Israel: Economic activity growth picks up in December
The Bank of Israel’s Composite State of the Economy Index rose 0.26% in December compared to the previous month in seasonally-adjusted terms, up from November’s 0.24% expansion. On a year-on-year basis, growth in the index clocked 3.1%, down marginally from November’s 3.2%.
December’s month-on-month reading was supported by higher consumer goods imports and job vacancies in December, although the rise in imports was partly due to households frontloading vehicle purchases ahead of tax changes in 2020. December’s reading was held back by lower goods exports in the month and a decline in industrial production in November. 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.