Israel: Economic activity gains pace in September, suggests stronger Q3 outturn
The Bank of Israel’s Composite State of the Economy Index rose 0.25% in September compared to the previous month in seasonally-adjusted terms, up from August’s revised 0.20% expansion (previously reported: +0.23% month-on-month). Average growth in the index over Q3 as a whole was notably above Q2, suggesting a pick-up in activity in the third quarter. However, Q3’s reading was still notably slower than the growth recorded prior to Q2. On a year-on-year basis, growth in the index clocked 3.1% in September, matching August’s figure.
September’s reading was supported by stronger services exports in August, and higher manufacturing and consumer goods imports in September. 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.