Israel Economic Activity December 2021

Israel: Composite State of the Economy Index dips in December

The Bank of Israel’s Composite State of the Economy Index contracted 0.05% month-on-month in seasonally-adjusted terms in December (November: +0.10% mom). December’s figure marked the worst reading since January, and was likely a result of the arrival of the Omicron wave of Covid-19 and ensuing restrictions imposed by the government. December’s reading was influenced by lower imports in the month, and lower industrial production and retail trade in November. 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.

On an annual basis, economic activity rose at a more moderate pace of 2.0% in December (November: +2.6% yoy), the worst result since March.

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