Israel Economic Activity February 2018


Israel: Economic activity picks up in February

March 22, 2018

In February, the Bank of Israel’s (BoI) Composite State of the Economy Index rose 0.36% on a month-on-month basis, accelerating markedly from January’s downwardly-revised 0.23% increase (previously reported: +0.28% month-on-month) and marking the fastest pace of growth since November 2016.

Available external-sector data suggested that February’s pick-up was driven by a sharp rebound in monthly imports of consumer goods and manufacturing supplies. Exports of goods, however, dropped in February and slightly moderated the acceleration. Moreover, lagging data for January showed a strong recovery in the industrial sector and continued weakness in the services industry at the start of the year.

On an annual basis, growth in the index accelerated slightly to 3.5% in February from 3.4% in January.

FocusEconomics Consensus Forecast panelists expect GDP to grow 3.3% in 2018, which is unchanged from last month’s forecast. For 2019, our panelists expect GDP growth to tick down to 3.2%.

Author:, Economist

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Israel Economic Activity Chart

Israel State of Economy February 2018

Note: Month-on-month and year-on-year variations in %.
Source: Bank of Israel (BoI) and FocusEconomics calculations.

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