Israel Economic Activity December 2023

Israel: Composite State of the Economy Index expands at fastest pace since May in December

The Bank of Israel’s Composite State of the Economy Index increased 0.38% in month-on-month seasonally adjusted terms in December, which contrasted November’s 0.26% decrease. December’s print marked the best reading since May, and was thanks to the lessening impact of the war against Hamas, which caused sharp declines in activity in October and November.

Data on consumer goods imports, goods exports, credit card purchases, industrial production and retail trade all boosted December’s economic activity reading.

On an annual basis, economic activity dropped 1.0% in December, which was better than November’s 1.4% fall.

Despite the seeming recovery in December, Israel’s economy likely still recorded a double-digit contraction in Q4 in quarter-on-quarter annualized terms. Though growth will return this year, our analysts have revised down their 2024 GDP growth forecasts considerably since the conflict with Hamas began.

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