Israel Economic Activity May 2023

Israel: Composite State of the Economy Index grows at fastest pace since September 2022 in May

The Bank of Israel’s Composite State of the Economy Index increased 0.25% month-on-month in seasonally-adjusted terms in May (April: +0.12% mom). The figure marked the best reading since September 2022, but was still slightly below the long-run average. The Index was supported by increases in retail trade, imports of production inputs, goods exports, electricity production and credit card purchases. Taken together, the data for April and May suggests another solid expansion in economic activity in Q2, as currently projected by our panelists.

On an annual basis, economic activity grew 1.3% in May, which was better than April’s 1.2% expansion.

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