Israel Economic Outlook
November 3, 2020
The latest data suggests tepid activity in the third quarter. The State of the Economy Index declined in July and only recorded mild rises in August and September. Moreover, September’s reading—which is calculated in part using backward-looking data for August—likely does not fully incorporate the impact of the second nationwide lockdown in place from mid-September. Looking to the fourth quarter, while the lockdown was eased somewhat in mid-October, remaining restrictions will still be severely curtailing the services sector. In politics, disagreement between Prime Minister Netanyahu and his coalition partner Benny Gantz over the budget process has raised political uncertainty and is hampering the government’s response to the Covid-19 crisis. If a budget for the current year is not passed by 23 December, fresh elections will be triggered, which could further increase instability.Israel Economic Growth
Economic output will tumble this year due to the double lockdown. However, the economy should rebound next year amid the likely lifting of restrictions and strong gas exports. Downside risks include volatile regional geopolitics, political instability amid a fractured parliament, and a potential prolongation of Covid-19 restrictions. FocusEconomics analysts estimate the economy expanding 4.2% in 2021, up 0.1 percentage points from last month’s forecast, before growing 4.2% in 2022.Israel Economy Data
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Israel Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.98 | -1.69 % | Jan 01 |
| Exchange Rate | 3.46 | -0.37 % | Dec 31 |
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Israel Economic News
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Israel: Manufacturing PMI drops sharply in December
January 20, 2021
The Purchasing Managers’ Index (PMI), produced by Bank Hapoalim and the Israeli Purchasing & Logistics Managers Association (IPLMA), fell from 57.1 in November to 50.9 in December, the lowest reading since July.
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Israel: Consumer prices drop at quicker rate on an annual basis in December
January 15, 2021
Consumer prices fell 0.10% from the previous month in December, a softer drop than the 0.20% fall seen in November.
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Israel: Merchandise exports rebound in December
January 13, 2021
Merchandise exports soared 14.1% annually in December (November: -3.0% year-on-year).
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Israel: Bank of Israel leaves policy unchanged in January
January 4, 2021
At its 4 January meeting, the Bank of Israel (BoI) left the policy rate at 0.10%.
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Israel: Composite State of the Economy Index expands in November as second lockdown eased
December 27, 2020
The Bank of Israel’s Composite State of the Economy Index expanded 0.67% in November (October: +0.02% mom), amid the easing of the second lockdown from late-October.
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