Israel: Economic activity index continues to show solid momentum in March
The Bank of Israel’s Composite State of the Economy Index rose 0.29% in March over the previous month, down slightly from February’s revised 0.33% growth (previously reported: +0.32% month-on-month). On a year-on-year basis, growth in the index clocked 3.1%, up slightly from February’s 3.0% reading. Over Q1 as a whole, economic activity readings point to a robust GDP outturn.
March’s figure was underpinned by strong goods exports and consumer goods imports in the month, along with healthy industrial production in February. The Index is calculated using the latest available data, and hence uses a combination of figures from March and February to provide a comprehensive picture of the economy’s performance.