Israel Economic Activity December 2022

Israel: Composite State of the Economy Index growth slides to over two-year low in December

The Bank of Israels Composite State of the Economy Index grew 0.05% in month-on-month seasonally-adjusted terms in December, which was a deterioration from November’s 0.09% increase. The result marked the 26th consecutive month of growth, but was the worst reading since October 2020. In December, stronger industrial production, manufacturing imports and employment data more than offset weakness in other indicators such as services and retail revenue.

On an annual basis, economic activity grew 2.6% in December, matching Novembers expansion and marking the worst result since February 2021.

The Index readings for Q4 as a whole suggest an ongoing expansion in GDP in the quarter, albeit at a slower pace than in Q4—in line with our panelists forecasts.

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