Israel Economic Activity July 2020


Israel: Composite State of the Economy Index records first expansion for six months in July

August 23, 2020

The Bank of Israel’s Composite State of the Economy Index increased 0.15% month-on-month in seasonally-adjusted terms in July, which contrasted June’s 0.04% contraction. The figure marked the first expansion since January. July’s reading was supported by stronger retail, industrial production and services revenue in June, and stronger consumer goods imports in July. 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 fell at a quicker rate of 3.0% in July (June: -2.9% yoy), the worst result since March 2002.

FocusEconomics analysts estimate the economy shrinking 5.5% in 2020, which is down 0.5 percentage points from last month’s forecast, before growing 4.7% in 2021.

Author:, Economist

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Israel Economic Activity Chart

Israel State of Economy July 20 20

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

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