leadup to the next round of license auctions in October–November. Restrictions that are likely to be lifted include the amount that can be exported and the need to supply the domestic market. The move could boost energy exports in the medium-term. However, disputes with Cyprus and Lebanon over extraction rights remain.Israel Economic Growth
Domestic demand is expected to propel economic growth this year, which FocusEconomics Consensus Forecast panelists see at 3.4%, unchanged from last month’s forecast. New gas- and oil-related projects should buttress fixed investment growth, which should further benefit from ultra-loose monetary policy. Household consumption will likely benefit from a lower tax burden. Downside risks are present in regional tensions that could drag on inbound tourism, investor sentiment and export growth. Next year, FocusEconomics panelists forecast the economy will expand 3.2%.Israel Economy Data
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Israel Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.18 | -1.69 % | Jul 12 |
| Exchange Rate | 3.64 | -0.37 % | Jul 13 |
| Stock Market | 1,386 | -0.91 % | Jul 13 |
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Israel Economic News
Israel: Bank of Israel holds its fire in July
July 9, 2018
On 9 July, the Monetary Committee of the Bank of Israel decided to keep its interest rate steady at a historic low of 0.10%, where it has been since February 2015.
Israel: Manufacturing PMI falls into contractionary territory on the back of softening domestic demand
June 27, 2018
The Purchasing Managers’ Index (PMI)—produced by Bank Hapoalim in conjunction with the Israeli Purchasing & Logistics Managers Association (IPLMA)—fell to 49.6 points in May, down from 54.0 in April.
Israel: State of the Economy Index moderates in May due to a sharp drop in goods exports
June 24, 2018
The Israeli economy grew at a moderate pace in May, with the Bank of Israel’s Composite State of the Economy Index increasing 0.25% over the prior month, down from April’s revised 0.35% month-on-month expansion (previously reported: +0.39% month-on-month).
Israel: Inflation inches up in May but remains below the Central Bank’s target range
June 15, 2018
Compared to the prior month, consumer prices in Israel increased 0.5% in May.
Israel: Trade deficit widens in May on a fall in exports
June 13, 2018
Exports decreased 8.3% over the previous year in May, contrasting April’s upwardly revised robust 21.0% expansion (previously reported: +12.4% year-on-year) and marking the largest decline in eight months.
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