Israel: Composite State of the Economy Index continues to expand moderately in July
August 23, 2022
The Bank of Israel’s Composite State of the Economy Index grew 0.11% in month-on-month seasonally-adjusted terms in July, down from June's 0.16% increase. The index was positively affected by higher imports of consumer goods in July, as well as stronger industrial production in June. That said, lower manufacturing imports in July and lower services revenue in June weighed on the index, which is calculated using a combination of figures from recent months.
On an annual basis, economic activity rose at a softer pace of 2.1% in July (June: +2.2% yoy), the worst result since March 2021.
Author: Oliver Reynolds, Economist