Israel Economic Activity November 2020

Israel: Composite State of the Economy Index expands in November as second lockdown eased

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.

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