Israel Economic Activity November 2020


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.

FocusEconomics analysts estimate the economy expanding 4.1% in 2021, down 0.1 percentage points from last month’s forecast, before growing 4.3% in 2022.

Author:, Economist

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Israel Economic Activity Chart

Israel State of Economy November 20 20

Note: Month-on-month and year-on-year variations in %.
Source: Bank of Israel (BoI) and FocusEconomics calculations.

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