Israel Economic Activity August 2022


Israel: Composite State of the Economy Index rebounds in August

September 22, 2022

The Bank of Israel’s Composite State of the Economy Index increased 0.06% month-on-month in seasonally-adjusted terms in August (July: -0.06% mom). August’s reading benefited from increases in services revenue in July, and electricity production and credit card purchases in August. On the other hand, lower industrial production and retail trade in July, and lower imports in August, weighed on the reading. 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 more moderate pace of 1.8% in August (July: +2.0% yoy), the worst result since March 2021.

Taken together, the Index readings for July and August suggest a loss of momentum relative to Q2, which is in line with our panelists’ forecasts for slower GDP growth in Q3.

FocusEconomics analysts see the economy expanding 4.6% in 2022, which is down 0.1 percentage points from last month’s forecast, before growing 3.5% in 2023.

Author:, Economist

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Israel Economic Activity Chart

Israel State of Economy August 2022

Note: Month-on-month and year-on-year variations in %.
Source: Bank of Israel (BoI) and FocusEconomics calculations.

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