Israel Economic Activity August 2023

Israel: Composite State of the Economy Index rises in August

The Bank of Israel’s Composite State of the Economy Index grew 0.07% month-on-month in seasonally-adjusted terms in August (July: 0.04% mom). August’s reading was driven by expansions in industrial production, retail trade, building starts and electricity production. Taken together, the July–August data suggests an ongoing expansion in economic activity, albeit at a milder rate than in Q2—in line with our panelists’ forecasts.

On an annual basis, economic activity rose at a quicker rate of 1.2% in August (July: +1.1% yoy), the best result since March.

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