Israel Economic Activity February 2024

Israel: Composite State of the Economy Index growth gains steam in February

The Bank of Israel’s Composite State of the Economy Index rose 0.46% month-on-month in seasonally adjusted terms in February (January: +0.38% mom). This marked the third straight month of growth, following the steep contractions recorded in October and November. The Index was positively influenced by increases in imports of consumption goods, imports of production inputs, goods exports, the job vacancy rate, industrial production, services revenue and retail trade.

On an annual basis, economic activity fell at a more moderate rate of 1.2% in February (January: -1.5% yoy).

Economic activity likely rose further in March, and our panelists are forecasting a rebound in GDP in quarter-on-quarter terms over Q1 as a whole. That said, the economy will remain smaller than its pre-war level.

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