Israel: Composite State of the Economy Index expands in November as second lockdown eased
December 27, 2020
The Bank of Israel’s Composite State of the Economy Index expanded 0.67% in November (October: +0.02% mom), amid the easing of the second lockdown from late-October. November's reading marked the best result since June, and was driven by stronger consumer goods and manufacturing imports, and a higher job vacancy rate.
On an annual basis, economic activity rose 0.4% in November (October: 0.0% yoy), the best result since March.
The economy likely performed poorly in Q4 as a whole due to the second lockdown, and our panelists expect GDP to have contracted in quarter-on-quarter terms in the period after Q3’s rebound.
Author: Oliver Reynolds, Economist