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