Israel Economic Activity March 2023

Israel: Composite State of the Economy Index expands at quickest pace in six months in March

The Bank of Israel’s Composite State of the Economy Index rose 0.30% month-on-month in seasonally-adjusted terms in March (February: +0.25% mom). Increases in industrial production, services revenue, imports of production inputs, goods exports and credit card purchases underpinned the reading.

On an annual basis, economic activity rose 1.9% in March, matching February’s expansion and marking the worst result since January 2021.

Taken together, Index readings for Q1 as a whole suggest ongoing robust economic activity in the period, notwithstanding protests and business uncertainty generated by the proposed judicial reform.

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