Israel: Composite State of the Economy Index picks up in October
The Bank of Israel’s Composite State of the Economy Index grew 0.25% month-on-month in seasonally-adjusted terms in October (September: 0.05% mom). The improved reading was driven by the ebbing of the fourth wave of the Covid-19 pandemic, and was positively impacted by higher services revenues in September, and a record job vacancy rate in October. The index is calculated using the latest available data and hence uses a combination of figures from recent months to provide a comprehensive picture of the economy’s performance.
On an annual basis, economic activity rose at a quicker rate of 3.8% in October (September: +2.8% yoy), the best result since April.