Israel Economic Outlook
July 7, 2020
The economy appeared to contract far more sharply in the second quarter after shrinking at a record rate in the first quarter. The State of the Economy Index plummeted in April and May, with May’s reading marking a historic decline. Moreover, merchandise exports tanked in the same period on lockdowns abroad, while the manufacturing PMI was deep in contractionary territory through May. While the lifting of many social distancing restrictions and sizeable fiscal stimulus should have helped the economy recover somewhat in June, at the end of the month and in early July the government had to reimpose some measures due to a second wave of coronavirus cases. This will hamper activity heading into Q3.Israel Economic Growth
The economy will shrink this year due to softer domestic and external demand. However, monetary and fiscal stimulus should provide some support. Downside risks include volatile regional geopolitics—particularly following Israel’s plans to occupy parts of the West Bank—and a further worsening of the Covid-19 outbreak, which could necessitate renewed restrictions. FocusEconomics analysts estimate the economy shrinking 5.0% in 2020, which is down 1.0 percentage point from last month’s forecast, before growing 4.6% in 2021.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: Composite State of the Economy Index stabilizes in June
August 3, 2020
The Bank of Israel’s Composite State of the Economy Index inched up 0.03% month-on-month in seasonally-adjusted terms in June (May: -0.62% mom).
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Israel: Consumer prices continue to fall in June
July 15, 2020
Consumer prices dropped 0.10% over the previous month in June, a softer decrease than May's 0.30% drop.
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Israel: Merchandise exports and imports continue to nosedive in June
July 13, 2020
Merchandise exports plummeted 9.5% over the same month last year in June, on the heels of May’s 6.3% dive.
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Israel: Bank of Israel keeps rates unchanged in July but announces extra measures to boost the economy
July 6, 2020
At its 6 July meeting, the Bank of Israel (BoI) left the policy rate at 0.10%.
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Israel: Composite State of the Economy Index contracts at sharpest pace on record in May
June 28, 2020
The Bank of Israel’s (BoI) Composite State of the Economy Index declined 1.80% month-on-month in seasonally-adjusted terms in May (April: -1.56% mom).
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