Israel Economic Activity February 2023

Israel: Composite State of the Economy Index grows at quickest pace since October 2021 in February

The Bank of Israel’s Composite State of the Economy Index increased 0.43% month-on-month in seasonally-adjusted terms in February (January: +0.25% mom). February’s print marked the best reading since October 2021. The Index in February was boosted by increases in services revenue, retail trade, consumer goods imports and goods exports, among other sectors.

On an annual basis, economic activity rose at a quicker rate of 2.2% in February (January: +1.9% yoy).

Taken together, Index readings for January–February suggest ongoing economic growth in Q1, although large protests and uncertainty linked to the proposed judicial overhaul could have taken the edge off momentum in March.

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